No. Ally Financial Service is an independent accounting firm and is not affiliated with Ally Bank or Ally Financial Inc. The firm does not provide or service loans of any kind.
Your filing status determines your tax rates, standard deduction, and eligibility for credits. Options include single, married filing jointly, married filing separately, head of household, and qualifying widow(er). Choosing the correct status helps reduce your tax liability and ensures compliance.
A W-2 reports income for employees, where taxes are withheld by the employer. A 1099 reports income for independent contractors or freelancers, who are responsible for paying their own taxes. Understanding the difference helps ensure proper filing and payment.
Always file on time, even if you can’t pay in full. The IRS may allow an installment plan or an Offer in Compromise to reduce what you owe. Acting quickly helps avoid additional penalties and interest.
Missing the deadline can result in penalties and interest on any unpaid taxes. File as soon as possible to limit fees. If you’re owed a refund, you can still claim it within three years of the original due date.
An employee has taxes withheld by their employer. A subcontractor is self-employed, paid per job, and responsible for handling their own tax payments and insurance coverage.
It’s best to meet at least once a year before tax season. Business owners or those with complex finances may benefit from quarterly or biannual meetings to review performance, budgeting, and tax planning.
For more information or to schedule a consultation, contact Ally Financial Service at (336) 297-1441 or email info@allyfinancialservice.com.
