Author - SFS Tax & Accounting

Three Tax Considerations During Marketplace Open Enrollment

Three Tax Considerations during Marketplace Open Enrollment When you apply for assistance to help pay the premiums for health coverage through the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim.  The Marketplace will use information you provide about your family composition, your projected household income, whether those that you are enrolling are eligible for other non-Marketplace coverage, and certain other information to estimate your credit. Here are three things...

December 1, 2015Read more...
Tax Tips about Filing an Amended Tax Return - Imange of crumpled up 1040 form

Tax Tips about Filing an Amended Tax Return

Tax Tips about Filing an Amended Tax Return We all make mistakes so don’t panic if you made one on your tax return. You can always file an amended return if you forgot to claim a tax credit or deduction or just made an honest error. Here are ten tips from the IRS if you need to amend your federal tax return. When to amend.  You should amend your tax return if you need to correct your filing status, the number of dependents you...

September 1, 2015Read more...
IRS scam

IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists

IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists Following the emergence of new variations of widespread tax scams, the Internal Revenue Service has issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These schemes — which can occur over the phone, in e-mails or through letters with authentic looking letterhead — try to trick taxpayers into providing personal financial information or scare people...

September 1, 2015Read more...
Starting a New Business - Image of Jeffrey Schneider, EA

Tax Tips for Starting a Business

Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. Business Structure.  An early choice you need to make is to decide on the type of structure for your business. The most common types are sole...

September 1, 2015Read more...

Back-to-School Reminder for Parents and Students: College Tax Credits for 2015 and Years Ahead

Back-to-School Reminder for Parents and Students: College Tax Credits for 2015 and Years Ahead With another school year just around the corner, now is a good time to see if students will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 federal income tax returns. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the taxpayer, spouse...

September 1, 2015Read more...

Key Tax Tips on the Tax Effects of Divorce or Separation

Key Tax Tips on the Tax Effects of Divorce or Separation Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Child Support.  If you pay child support, you can’t deduct it on your tax...

September 1, 2015Read more...

Did You Know You Can Connect to the IRS Through Social Media??

Did You Know You Can Connect to the IRS Through Social Media? If you blog, tweet or scour the web searching for answers to your tax questions, you can easily connect to the IRS using social media to check on your tax refund, learn the latest tax news, or get helpful Tax Tips using the following links. Here are some of the ways you can use IRS social media to get tax help: Twitter.  IRS tweets include tax-related tips, news for tax professionals...

August 19, 2015Read more...

EAs Meet Lawmakers on Credential & Oversight, Extenders

EAs Meet Lawmakers on Credentials, Oversight, Extenders Washington, D.C. (May 22, 2015) By Jeff Stimpson More than 100 Enrolled Agents recently met with representatives and senators to discuss issues of importance to them, including bills to allow EAs to officially use their designation nationwide. The meetings, part of the National Association of Enrolled Agents’ annual Fly-In Day, drew 109 EAs to discuss congressional bills to smooth EAs’ ability to present their credentials, as well as the IRS authority to oversee tax preparers...

June 15, 2015Read more...

IRS Statement on the “Get Transcript” Application

IRS Statement on the "Get Transcript" Application The IRS announced May 27th 2015 it will be notifying taxpayers after third parties gained unauthorized access to information on about 100,000 accounts through the “Get Transcript” online application. The IRS determined that unusual activity had taken place on the application, which indicates that unauthorized third parties had access to some accounts on the transcript application. Following an initial review, it appears that access was gained to more than 100,000 accounts through the Get Transcript...

June 1, 2015Read more...

Data Breach: Tax-Related Information for Taxpayers

Data Breach: Tax-Related Information for Taxpayers A data breach is the intentional or unintentional release or theft of secure information. It can be the improper disposal of personally identifiable information in the trash or a sophisticated cyber-attack on corporate computers by criminals. It can affect companies large or small. The one common link is the victim, the person whose identity, financial or personal information has been compromised. Here’s what you should know about data breaches: Not every data breach results in identity theft, and...

June 1, 2015Read more...