Newsletter

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 [...]

September 1, 2017 By Newsletter Comments Off
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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 [...]

September 1, 2017 By Newsletter Comments Off
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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 [...]

September 1, 2017 By Newsletter Comments Off
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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 [...]

September 1, 2017 By Newsletter Comments Off
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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 [...]

September 1, 2017 By Newsletter Comments Off
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Private IRS Debt Collectors

It’s Taxing Times and Tax Resolution Times Private IRS Debt Collectors You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax debts; selecting four [...]

June 1, 2017 By Newsletter Comments Off
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Important Facts about Filing Late and Paying Penalties

It’s Taxing Times and Tax Resolution Times Important Facts 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 taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and [...]

June 1, 2017 By Newsletter Comments Off
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Hobby or Business?

It’s Taxing Times and Tax Resolution Times Hobby or Business? Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are four tax tips to consider: Is it a Business or a Hobby?  A key feature of a business is that people do it to make [...]

June 1, 2017 By Newsletter Comments Off
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Hurricane Preparedness Tips for Taxpayers

It’s Taxing Times and Tax Resolution Times Hurricane Preparedness Tips for Taxpayers Don’t Forget to Update Emergency Plans Because a disaster can strike any time, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. When employers hire new employees or when a company or organization changes functions, they should update plans accordingly and inform employees of the changes. Make plans ahead of time and be sure to practice them. Create Electronic Copies of Key [...]

June 1, 2017 By Newsletter Comments Off
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Upcoming Tax Deadlines

It’s Taxing Times and Tax Resolution Times Upcoming Tax Deadlines June Th 15 Individuals living outside the U.S.: File Form 1040. For automatic 4 month extension file form 4868 and deposit estimated tax. Th 15 Pay the second installment of 2017 estimated tax -Use Form 1040-ES. Th 15 Corporations: Deposit the second installment of your 2017 estimated tax.   July Mo 31 Deposit FUTA owed through June if more than $500. Mo 31 File Form 941 for the second quarter.   August Th 10 File Form 941 for the second quarter if you timely deposited all required [...]

June 1, 2017 By Newsletter Comments Off
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