Newsletter

Some Refunds Delayed in 2017

Some Refunds Delayed in 2017 A new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. Some Refunds Delayed in 2017 Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns...

December 1, 2016Read more...

Tax Tips for Deducting Gifts to Charity

Tax Tips for Deducting Gifts to Charity 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. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: Give to qualified charities. You can only deduct gifts you give to a qualified charity. Use the IRS Select Check tool to see...

December 1, 2016Read more...

Tips for Safe Holiday Online Shopping

Tips for Safe Holiday Online Shopping The holiday online shopping season is a prime time for cybercriminals and identity thieves to trick shoppers into giving up financial, identity or password information. The IRS has launched a public awareness campaign called “Taxes. Security. Together.” and also launched a series of security awareness tips that can help protect you from cybercriminals. Here are a few basic steps to make your shopping season safer: Look for the “s” in “https.” The “s” in the opening URL stands for security. Always...

December 1, 2016Read more...

IRA Year-End Reminders

IRA Year-End Reminders Whether you are still working or retired, you should periodically review your IRAs. Here are few things to remember. Contribution limits If you’re still working, review the 2016 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. You can make 2016 IRA contributions until April 17, 2017. Excess contributions If you exceed the 2016 IRA contribution limit, you may withdraw excess contributions from your account by the due date of your tax return (including...

December 1, 2016Read more...

Tax Relief to Louisiana Storm Victims

Tax Relief to Louisiana Storm Victims Louisiana storm victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in East Baton Rouge, Livingston, St....

September 1, 2016Read more...

IRS Warns of Back-to-School Scams

IRS Warns of Back-to-School Scams The IRS is warning against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the...

September 1, 2016Read more...

New Factors Increase Importance of Withholding Check-Up

New Factors Increase Importance of Withholding Check-Up There are several new factors that could affect refunds in 2017. A new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against...

September 1, 2016Read more...

Tax Effects of Divorce or Separation

Tax Effects of Divorce or Separation If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: Child Support.  Child support payments are not deductible and if you received child support, it is not taxable. Alimony Paid.  You can deduct...

September 1, 2016Read more...

Things You Should Know about Filing Late and Paying Penalties

Things You Should Know 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 you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to...

June 1, 2016Read more...

Five Facts about the Small Business Health Care Tax Credit

Five Facts about the Small Business Health Care Tax Credit If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: offer coverage through the small business health options program, also known as the SHOP marketplace have fewer than 25 full-time equivalent employees pay an average wage of less than $50,000 a year pay at least half of employee health insurance premiums Here are five facts about...

June 1, 2016Read more...