IRS Tax Deadlines Happen All Year Long. A lot of focus and attention is paid to April 15th (17th this year) as the big tax deadline. What many people don’t realize – and tax preparers are painfully aware of – is that there are tax deadlines all throughout the year. Individual Tax Deadlines The IRS expected 15 million people to file for an extension this year as reported by the New York Times on April 17. Are you one of them? If so, your...
Everyone knows to file an extension if they need more time to prepare their tax returns. (Of course, you don’t get an extension on paying your taxes – it’s only for preparing and filing the return). This year, certain taxpayers don’t have to ask for more time. Who are they? Victims of Natural Disasters Receive an Extension Those affected by devastating Hurricane Maria in the Commonwealth of Puerto Rico and the U.S. Virgin Islands receive more time to file their tax returns as well...
Do a Paycheck Checkup and See If You Are You Taking Home Too Much Money The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup and see if you are taking home too much money using the Withholding Calculator on IRS.gov and, if necessary, complete a new W-4 form. The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. Recent changes...
Ghost Tax Preparers, That Is! The IRS has issued a warning against “ghost” tax return preparers. These phantom preparers do exist… and they get paid to prepare tax returns . When it comes time to sign the return, however, they won’t (and don’t) do it. They will not acknowledge their participation either in writing or electronically when they file the return. That’s a huge red flag. Ghost tax preparers can be pulling a scam on you. By law, anyone who receives money to prepare your return...
Top Five Tax Myths and the truth. It doesn’t matter what your friend’s cousin’s co-worker said. When it comes to taxes, it’s best to get the word from a credible source. In 2016 the Washington Examiner reported there were 74,608 pages in the federal tax code. Some of these pages are the tax code itself. Some are written about the tax code and case law that are important to be aware of as well. Two years later, you can bet there are even...
The IRS Recommends Filing an Extension if You Need One. With about a week to go on filing your 2017 tax return, you may be breaking speed records to try to get it done on time. But did you know that the IRS recommends that you file for an extension if you need one? It’s better to file for an extension than to hurry through the return and make a mistake. Mistakes not only cause stress, they may also cost you money. Here are...
Don’t Panic! Here’s What You Need to Know About Extensions. Life gets in our way sometimes. When those W-2s, 1099s, 1098s and other numbered forms arrive in the mail, we know that taxes are coming due. Still, with all we have to do, that awareness can get buried. “We have a few months,” we tell ourselves. “I’ll deal with it later.” Then suddenly you look up and it’s April 6th! Now, you can’t find the forms you need and have to request they be...
Did you forget to file your tax return for 2014? If so, you might want to. There is $1.1 billion waiting in IRS coffers for an estimated one million people to file their 2014 tax returns claiming a refund. If you’re one of them, now’s the time to act. “Time is running out for people who haven’t filed tax returns to claim their refunds,” said Acting IRS Commissioner David Kautter in an IRS press release. “Students, part-time workers, and many others may...
Here's What You Need to Know About Taxes. Congratulations on selling your home! After you break out the bubbly and toast the sale, it’s time to review your tax consequences. Taxable Gain Exclusion If you meet certain conditions (which we’ll get into below), you can exclude the first $250,000 of any gain you receive. This exclusion doubles to $500,000 for married filing jointly. Now, there are some limits to this. Main Residence Only The taxable gain exclusion applies only to your main residence. If you...
Mom and Dad are getting older. They may even be relying on you for support. That’s why it’s good to know that you may be able to claim your parents as dependents. Even if Mom or Dad does not live with you, you may be able to claim him or her as a dependent. This is vastly different from claiming a child as a dependent, where the child must live with you for at least half of the year. The Sandwich Generation: Dependents...
