Author - SFS Tax & Accounting

Small Business Retirement Plan Penalty Relief Expires Soon

Small Business Retirement Plan Penalty Relief Expires Soon You still have time to file retirement plan tax returns for your small business. Under the IRS special penalty relief program, you can avoid stiff penalties for filing late. However, you must act soon. Here are some key points you should know about this program: Late Filing Penalties.  Plan administrators and sponsors who fail to file required forms can face penalties of up to $15,000 per return. Penalty Relief Deadline.  A special program provides...

June 1, 2015Read more...

Start Planning Now for Next Year’s Taxes

You may be tempted to forget all about your taxes once you’ve filed your tax return. Do not give in to that temptation. If you start your tax planning now, you may avoid a tax surprise when you file next year. 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 IRS tips to give you a leg up on next year’s taxes: Take action...

June 1, 2015Read more...

How To Prepare for a Tax Audit

How To Prepare for a Tax Audit

By Jeff Wuorio For the Deseret News Published: Monday, April 13 2015 2:00 p.m. MDT April 15 is understandably unnerving for many taxpayers.   For others, it’s the rest of the year that really makes them jittery.  A tax audit — when the Internal Revenue Service notifies you of its intent to examine your tax returns in detail to make sure that your reporting of income, deductions and other details is accurate — has taken on...

April 14, 2015Read more...

Warrior Pose — One way to help veterans with PTSD? Lots of yoga.

Warrior Pose — One way to help veterans with PTSD? Lots of yoga.

Yes, we are a Tax & Accounting firm, and yes there are only 3 days left until tax season officially ends on April 15th, but useful and possibly life altering information does not always come at the most convenient time, and it not always about facts and figures that relate to veterans tax needs. It is also about healing hearts, lifting spirit, sharing hope and other ways...

April 13, 2015Read more...

REMINDER FROM YOUR LOCAL ENROLLED AGENT

REMINDER FROM YOUR LOCAL ENROLLED AGENT

 YOU  NEED TO FILE ON TIME EVEN IF YOU CAN’T PAY

Port St Lucie, Fl. (April 8, 2015) — Will you owe more taxes than you can afford to pay, when April 15th rolls around? If so, don’t fail to file your return, make sure to file on time. That way you will avoid a penalty for filing late. If you can’t pay all your taxes by the due date there are options; File on time...

April 9, 2015Read more...

The Individual Shared Responsibilty Provision

The Individual Shared Responsibilty Provision

Just the  Basics!

The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. Here are some basic facts about the individual shared responsibility provision. What is the individual shared responsibility provision? Starting in 2014 the individual...

March 23, 2015Read more...

Affordable Care Act Consumer Alert

Affordable Care Act Consumer Alert

Choose Your Tax Preparer Wisely

The IRS is urging taxpayers to choose their tax professional carefully as reports are coming in from around the country describing unscrupulous tax preparers who instruct their clients to make individual shared responsibilitypayments directly to them. The IRS is reminding individuals who owe the payment that it should be made only with their tax return or in response to a letter from the IRS.  The payment should never be made directly to an individual or...

March 16, 2015Read more...

Small Business Health Care Tax Credit

Small Business Health Care Tax Credit

Do you own or run a small business or tax-exempt group with fewer than 25 full-time employees? If you do, you should know that the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit: Maximum Tac...

March 13, 2015Read more...
Image - ACA Is Affecting Tax Prep Fees

Cover Charge: How the ACA Is Affecting Fees

Cover Charge: How the ACA Is Affecting Tax Prep Fees On March 6, Jeffrey Schneider, EA, NTPI Fellow was quoted in Accounting Today regarding tax preparation requirements of the ACA or Obamacare. Since Jan. 1, 2014, individuals must have health insurance for themselves and their dependents. Most people only have to check a box on their 1040 to indicate they had coverage. Those who don’t have health insurance for one or more months during the year may have to pay an additional...

March 10, 2015Read more...
The Top 10 Special Tax Benefits for Armed Forces - Image of military family

Top 10 Special Tax Benefits for Armed Forces

The Top 10 Special Tax Benefits for Armed Forces If you are a member of the U. S. Armed Forces, here are some facts you should know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These can help lower your federal taxes and make it easier to file your tax return. Following are some of those benefits: Deadline Extensions. Qualifying military members, including those who...

March 3, 2015Read more...