Author - SFS Tax & Accounting

Tax Relief to Louisiana Storm Victims

Tax Relief to Louisiana Storm Victims Louisiana storm victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in East Baton Rouge, Livingston, St....

September 1, 2016Read more...

IRS Warns of Back-to-School Scams

IRS Warns of Back-to-School Scams The IRS is warning against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the...

September 1, 2016Read more...

New Factors Increase Importance of Withholding Check-Up

New Factors Increase Importance of Withholding Check-Up There are several new factors that could affect refunds in 2017. A new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against...

September 1, 2016Read more...

Tax Effects of Divorce or Separation

Tax Effects of Divorce or Separation If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: Child Support.  Child support payments are not deductible and if you received child support, it is not taxable. Alimony Paid.  You can deduct...

September 1, 2016Read more...

I received a notice from the IRS… Now what?

I received a notice from the IRS… Now what?

Receiving a notice in the mail from the IRS does not always mean impending doom. It could easily mean that a correction was made to your tax return; compare it to your tax return to learn what adjustment was made. The reason for the letter might be about: You have a balance due. You are due a larger or smaller refund. They have a question about your tax return. They need...

July 14, 2016Read more...

Things You Should Know about Filing Late and Paying Penalties

Things You Should Know about Filing Late and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to...

June 1, 2016Read more...

Five Facts about the Small Business Health Care Tax Credit

Five Facts about the Small Business Health Care Tax Credit If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: offer coverage through the small business health options program, also known as the SHOP marketplace have fewer than 25 full-time equivalent employees pay an average wage of less than $50,000 a year pay at least half of employee health insurance premiums Here are five facts...

June 1, 2016Read more...

How much you’ll pay if you don’t have health insurance

How much you’ll pay if you don’t have health insurance If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the “penalty,” “fine,” or “individual mandate.”) You owe the fee for any month you, your spouse, or your tax dependents don’t have health insurance that qualifies as 

June 1, 2016Read more...

Now is a Good Time to Plan for Next Year’s Taxes

We Now is a Good Time to Plan for Next Year’s Taxes You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some tips to give you a leg up on next year’s taxes: Take action when life changes occur.  Some life events can change the...

June 1, 2016Read more...

Do You Tax Plan All Year Round?

Do You Tax Plan All Year Round? Tax season ends in 32 days, April 18 and tax professionals have been working diligently preparing tax returns for taxpayers that hope to receive a refund. Unlike the average taxpayer that does not tax plan year round, unless their situation changes, the average business owner needs to be tax planning year-round. An income tax planning strategy should be in place with quarterly or semi-annual reviews and meetings with your tax expert should not be be overlooked. Especially import...

March 16, 2016Read more...