For the last three years or so, the IRS has given a name to the most common and dirty schemes to cheat either taxpayers or the nation’s treasury. They are called the “The Dirty Dozen.” This year, half the dozen are scams by third parties that attempt to rip off taxpayers. The other half are taxpayer attempts to rip off … Read More
Tax Errors You Can Avoid This Year
Taxes are hard and stressful enough to do without making avoidable errors. Before clients file, they should double check to make sure they don’t make the following tax errors. We often hand out this checklist to clients to avoid mistakes in advance. Not signing the return (if you file paper copies) Number transposition and spelling errors Unchecked or unanswered questions … Read More
Last Minute Tax Expert Advice To Help This Year
With the tax filing deadline soon, many people are already scrambling to gather their paperwork and get their returns in before it’s too late. Here are some last minute tax expert advice for those of you filing your taxes. This tax expert advice from a certified public accountant can reduce what you owe the IRS and put more cash in … Read More
Tax Preparation Stress Doesn’t Have to Happen Every Year
Are you stressed about your business taxes and looking for a tax consultant? You are not alone. Tax season stress doesn’t have to be an annual occurrence. Here are some of the causes of the stress and the things you can do to cure your tax preparation stress: MONEY = STRESS Money is a major source of stress in people’s … Read More
New Tax Plan Changes
The goal of any tax policy should be pretty simple: raise the required revenue to pay for whatever government actually—minimally—needs to do. And the government should do those things as fairly and neutrally as possible. What do the new tax plan changes propose to do and what kind of trends could happen as a result? The Current Tax System Is … Read More
Tax Moves to Make Before New Year
As the end of the year gets closer, unfortunately it’s time to think about taxes and make some moves. The tax season may seem far off, but this is the time of year to get the ball rolling. Let’s look at some easy steps to take that could help you in the springtime: Deduct Contributing to charity is a great … Read More
New IRS Tool to View Tax Balance
The IRS has announced the launch of a new online tool to help taxpayers. This new IRS.gov tool allows taxpayers to view their tax account balance online. The balance includes any amount owed for tax, as well as penalties and interest for each tax year. Once you look at your balance, you can take advantage of online payment options. These include direct pay, … Read More
An Intro to Trump’s Tax Plan
What do you know about president-elect Donald Trump’s tax plan? For starters, he has proposed the largest tax cuts since Ronald Reagan. If Trump were to get everything he has proposed from a Republican-controlled Congress, a taxpayer who makes between $48,000 to $83,000 a year would save about $1,000 under his plan, said Howard Gleckman, a senior fellow at the … Read More
Being a Parent Lowers Your Taxes
If you are a parent, you can lower your tax burden significantly. Eight different tax credits and deductions are out there that can help lower your tax burden: Dependents In most cases, a child can be claimed as a dependent in the year they were born. Be sure as a parent to state if your family size has increased … Read More
A New Tax Notice Scam
The Internal Revenue Service is letting tax professionals and taxpayers know about a new scam involving fake CP2000 notices that are being sent to unsuspecting taxpayers, billing them for unpaid taxes related to the Affordable Care Act. The IRS is issuing the alert in conjunction with its partners in the Security Summit initiative, in which the IRS has been teaming … Read More