Tag - IRS

Are yu bringing home too much money?- image of boat and rv

Are You Taking Home Too Much Money?

Do a Paycheck Checkup and See If You Are You Taking Home Too Much Money The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup and see if you are taking home too much money using the Withholding Calculator on IRS.gov and, if necessary, complete a new W-4 form. The calculator will help determine the right amount of withholding and can help prevent having too little (or too much) tax withheld. Recent changes affecting withholding include:  Reduced...

April 12, 2018Read more...

Top Five Tax Myths

Top Five Tax Myths and the truth. It doesn’t matter what your friend’s cousin’s co-worker said. When it comes to taxes, it’s best to get the word from a credible source. In 2016 the Washington Examiner reported there were 74,608 pages in the federal tax code. Some of these pages are the tax code itself. Some are written about the tax code and case law that are important to be aware of as well. Two years later, you can bet there are even more...

April 11, 2018Read more...
Rushing on Your Taxes? The IRS Recommends Filing an Extension if You Need One, SFS Tax & Accounting

Rushing on Your Taxes?

The IRS Recommends Filing an Extension if You Need One. With about a week to go on filing your 2017 tax return, you may be breaking speed records to try to get it done on time. But did you know that the IRS recommends that you file for an extension if you need one? It’s better to file for an extension than to hurry through the return and make a mistake. Mistakes not only cause stress, they may also cost you money. Here are...

April 10, 2018Read more...
Tax deadline- clock image

Can’t File Your Tax Return in Time?

Don’t Panic! Here’s What You Need to Know About Extensions. Life gets in our way sometimes. When those W-2s, 1099s, 1098s and other numbered forms arrive in the mail, we know that taxes are coming due. Still, with all we have to do, that awareness can get buried. “We have a few months,” we tell ourselves. “I’ll deal with it later.” Then suddenly you look up and it’s April 6th! Now, you can’t find the forms you need and have to request they be...

April 5, 2018Read more...
Get Your 2014 Tax Refund by April 17, SFS Tax Can Help

Hurry! $1.1 Billion in 2014 Tax Year Refunds Will Expire April 17

Did you forget to file your tax return for 2014? If so, you might want to. There is $1.1 billion waiting in IRS coffers for an estimated one million people to file their 2014 tax returns claiming a refund. If you’re one of them, now’s the time to act. “Time is running out for people who haven’t filed tax returns to claim their refunds,” said Acting IRS Commissioner David Kautter in an IRS press release. “Students, part-time workers, and many others may...

April 5, 2018Read more...

FOF?!?- March 15, 2018

Hello Ali, Happy Ides of March! Julius Cesar’s last act was not to heed the warnings of his impending assassination that was prophesied by a seer, and you know how that story ended. About the subject line FOF. You know how we tax people like our acronyms. IRS, OIC, IA, PPIA, IRM, IRC and on and on it goes. Now I have another one: FOF... What is FOF? It is Fear of Filing!!! What does FOF have to do with Julius Cesar? A warning,...

March 15, 2018Read more...

Oh, My aching back!- February 2, 2018

Hello, All I am back from my freezing “winter experience” in DC. Saturday morning I woke up only to find that my back was out. I toughed it out and spent the day in the office playing catch up. Sunday, which during tax season is a workday, I was in so much discomfort that I could not go to the office. I stayed home, couch-bound with a heating pad on my back. Ali and I vegged out and caught up with the...

February 2, 2018Read more...

More Time to Contribute to IRAs in 2012

More Time to Contribute to IRAs in 2012 You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for filing your tax return and making contributions to your 2011 IRA is Tuesday, April 17. Here are the top 10 things the IRS wants you to know...

April 1, 2012Read more...