The end of the year is just a few days away. Our informative 2016-winter-client-newsletter is sure to answer your last minute 2016 tax related questions. Don’t forget about Deductions such as Charitable Contributions, IRA and Pensions, Mortgage Interest, Education Credits and Deductions, and any Lifestyle Changes or Events. We hope your Winter Holidays were wonderful and we wish you […]
Tag: Tax Tips
IRS Offers New Cash Payment Option
The Internal Revenue Service announced today a new payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now make a payment without the need of a bank account or credit card at over 7,000 7-Eleven stores nationwide. “We continue […]
Six Facts You Should Know Before Deducting a Charitable Donation
If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An […]
IRS WARNS OF NEW PHONE SCAM
The Internal Revenue Service is sounding the warning about a new tactic from phone scammers pretending to work for the IRS. The IRS said Monday it is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation has been seen in the last few weeks […]
Time Running Out to Claim $950 Million in Refunds for 2012 Tax Returns
If you did not file a tax return for 2012, you may be one of nearly one million taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $950 million by April 18. To claim your refund, you must file a 2012 federal income tax […]
Early Retirement Distributions and Your Taxes
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: 1. Early Withdrawals. An early withdrawal normally means […]
Dirty Dozen Tax Scams
WASHINGTON — The Internal Revenue Service warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. The vast majority of taxpayers file honest and accurate tax returns on time every year. However, each year some taxpayers fail to resist […]
Six Tips on Whether to File a 2015 Tax Return
Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return: 1. General Filing Rules. Whether you […]
IRS Security Awareness Tax Tip Number 10
Tax Preparers: Perform a Deep Security Scan of Your Computer Drives The Internal Revenue Service urges all tax return preparers to get off to a clean start this January and perform a security deep scan of their computer drives and devices. Already in 2016, the IRS is seeing multiple email phishing scams – some posing […]
Who Can Represent You Before the IRS?
Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to […]