The IRS Taxpayer Bill of Rights and You
Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what […]
How Does Volunteering for a Charity Affect My Taxes?
This time of year our thoughts turn to giving– to friends, family, and to charity. And it is also the time of year that we begin to think about – taxes. If you volunteer, you may be wondering “how does volunteering for a charity affect my taxes?”. Though the time you give to a charity […]
Tax Benefits to Increase Slightly in 2017
The Internal Revenue Service announced that annual inflation adjustments will affect more than 50 tax provisions, including the tax rate schedules, and will result in tax benefits to increase slightly in 2017. Here are some highlights of the changes: The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 […]
Deadline Extended to Provide Health Coverage Statements to Employees
The IRS extended the 2017 due date for employers and coverage providers to furnish health coverage statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines. (This chart applies only for reporting in 2017 for coverage in 2016) Action 2017 […]
Seasonal Workers and Health Care Laws
As an employer, your size – for purposes of the Affordable Care Act – is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the […]
10 Easy End of Year Tax Tips to Increase Your Tax Refund
It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most […]
Celebrate Fall with Ways to Save
What better way to celebrate Fall than by saving some money? With the temperature beginning to drop, it’s time to start looking around the house for ways to save on energy costs. Take advantage of some great tax credits and deductions for energy-efficient purchases. The Residential Energy Efficient Property Tax Credit offers you some major tax […]
7 Mistakes To Avoid When Reclassifying Employees
Organizations across the country are responding to the U.S. Department of Labor’s new overtime salary threshold by reclassifying some of their exempt employees into overtime-eligible nonexempts. Starting Dec. 1, the new DOL rules take effect that nearly double the salary threshold at which most salaried workers become exempt from having to be paid overtime. The […]
New IRS Private Debt Collection Program
The Internal Revenue Service has announced it’s new debt collection program and that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to […]
IRS Warns of Email Tax Scam
The Internal Revenue Service and its Security Summit partners have issued an alert to taxpayers to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax […]
Still Need to File Your 2015 Taxes? File Now to Get Your 2017 Health Insurance APTC
Did You File a Tax Extension? File Now to Get Your Health Insurance Advanced Premium Tax Credit Did you apply for an extension of time to file your 2015 federal taxes and receive an advanced premium tax credit to help you pay for your 2016 health insurance? If the answer is yes, the IRS urges […]
6 Money Saving Tax Tips for the Self-Employed
Self-employment can be hard, but if it was easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, whether you are just trying to make the October 17 tax extension deadline, figuring out estimated taxes, or are gearing up for next tax season, take a look at these six […]
Disaster Relief – Deductible Donations
In light of the flooding disaster that has struck our neighbors in Louisiana and left thousands in need of the basics, here are some donatable items that are also tax deductions: Furniture: Consider donating your couch or bed when you buy a new one, or perhaps finally get rid of the armchair that didn’t fit in […]
Mixing Business & Pleasure: Travel Related Tax Deductions
Taking the family along on a business trip this summer? Learn how to save on your taxes and take the tax deductions you’re entitled to on your working vacation. It’s tricky to mix, but with the right mindset and careful planning, you can take advantage of some travel related tax deductions for business. Working Vacations […]
Can Your Boat or RV be Claimed as a Primary Residence on Your Taxes?
Every few years, radical ideas sweep across the internet and capture the interest of so many people. Most recently, there have been a plethora of stories about folks looking for a simpler life. For some, that simpler life is a tiny house where the upkeep is low, the costs are low, and you strip your […]
What to Do if You Get a Letter from the IRS
It’s summertime, which means the IRS is busy sending out letters to taxpayers if there were issues processing the returns filed this spring. Receiving any correspondence from the IRS can be intimidating, but it doesn’t have to be. Check out these tips for what to do if you receive a letter from the IRS. Don’t […]
Does Hiring a Babysitter & Other Household Employees Affect Your Taxes?
Have you been using some help around the house? Hiring a babysitter or other house staff could be a luxury or a necessity. Regardless, this activity, under the right circumstances, could affect your taxes. If you hire a babysitter or other house staff, you may need to: Report the amount you paid to this employee to […]
Tax Tips for Reporting Foreign Income
Do you receive income from a foreign source? Are you a U.S. citizen or resident who works abroad? If you answered ‘yes’ to either of those questions, here are some tax tips to keep in mind about reporting foreign income: Report Worldwide Income. By law, U.S. citizens and residents must report their worldwide income. Be […]
The Sales Tax Deduction: What You Need to Know
Most states and cities get a good portion of their operating revenue from sales taxes tagged onto just about everything you buy. But on the federal level, Uncle Sam lets taxpayers use those taxes to help reduce their IRS bills. The sales tax deduction is particularly welcomed by taxpayers in states that do not collect […]
Most Retirees Need to Take Required Retirement Plan Distributions (RMDs) by Dec. 31
The Internal Revenue Service wants to remind taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. “The Special Rule” Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special […]
