As another decade and a year pass, it's time to look at some urgent tax matters before the new year comes:
Should you change your business entity?
If you run a sole-prop or any kind of entity, consider changing your entity status to an S Corp or C corp, partnership, multiple-member LLC or single-member LLC. All of these entities will offer you liability protection and some will help reduce your tax bill. Read also how the 2017 tax law affects your entity choice. WATAX attorneys can directly help you with this question.
2016 Tax Refund? Employee or Wage-Earner?
Your 2016 tax refund will die off on April 16, 2020. It's time to get it! If you haven't claimed your refund in 3 years it will expire forever. Consider filing 2016 thru 2019 returns if you are an employee that hasn't filed in a long time as those year's refunds are all recoverable. More on filing back taxes.
Self-Employed? Time to be Honest with Yourself
If you are self-employed and haven't paid enough taxes into your 2019 tax cycle, you have until April 15, 2020 to catch up. Is it better to move on from 2019 and refocus on staying current in 2020? You can include your unpaid 2019 taxes in an Offer in Compromise negotiation or an installment agreement. If you haven't filed taxes in quite awhile, time to look at our three most common approaches for self-employed non-filers.