Have you thought about using direct deposit for your tax refund? Here are some benefits to consider. First it makes receiving your tax refund much quicker. The refund is the most efficiently received when you electronically file and select direct deposit. Second it is secure, the funds go directly to the account you specify and there is no chance of it getting lost in the mail. It is easy to provide your preparer with the bank information and then double check to make sure the bottom of the … [Read more...]
Suggestions for Selecting a Tax Return Preparer
This is the time that everybody is looking to get their returns filed, so I thought I would give you some suggestions for selecting a tax return preparer. Check the person's qualifications — First check to see that they have a Preparer Tax Identification Number (PTIN). This is a number the IRS has assigned to preparers who are register to file returns. Also check to see if the preparer has a license that requires continuing education such as a CPA, Registered Agent, or do they belong to … [Read more...]
Should I be receiving a 1095?
I have heard this same question many times in the last week: "Should I be receiving a 1095?". First off what is a 1095? The 1095 is a form you should receive from your insurance provider that will show what months you were covered by insurance. If you used the market place the form will also tell what subsidies you were allowed and what you paid. Those that used the market place in 2014 have already seen these forms since it was mandatory for the market place in 2014. However, an individual … [Read more...]
Are you passive or non-passive in regards to the K-1 you receive?
Are you passive or non-passive in regards to the K-1 you receive? First of all, why is it important to know which you are? Making this determination can determine if a loss is allowed or if it is a suspended loss. It also determines if the income is subject to the Net Investment Income Tax. Depending on your tax situation this determination can change your tax due and you should prepare for the effect it has on your tax when you become involved in an entity that you receive a K-1 from. Now … [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...]
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...]
