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Understanding Tax Terms: Basis – Covering the bases on basis
Understanding Tax Terms: Basis – Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property. Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis as: The amount of your capital investment in a property for tax purposes. Use your basis to figure depreciation,
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Reminder. 4th Quarter Estimated Taxes are Now Due – Now is the time to make your estimated tax payment
Reminder. 4th Quarter Estimated Taxes are Now Due – Now is the time to make your estimated tax payment Plan now to make your 4th quarter estimated tax payment 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 fourth quarter due date is now here. Normal due date: Tuesday, January 17, 2017 Remember you are required to withhold at least 90% of your current tax obligation or 100%* of last year’s federal tax obligation. A quick look at last year’s tax return
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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
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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
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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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Tips to Organize Your Tax Records
Tips to Organize Your Tax Records If your tax records are a bit of a mess, here are some ideas to help to get better organized. The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records. Storage Hints Organize your records by tax year. At the start of each year create the current year’s files. Here are some filing suggestions. Tax return and support. Create a file with copies of
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How to Get a Copy of Your IRS Transcripts – Need to see what the IRS has in your file?
How to Get a Copy of Your IRS Transcripts – Need to see what the IRS has in your file? Getting copies of the information you have on file at the IRS is not too difficult. Here is how to go about making a request. There are now a number of ways to obtain information filed with the IRS for your tax return. Use the method that works best for you. Online. You can get a copy of most line items on your tax return online at irs.gov using their “Get Transcript” application. The transcript will include originally filed information
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Receive Copies of Fraudulent Tax Returns – What did thieves try to steal?
Receive Copies of Fraudulent Tax Returns – What did thieves try to steal? Taxpayers who are IRS identity thief victims have been long frustrated by their inability to see what thieves have filed under their Social Security Number. In a recent announcement, the IRS is now allowing taxpayers to obtain copies of these fraudulently filed tax returns Along with tax season comes the season of tax identification theft. Those who have become victims know how frustrating the experience can be. The frustration Until now, if you were a victim of tax identity theft, you would be unable to receive information
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Contractor or Employee? Knowing the difference is important
Too many small businesses have been taxed and penalized for having independent contractors that the IRS believes should be employees. This is even more critical given the requirement to have health insurance. Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes. Here is what you need to know. The basics As the worker. If you are the worker and you are not considered an
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Double Check the Check
Double Check the Check – An idea to keep your tax life simple Following these tips when you receive a check from the Federal or State government can save you more head-aches than you can imagine. Tip: Double check the dollar amount of your refund check before you cash it. Make sure it matches the amount on your tax return. Tip: If you have a direct deposit of your refund, only deposit it into one account. This makes matching the dollar amount easier to do. Tip: Never cash a check received from the IRS or State tax departments that you
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