If you are self-employed, a freelancer, or running a business where no one is withholding taxes from your income, the IRS expects you to pay as you go. That means quarterly estimated tax payments, and the second one for 2026 is due June 15. Most people who are new to self-employment are surprised by this. When you had a W-2, your employer sent money to the IRS every pay period. Nobody does that for you now. If you wait until April to settle up for the full year, you may owe a

Most people who have an unfiled return know they have one. They are not avoiding it because they do not care. They are avoiding it because they do not know where to start, and every month that passes makes starting feel harder. Whether you missed one year a while back or have not filed in several years, the process is the same: get the returns filed, address what you owe, and put it behind you. The IRS is generally more willing to work with people who come forward than with p

If your tax return is not ready by early April, filing an extension is the right call. That's not unusual, and it's not a red flag. Millions of taxpayers file extensions every year, and the IRS treats them as routine. What matters is understanding what an extension actually does, and just as important, what it does not do. The Deadline That Does Not Move Filing an extension moves your return deadline from April 15 to October 15. It does not move your payment deadline. If you

March is when tax season stops feeling theoretical. The early filers are done, the procrastinators are starting to feel pressure, and many people are realizing their return is not as simple as they expected. At TaxMaster, we work with individuals, families, seniors, homeowners, and business owners across Queens and Long Island. By March, the same issues tend to surface year after year. This year, the One Big Beautiful Bill Act (OBBBA) has added a few new points of confusion.

If your taxes have felt unpredictable the last few years, you are not imagining it. The One Big Beautiful Bill Act, signed into law on July 4, 2025, introduced several changes that affect 2025 tax year rules , which most people are filing now or preparing to file. Some of these changes may lower taxable income. Others affect which deductions make sense or what documentation is required. A few do not change how much you owe at all, but they can slow down filing if you are not

Tax season has a way of arriving whether you feel ready or not. Once January turns into February, deadlines feel closer, questions pile up, and missing paperwork suddenly becomes stressful. The good news is that a little preparation now can make the entire process smoother, faster, and far less frustrating. Whether you are filing as an individual, running a small business, or doing a mix of both, gathering the right documents early helps avoid delays, reduce errors, and preve

If you own a home in New York, you know how heavy the tax load can feel. Between property taxes, state income taxes, and the high cost of living, every dollar matters at tax time. Since 2018, the federal SALT deduction cap has limited most taxpayers to a maximum of 10,000 dollars. For many families in Queens and Long Island, that cap has been a real financial hit. The One Big Beautiful Bill Act (OBBBA) changes that starting with the 2025 tax year. The expanded SALT deduction

The standard deduction isn’t just a line on your tax return — it’s one of the biggest factors in how much of your income actually gets taxed. With the One Big Beautiful Bipartisan Act (OBBBA) extending and expanding many provisions from the Tax Cuts and Jobs Act (TCJA), millions of taxpayers will see higher standard deduction amounts for the 2025 tax year (returns filed in 2026). That’s good news for most individuals and families across New York, especially those looking to

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