Author - SFS Tax & Accounting

Energy Credit Can Help You Trim Taxes - Image of man at desk

Energy Credit Can Help You Trim Taxes

Energy Credit Can Help You Trim Taxes Energy bills too high?  You can trim your taxes and save on those bills with certain home improvements. Take a look at the following tips: Non-Business Energy Property Credit  • Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home last year. This may include items such as insulation, windows, doors and roofs. • The other part of the credit is not a percentage of the cost....

March 1, 2016Read more...

IRS Releases Dirty Dozen Scam List: Don’t be a Victim

IRS Releases Dirty Dozen Scam List: Don’t be a Victim Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim. Identity theft. Identity theft, especially around tax time, is at the top of the “Dirty Dozen” list again this year. The IRS continues to aggressively pursue criminals who file fraudulent returns using someone else’s Social Security number. The IRS is making...

March 1, 2016Read more...

IRA FAQs – 2015 Contributions

IRA FAQs - 2015 Contributions How long do I have to make 2015 IRA contributions? You can make 2015 IRA contributions until April 18, 2016, excluding extensions. How much can I contribute to an IRA? The contribution limit for 2015 and 2016 is $5,500, or $6,500 if you’re age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits. Is my IRA contribution deductible on my tax return? If neither you nor your spouse is covered...

March 1, 2016Read more...

Significant Tax Benefit: EITC

Significant Tax Benefit: EITC Millions of taxpayers who earned $53,267 or less last year may qualify for EITC for the first time in 2016, making awareness critical. “One-third of the population eligible for EITC changes each year as their personal circumstances change,” said IRS Commissioner John Koskinen. “We want workers who may qualify for EITC for the first time to have all the information they need to get the EITC and get it right. This is an important credit for hard-working Americans,...

March 1, 2016Read more...

Protecting Americans Against Tax Hikes Act of 2015

Protecting Americans Against Tax Hikes Act of 2015 At the 11th hour, again, Congress decided to extend many tax breaks, commonly referred to as Extenders.  The new law is called Protecting Americans Against Tax Hikes Act of 2015 which extended some permanently while some were extended another two years. These breaks affected both businesses and individuals. I am sure that if your tax professional is an Enrolled Agent, he or she is up on these many laws due to their requirement for...

February 11, 2016Read more...
Tax Saving Strategies for Parents - Image of kids

Tax Saving Strategies for Parents

Tax Saving Strategies for Parents Do you have kids? Children may help reduce the amount of taxes owed for the year. The following tax benefits may be available and should be considered and discussed with your Enrolled Agent or other tax professional. • Dependents. In most cases, you can claim your child as a dependent. You can deduct $4,000 for each dependent you are entitled to claim. You must reduce this amount if your income is above certain limits. • Child Tax Credit....

February 10, 2016Read more...

Top 10 Year-End Tax Tips You Should Not Ignore

Top 10 Year-End Tax Tips You Should Not Ignore As 2015 comes to close, SFS Tax & Accounting Services is offering these year end 10 tips: 1. Keep an eye on Congress and the extender rulings 2. Document your business activities 3. Prepare your information reporting 4. Get your charitable contributions in order 5. Remember your state and local tax obligations 6. Check your state residency status 7. Remember to accelerate deductions and defer income 8. Manage your gains and losses 9. Bunch itemized deductions 10. Increase withholdings to make up...

December 9, 2015Read more...

IRS Raises Tangible Property Expensing Threshold

For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping The Internal Revenue Service has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item. The new $2,500 threshold applies to any...

December 1, 2015Read more...

Tax Tips for Deducting Gifts to Charity

Tax Tips for Deducting Gifts to Charity This Holiday Season 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. Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better to be tax-deductible....

December 1, 2015Read more...

Avoid Phishing and Malware to Protect Your Personal Data

Avoid Phishing and Malware to Protect Your Personal Data “Update your account now.”  “You just won a cruise!” “The IRS has a refund waiting for you.” In the cyber world of phishing, the sentences are “bait” – lures from emails, telephone calls and texts all designed to separate you from your cash, your passwords, your social security number or your very identity. Phishing remains a problem because it works. Cybercriminals on a daily basis concoct new ways to trick people into turning over...

December 1, 2015Read more...