Tag - SFS Tax

10 Times When Only a Tax Professional Will Save You

10 Times When Only a Tax Professional Will Save You The Limitations of DIY Tax Preparation and How They Can Get You Into Tax Trouble The widespread availability of tax preparation software has made Do-It-Yourself tax prep easier than ever. These software packages are simple to use, with step-by-step instructions and built-in checklists that make mistakes less likely. But mistakes do happen, and when they do, the IRS will be out to collect any back taxes you might owe plus penalties [...]


What is the Earned Income Tax Credit? Do I Qualify?

What is the Earned Income Tax Credit? Do I Qualify? The Earned Income Tax Credit (EIC or EITC) is a refundable credit for workers who earn low or moderate incomes. This credit is meant to supplement the income you have earned through working, whether for yourself or for someone else. As a result, if you qualify for the Earned Income Tax Credit, you can reduce your taxes and increase your tax refund. The EITC allows more working people and their families [...]


Crypto- September 21, 2018

Dear Fellow Taxpayers, Cryptocurrency, virtual currency, bitcoin, etherium. What do these terms mean? They are part of the new world of paying for things or investing in the new millennium. So why is your friendly, neighborhood Enrolled Agent talking about this? Should this not be coming from a financial advisor? The answer, as with anything relating to investments, the answer is yes. A financial advisor should be always be consulted. However, like most anything, there are tax consequences to this new avenue of investing. I am [...]


Hurricanes and taxes, oh joy!

Hello, Fellow Floridians (and those that are not). We hope that all of our friends, family, business associates that live or have family and friends in the Carolinas are safe and that Hurricane Florence is not impacting them too severely. Though it was downgraded one level as of this writing on Thursday, the storm surges are expected to be robust and dangerous as Florence is now the size of both of the Carolinas. All of us at SFS are hoping [...]

Why do we pay taxes anyway, SFS Tax, elderly man

Why do We Pay Taxes Anyway?

Why do We Pay Taxes Anyway? An SFS Tax Problem Solutions Blog.  No one likes paying taxes. It’s easy to focus on that check you write to the IRS each year or quarter. Or complain about the amount withheld from your paycheck. Or kvetch about the tax bite on the sale of our house, our stocks, or our inheritances. There are a lot of benefits to paying taxes though. Let’s face it… the government needs money to run. We could probably argue all day [...]

Always a Deadline It's Not Just About April 17, SFS Tax and Accounting

It’s Not Just About April 17th: IRS Tax Deadlines Happen All Year Long

A lot of focus and attention is paid to April 15th (17th this year) as the big tax deadline. What many people don’t realize – and tax preparers are painfully aware of – is that there are tax deadlines all throughout the year. Individual Tax Deadlines The IRS expected 15 million people to file for an extension this year as reported by the New York Times on April 17. Are you one of them? If so, your 2017 tax return is due October [...]


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 pages to contend with. So it’s [...]

Can't File by Tax Deadline? Here's What You Need to Know About Extensions

Can’t File Your 2017 Tax Return by April 17th? 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 re-mailed to you. Don’t press the panic button yet. There [...]

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 [...]