-
Tips to Organize Your Tax Records – Creating order out of chaos
Tips to Organize Your Tax Records – Creating order out of chaos Looking for some ideas to make filing your taxes less cumbersome? Here are some tips As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. 1. Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive 1099 tax form or charitable deduction receipt? If you only do one thing, this is it. 2. Time to sort. Now that
-
The IRS Grilling – IRS applies more scrutiny to child-related tax credits
The IRS Grilling – IRS applies more scrutiny to child-related tax credits Get ready to answer additional questions this year if you claim some tax credits related to children and college costs Get ready to answer additional questions this year if you claim some tax credits related to children and college costs. You may already be familiar with the additional questions and documentation required when you use the Earned Income Tax Credit (EIC). Starting this year, the IRS is applying the same level of scrutiny to three more credits: Child Tax Credit (CTC) Additional Child Tax Credit (ACTC) American Opportunity
-
2017 Mileage Rates – New mileage rates announced by the IRS
2017 Mileage Rates – New mileage rates announced by the IRS Here are the standard mileage rates for 2017 2017 Mileage Rates The IRS recently announced mileage rates to be used for travel in 2017. The Business mileage rate decreases by 0.5 cents while Medical and Moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged. 2017 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 53.5¢ Medical/Moving 17¢ Charitable Work 14¢ Here are 2016 rates for your reference as well. 2016 Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving 19¢ Charitable Work
-
Research Your Preferred Charities
Research Your Preferred Charities Often during an audit, what you thought was a qualified deduction to a charitable organization is ruled non-deductable Research Your Preferred Charities November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others are less known. Here are some tips on how to research these organizations prior to donating funds. 1. Charitable organization efficiency. For every dollar you donate, only a percentage of it is actually used
-
Those Darn Kids – The risk of having kids file their own tax returns
Those Darn Kids – The risk of having kids file their own tax returns One of the worst surprises you can have at tax time is discovering a dependent files their own tax return. It can create a tax filing mess. Here’s why Those Darn Kids If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You try to file your tax return on April 14th after finally receiving all
Opening : Mon-Fri 08:00 – 17:00