Author - SFS Tax & Accounting

Everything You Need to Know… Hurricane Harvey and Irma Relief

As our communities work to recover from Hurricanes Harvey and Irma, SFS Tax & Accounting Services shares the tax relief measures announced by the Internal Revenue Service (IRS) in response to the disaster. (Maria effects Puerto Rico, only) We hope this article will shed light on several tax relief measures announced by the Internal Revenue Service (IRS) in response to the disaster. After these events, the IRS issued public releases related to income tax returns due on September 15th [...]

Read more...

IRS Offers Tax Filing Relief to Hurricane Irma Victims in Florida, SFS Tax & Accounting Services Helps Florida Affected Taxpayers

IRS offers tax filing relief to Hurricane Irma victims in Florida, SFS Tax & Accounting Services Helps Florida Affected Taxpayers. The Internal Revenue Service announced that Hurricane Irma victims in parts of Florida and other areas have until Jan. 31, 2018, to file some individual and business tax returns and make certain tax payments. The Florida counties noted as getting this relief are Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota, St. Johns [...]

Read more...

Beware of Fake Charity Scams Relating to Hurricanes

It’s Taxing Times and Tax Resolution Times Beware of Fake Charity Scams Relating to Hurricanes The Internal Revenue Service issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, and with the preparations for the incoming Hurricane Irma, people should be aware of criminals who look to take advantage [...]

Read more...

Is it really the IRS?

It’s Taxing Times and Tax Resolution Times Is it really the IRS? How to know it’s really the IRS calling or knocking on your door Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee. The IRS initiates most contacts through regular mail delivered [...]

Read more...

Learn about Tax Benefits for Education

It’s Taxing Times and Tax Resolution Times Learn about Tax Benefits for Education The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent. The American Opportunity Tax Credit (AOTC) is: Worth a maximum benefit up to $2,500 per eligible student. Only available for the first four years at [...]

Read more...

Tips to Keep in Mind on Income Taxes and Selling a Home

It’s Taxing Times and Tax Resolution Times Tips to Keep in Mind on Income Taxes and Selling a Home Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Below are tips to keep in mind when selling a home: Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must [...]

Read more...

Upcoming Tax Deadlines

It’s Taxing Times and Tax Resolution Times Upcoming Tax Deadlines September Fr 15 Pay the third installment of your 2017 estimated tax – Use Form 1040-ES. Fr 15 C corporations: Deposit the third installment of your 2017 estimated tax. Fr 15 S Corporations: File Form 1120-S if you timely requested an extension – see Form 7004 Fr 15 Partnerships: File Form 1065 if you timely requested an extension – see Form 7004 Fr 15 Electing Large Partnerships: File Form 1065-B if you timely requested an extension.   October Mo 16 C corporations: File calendar year [...]

Read more...

What Does the Eclipse Have to do with Taxes!

What Does the Eclipse Have to do with Taxes! Eclipse Day is here! We are in Nashville, and they say it could feel like 2 million people for a few hours during the eclipse. We are staying away from downtown and viewing it from the Hilton Garden Inn patio before heading back to Florida. Florida Today shares information about how much of the eclipse Floridians will see. TaxTip for this event: If you are selling or renting anything out during the event, there are a couple of important things you [...]

Read more...

6 Tax Tips for Startup Businesses

6 Tax Tips for Startup Businesses   Taxes are rarely the first thing an entrepreneur considers when they plan a new business. However, they need to be considered before you open your doors for business. This is the time to bring in your trusted tax advisor, your Enrolled Agent to help you make these crucial decisions. Here are 6 tips for consideration: Pick a business structure – Deciding how to structure your business is one of the first things you will need to [...]

Read more...

**Understand your responsibilities

**Understand your responsibilities Settlement of a debt is not the end of the story. Creditors who forgive $600 or more of your debt are required to report the forgiveness to the IRS. You’ll receive a 1099-C “Cancellation of Debt” tax form in the mail. You must include the canceled amount in your gross income—and pay taxes on it—unless you qualify for an exclusion or exception. “This can cause a lot of problems since the reason for the debt forgiveness is that there is [...]

Read more...