Tax Tips from Tax Services of Tennessee

  Missing Your W-2? Here’s What to Do Before Filing Your Tax Return https://taxservicesoftennessee.com If you are ready to file your 2025 tax return but cannot find or never received your Form W-2 , don't simply leave those wages off your return. Your W-2 reports important information, including your wages and the federal income tax, Social Security tax, and Medicare tax withheld from your paycheck. Employers are required to provide employees with a W-2, and the IRS recommends contacting your employer first if yours is missing. Start by contacting your current or former employer and asking for another copy. If you moved during the year, make sure the employer has your correct mailing address. You can also check your IRS Individual Online Account for available 2025 wage and income transcript information. Keep in mind that the IRS transcript may not contain all of the state and local information that appeared on the original W-2. What If the Employer Will Not Give You a W-2? If ...

  https://taxservicesoftennessee.com Missing a 1099-NEC? You May Still Need to Report the Income If you are self-employed or an independent contractor and are still waiting for a Form 1099-NEC , you may be wondering whether you can file your tax return without it. The important thing to understand is that not receiving a 1099-NEC does not make the income disappear . The IRS says taxable income generally must be reported even when you do not receive a tax form reporting it. If you believe you should have received a 1099-NEC, first contact the business or payer and ask for a copy. You can also check your IRS Individual Online Account for available wage and income transcript information. The IRS notes that 2025 wage and income transcripts may include Form 1099-NEC information, although a form may not appear if the payer has not submitted it to the IRS. If you still cannot obtain the form, don't automatically leave the income off your return. Use your own records—such as bank depo...

  Self-Employed and Filed a Tax Extension? Don’t Miss the October 15 Deadline Self-Employed and Filed a Tax Extension? Don’t Miss the October 15 Deadline If you are self-employed and requested an extension for your 2025 individual income tax return, October 15, 2026 is generally the extended filing deadline . Self-employed taxpayers often have more information to report than someone who receives only a W-2, so waiting until the last minute can make filing more difficult. Your return may include business income, expenses, vehicle or mileage deductions, equipment purchases, insurance, advertising, supplies, professional fees, and other costs associated with operating your business. One important thing to remember is that an extension gives you additional time to file , not additional time to pay the tax that was originally due. Self-employed individuals may owe both income tax and self-employment tax , so the final balance can sometimes be larger than expected. If you haven't filed...

  Tax Services of Tennessee Still Haven’t Filed Your 2025 Taxes? Here’s What to Do Before October 15 If you requested an extension for your 2025 federal income tax return and still have not filed, now is the time to take action. For most individual taxpayers with a valid extension, October 15, 2026 is the extended filing deadline . An extension gives you additional time to file your return, but it generally does not give you additional time to pay taxes that were due with the original return. The IRS recommends filing as soon as you can rather than waiting until the deadline. Do not avoid filing simply because you are worried that you may owe money. Filing the return tells you exactly where you stand. If you cannot pay the entire balance, you may have IRS payment options available. Waiting to file can create additional problems, particularly when tax is owed. Getting the return completed now also gives you time to review it, locate missing information, and address questions befor...

  https://taxservicesoftennessee.com What Happens If I Miss the October 15 Tax Extension Deadline? If you received an extension to file your 2025 federal income tax return, October 15, 2026 is generally your final extended filing deadline . But what happens if October 15 comes and goes and you still have not filed? The most important thing is do not continue putting it off . Filing as soon as possible can help prevent the situation from becoming more expensive and complicated. If you owe taxes, penalties and interest may apply, and delaying the return can potentially increase what you ultimately have to pay. Remember, an extension gave you additional time to file your return , not additional time to pay taxes that were originally due. Even if you cannot afford to pay the entire balance, it can still be important to get the return filed and then address the amount owed. If you are due a refund, you generally will not face a failure-to-file penalty simply because you filed after t...

  Filed an Extension? Don’t Forget That October 15 Is Not a Payment Extension One of the biggest misunderstandings about a tax extension is believing that it also gives you extra time to pay your taxes. For most individual taxpayers who requested an extension, October 15, 2026 is the extended deadline to file the 2025 federal income tax return—but the extension did not extend the original deadline to pay taxes owed . If you expect to owe, waiting until October to file can allow interest and applicable penalties to continue adding up. Even if you cannot afford to pay your entire tax bill, getting the return filed is still important. Once you know the actual amount you owe, you can determine what your next step should be. Depending on your circumstances, IRS payment arrangements may be available. Ignoring an unfiled return because you are worried about the amount due usually does not make the problem easier. At Tax Services of Tennessee , we work with individuals and small-busines...

  October 15 Tax Extension Deadline Is Coming — Don’t Wait Until the Last Minute If you filed an extension for your 2025 individual income tax return , your extended federal filing deadline is October 15, 2026 . An extension gave you additional time to file your return, but it did not give you additional time to pay taxes that were originally due on April 15. If you still have not filed, now is the time to gather your W-2s, 1099s, business income and expenses, rental information, and other tax documents and get your return completed. Waiting until October 15 can create unnecessary stress, especially if you discover that you are missing a tax document or have questions about your return. Filing earlier also gives you more time to understand what you owe and consider payment options if you cannot pay the entire balance at once. The IRS recommends that taxpayers who owe pay as much as they can as soon as possible to help reduce additional penalties and interest. At Tax Services of...