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
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
The Most Important Taxpayer Rights to Know
Most of you probably know that breaking tax rules, even if on accident, can bring serious consequences like an audit, but you should know your important taxpayer rights as well. Below we’re outlining what your rights are in case you run into a problem with the IRS. Important Taxpayer Rights The Taxpayer Bill of Rights, which the IRS adopted in 2014, … Read More
Important Information About IRS Forms 1099
Here is important info about IRS Forms 1099 as they’re arriving in your mailboxes this year: 1. Generally, businesses must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. That’s just the basic rule, but of course there are many exceptions. That’s why you probably get a Form 1099 for every … 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
Some IRS Changes for 2017
If you’re a business owner, don’t forget about the date January 31, 2017, the new due date for filing forms W-2. Under a new law, the Protecting Americans from Tax Hikes (PATH) Act, enacted last December, the new filing deadline for employers to submit forms W-2 to the Social Security Administration, is January 31. The new January 31 filing deadline also … 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
IRS Tips for Hurricane Preparedness
As Hurricane Matthew looms off the Southeastern US coast, the IRS is offering some advice for protecting financial documents and information. In the case of a federally declared disaster, the IRS operates a toll-free number – (866) 562-5227 – staffed by IRS employees specially trained to deal with hurricane disasters. Other tips include: Emergency plan. Have one for homes and … 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