A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the Standard Deduction to...
Monday, October 17th marks the extension deadline for filing your 2015 Form 1040 Tax return. While most taxpayers have this event in the rearview mirror, if you have not filed a tax return, you still have a few weeks to get this done. Think you...
The Earned Income Tax Credit (EITC) credit was originally established in 1975 to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. Unfortunately, the EITC is often the subject of missed opportunity as the IRS...
Sometimes federal tax laws make us lax in reviewing the things that matter. Beneficiary designations is one such example. This is because there is a federal estate tax exemption of $5.45 million for you and an additional $5.45 million for your spouse. This means the...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Normal due date: Thursday, September 15th 2016 Remember you are required to withhold...
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing your 2016 tax return. The IRS automatically conducts a name match on the first few letters of...
“Before taking action talk to your tax adviser.” How many times have you seen this legal disclaimer and have your eyes gloss over? Unfortunately, there are too many times when taxpayers do not follow this advice and then must pay the price with an unnecessarily high...
Consider: Your home was broken into and your spouse’s $10,000 in jewelry is taken. Consider: Your uninsured boat is taken from your cabin dock, along with fishing poles, fishing gear, and your lucky lure. Can you deduct these loses on your tax return? Perhaps, but it is tough. The...
In a recent key-note address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He re-iterated that he was...
For years you have put away 6% of your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan to...
