Author - SFS Tax & Accounting

Can You Claim Your Parents as Dependents?

Can You Claim Your Parents as Dependents? With so many millennials moving back home with mom and dad, the question of whether adult children living with their parents can be claimed as dependents is a hot topic. On the other side of the generational divide, and affecting at least as many people, is the question of whether parents can be claimed as dependents on their children’s returns. If you are assuming the day-to-day care and financial support of a parent and that...

February 28, 2017Read more...

Don’t Fall for Scam Calls and Emails Posing as IRS

Don’t Fall for Scam Calls and Emails Posing as IRS Scammers are continuing to use the IRS as a lure and these tax scams take many different forms. The most common scams are phone calls and emails from crooks who pretend to be from the IRS. These scammers use the IRS name, logo or even a fake website to try and steal money from you. Identity theft can also happen with these scams. You need to be very wary of phone calls or automated messages...

February 8, 2017Read more...

How We Wound Up with the Income Tax

How We Wound Up with the Income Tax Imagine a world without income tax; if you were an American citizen before 1913, with a few exceptions you didn’t have to deal with an April deadline and the IRS. Today, no one really knows how big the tax code is. February 3rd is the anniversary of the ratification of the 16th Amendment in 1913. Its champion was President William Howard Taft, and its ratification was an effort to make sure more higher-income people...

February 3, 2017Read more...

Filing Season Opens – with Possible Refund Delays

Filing Season Opens – with Possible Refund Delays Port St Lucie, Fl. — (January 23, 2017) Tax filing season for individuals opened today, but for some, this doesn’t mean a speedy refund can be counted upon. While IRS expects to issue nine out of ten refunds in fewer than 21 days, they’ll be holding onto refunds for returns that claim the Additional Child Tax Credit (ACTC) and the Earned Income Tax Credit (EITC) until February 15. This change was mandated by...

January 23, 2017Read more...

Last-Minute Savings for Tax Year 2016

Last-Minute Savings for Tax Year 2016   Last-Minute Savings for Tax Year 2016 Attention last minute savers! There’s still time to reduce your tax burden for 2016. Have you funded a traditional IRA, Roth IRA, or SEP this year? The deadline for contributions to IRAs is April 18, 2017 — this year’s filing deadline. For self-employed taxpayers, contributions to a SEP may be postponed until October 16, if a tax return extension has been filed. Increasing your 401(k) contribution so that you are putting in...

December 26, 2016Read more...

Some Refunds Delayed in 2017

Some Refunds Delayed in 2017 A new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. Some Refunds Delayed in 2017 Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns...

December 1, 2016Read more...

Tax Tips for Deducting Gifts to Charity

Tax Tips for Deducting Gifts to Charity The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: Give to qualified charities. You can only deduct gifts you give to a qualified charity. Use the IRS Select Check tool to...

December 1, 2016Read more...

Tips for Safe Holiday Online Shopping

Tips for Safe Holiday Online Shopping The holiday online shopping season is a prime time for cybercriminals and identity thieves to trick shoppers into giving up financial, identity or password information. The IRS has launched a public awareness campaign called “Taxes. Security. Together.” and also launched a series of security awareness tips that can help protect you from cybercriminals. Here are a few basic steps to make your shopping season safer: Look for the “s” in “https.” The “s” in the opening URL stands for...

December 1, 2016Read more...

IRA Year-End Reminders

IRA Year-End Reminders Whether you are still working or retired, you should periodically review your IRAs. Here are few things to remember. Contribution limits If you’re still working, review the 2016 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. You can make 2016 IRA contributions until April 17, 2017. Excess contributions If you exceed the 2016 IRA contribution limit, you may withdraw excess contributions from your account by the due date of your tax...

December 1, 2016Read more...
Image of taxable income

Are you reporting ALL your income?

IRS Defines Income.. Are you reporting ALL your income? The Internal Revenue Code defines income as “…all income from whatever source derived…”. So we all know, or should now, that when we earn money, either received by check, charge, cash or trade, it is taxable. That also includes monies received even if we do not receive a tax form (i.e., 1099).  This article will be talking about the oldest of business deals, trade or as it is commonly called Bartering. Quoting directly from 

October 17, 2016Read more...