HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
Smart Year-End Depreciation & Asset Purchase Strategies for CPAs — Powered by AI Tax Tools
As the calendar turns toward year-end, CPAs face critical decisions about depreciation, capital expenditures, and timing. Mistiming a purchase or misapplying bonus depreciation can cost clients real dollars.
Using AI Assistants for Year‑End Tax Planning: Tips for Individuals and Businesses
Effective year‑end tax planning begins with understanding your current situation. The IRS emphasizes that taxpayers should organize their records throughout the year and check their tax withholding to ensure they’re neither under‑ nor over‑withholding
How do I resolve errors related to Social Security numbers?
Make sure the name and SSN on the return match the Social Security card exactly. If your name changed (for example, marriage/divorce), update the Social Security Administration (SSA) first, then file or correct your return.
How can I set up recurring estimated payments?
Enroll at EFTPS.gov, then you can schedule multiple estimated payments in advance and set a recurring cadence. Individuals can schedule payments up to 365 days ahead; businesses up to 120 days.
What options are available for paying taxes online?
IRS Direct Pay: Make one-time payments from a checking or savings account with no fees. You can schedule in advance and get instant confirmation. Works for 1040-series balances, estimates, and more
How do I view my tax account balances and history online through IRS.gov?
Go to IRS.gov/account and select “Sign in to your Online Account” to view your federal tax account information. New users will be prompted to verify identity; have photo ID ready. 1
What are common mistakes that delay refunds or trigger audits?
Entering incorrect credit amounts (for example, Child Tax Credit, Recovery Rebate Credit) instead of using IRS letters/Online Account to reconcile; the IRS adjusts these and it slows processing 1
What documents are “essential” for filing a return in 2025?
If you use an ITIN, confirm it’s valid; expired ITINs can delay processing and refunds. The IRS accepts returns with expired ITINs, but renewal may be needed for smooth processing
Does a filing extension give extra time to pay taxes or just to file?
A filing extension gives you extra time to submit your tax return, generally up to six months (typically until Oct. 15 for individuals).
What is the exact federal filing deadline in 2025?
he due date to file your 2024 federal individual income tax return is Tuesday, April 15, 2025. If you e-file, the transmission time in your time zone controls timeliness; if you mail, a timely postmark counts.