Is there some year end tax planning you can do? Have you talked with your accountant regarding changes in employments, income, or your household? There may be ways you can save on your taxes and there are several reasons why now is a good time to call your accountant. Estimates: If you are one of the many who pay estimated taxes now is a good time to discuss changes in your income and get a good idea if your estimates will cover your tax or if you should save more back to cover the … [Read more...]
Do You Have a Hobby Loss?
If the IRS determines you have a hobby loss, they can disallow the losses on your return. In this case you would not only owe more taxes, but you would also owe penalties and interest. In addition, if you have taken these losses for more than one year, the IRS can review more than just one year and assess more taxes, penalties, and interest for each year that you took the loss. In determining if a loss is from an activity engaged in for profit or for hobby the IRS looks at the following … [Read more...]
What to do if You Receive a Tax Notice
When I have an initial meeting with clients I try to stress what to do if you receive a tax notice. Many times I will receive the tax information to prepare a return and a tax notice will be included that was either never addressed or was just paid. While the IRS website does give some guidance on what to do with a notice at https://www.irs.gov/Individuals/Understanding-Your-IRS-Notice-or-Letter; I always recommend you send them as soon as you get them to your tax professional. In my case I … [Read more...]
Extended Tax Deadline
The extended tax deadline for individuals is quickly approaching. The deadline is October 15. I thought this would be a good time to remind you (if you have not filed yet) items that you will need in order to have your tax return prepared. I typically run into clients missing the easy items at this point. Some of my clients get so involved in working to get their business or rental information together that they forget to include all or part of the tax forms they were sent in January. These … [Read more...]
Standard or Itemized Deductions?
Are you trying to determine if you should use the standard or itemized deductions? I've been asked by several people "At what point do I start itemizing my deductions?" In some cases people believe it has to do with marriage or age that determines which option you should use. In actuality the determination is by how much it will save you on taxes. Typically an individual or married couple only itemize if they own their personal residence and have a mortgage against it; however, there are a … [Read more...]
Marriage and Taxes
Marriage and taxes, most people don't think of the two terms together, but marriage can make a significant change to your tax return. I've reviewed and worked on several returns for individuals that have always prepared their returns as single and didn't realize that by getting married they are required to file their taxes differently. This holds true no matter which day you are married, if you are married as of December 31st of the year then you would file your tax return as … [Read more...]
Are you receiving phone calls from the IRS?
Have you been receiving phone calls from the IRS? There have been a number of clients who have received phone calls from somebody claiming to be the IRS however these are scams that you should be aware of. Please do not provide payment information to these individuals. The IRS released a list of things they will not do that have been a part of the scam: The IRS will not call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a … [Read more...]
Is your tax return information safe?
Each day we hear something about identity theft, a new scheme or another company hacked. So the question becomes "Is your tax return information safe?" The IRS recently published a scheme that allowed criminals to access 104,000 tax return transcripts. This was done by collecting personal information about the individual from other sources then using it to gain tax information. According to the IRS, the items needed to verify identity are social security number, date of birth, address, filing … [Read more...]
Purchasing a Home?
When purchasing a home there are a few things you should know for your tax return that vary depending on if this is your first home or if you are selling and purchasing a new home. If this is your first home, then there will be new things to remember at tax time, including real estate taxes paid, personal property taxes paid, charitable contributions, and mortgage interest paid. You should receive a form 1098 for the mortgage interest paid and a receipt from paying your real estate and … [Read more...]
Are your moving expenses deductible? If so, what is deductible?
Recently the question "Are my moving expenses deductible?" was asked of me and since the summer and fall is when the majority of relocations occur, I wanted to share when you are allowed to deduct expenses and what can be deducted. If the following applies, then you will want to track your moving expenses in order to allow your tax preparer to deduct those expenses on your return. The move is related to either a new job or a change in your current job. The new job location is at least … [Read more...]
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