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Tax Savings for Non-Itemizers – Can’t itemize? There are still tax breaks for you
Tax Savings for Non-Itemizers – Can’t itemize? There are still tax breaks for you If you own a home you probably itemize your deductions on your tax return. But what if you are a Non-itemizer? Can someone using the standard deduction still get a tax break? Tax Savings for Non-Itemizers 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 reduce their income
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File that Tax Return! – October extension deadline fast approaching
File that Tax Return! – October extension deadline fast approaching The Form 1040 extension filing deadline is fast approaching. If you have not already done so, please consider filing your 2015 tax return in the next few weeks. File that Tax Return! 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 do not need to file a tax return? Here is a quick checklist
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The Earned Income Tax Credit (EITC) – Are you Eligible?
The Earned Income Tax Credit (EITC) – Are you Eligible? The Earned Income Credit (EITC) is one of the most common ways Americans reduce their tax bill. Yet per the IRS, 1 out of 5 people who could qualify for the credit do not file for it. Here are answers to some common questions. The Earned Income Tax Credit (EITC) The Earned Income Tax Credit (EITC) 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
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Alert: Review Beneficiary Designations
Alert: Review Beneficiary Designations Checking your beneficiary designation on a regular basis can help loved ones avoid a big mess after you pass away. Here’s why. Alert: Review Beneficiary Designations 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 likelihood of your death creating an estate tax problem is remote. Correct? Not so fast. Here are reasons an annual beneficiary review is important. Beneficiary
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Reminder. 3rd Quarter Estimated Tax Payment Due
Reminder. 3rd Quarter Estimated Tax Payment Due If you are required to send in quarterly estimated tax payments using Form 1040 ES, your third quarter installment is due now. Reminder. 3rd Quarter Estimated Tax Payment Due 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 at least 90% of your current tax obligation or 100% of last year’s federal tax obligation.* A
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