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
In the News: Tax Extenders Bill Passes – Many tax changes impact 2015
Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) is the latest edition of retroactive tax law changes being implemented at the end of a tax year. Some of the changes require your immediate attention. Here is what you need to know.
Do You Need to File a Tax Return? – Getting this wrong can cost you
Do You Need to File a Tax Return? – Getting this wrong can cost you Do you need to file a tax return this year? Here are some handy tips to help you decide. One of the more common tax questions is whether you need to file a tax return this year. The answer is: It all depends. Here are some quick tips to help you determine your answer. Income If your gross income is less than the sum of your standard deduction plus the amount of your personal exemption(s) you usually do NOT need to file a tax return.
IRS PIN Announcement: DO NOT THROW OUT Identity theft PINs are for 2015 not 2014
Recent notices sent out by the IRS for victims of identity theft refer to tax year 2014 in error. These one-time use PINs are for the 2015 tax year. Here is what you need to know. If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What has happened IRS notices that have this one-time PIN are hitting mailboxes of identity theft victims right now.
Age (not death!) and Taxes – Age does matter, when it comes to tax obligations
Age (not death!) and Taxes – Age does matter, when it comes to tax obligations The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
Tax-Free Rental Income
Did you know you can rent out your home or vacation property for up to 14 days and not need to claim the income? Here are some tax tips to take advantage of this opportunity. Most income you receive is taxable income that is reported to you and to the Federal/State tax authorities. However, there are a few income-producing events that the IRS has said are not taxable. One of them is renting out your home or vacation property. The rule: If you receive rental income for less than 15 days per year, that income is generally not taxable income.
Avoid the Gambling Winnings Tax Surprise
It’s your lucky day. You just won $5,000. Are you prepared for the tax event to follow? Here are some things to think about. With the increased popularity of lotteries and casinos, more unsuspecting winners are experiencing a lucky payday only to end up with a huge tax head-ache when filing their income taxes. Here is what you need to know: Look for the warning signs You are required to report as income any winnings you receive including, but not limited to: • slot machines • bingo • pull tabs • horse/dog racing • game shows • raffles • lottery
Avoid the 50% Penalty! – Understanding Required Minimum Distribution (RMD) Rules
Each year select clients must withdraw minimim amounts from their qualified retirement plans. If you don’t the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don’t let this happen to you. Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know. Who is subject to Required Minimum Distribution (RMD) rules? Anyone who participates in a qualified retirement plan like IRAs (traditional, SEP, SARSEP,
Don’t Forget Your Estimated Payment
With all the new tax changes taking place this year, it is more important than ever to make quarterly estimated tax payments to avoid potential penalties. The tax filing deadline is upon us. The sense of relief that another 1040 form is filed is like lifting a weight from your shoulders. But wait! April 15th is also the 1st quarter estimated tax due date for 2013! So how do you know if you need to place another check in the mail? Here are triggers that suggest you may wish to consider sending in a quarterly estimated tax payment. You needed
Triple Tax: aka The Lottery
Most everyone enjoys dreaming of winning it big in the lottery. News media outlets publicize the large unclaimed pots of money on the evening news and they put a spotlight on the lucky multi-million dollar winners. Ever wonder what the tax math looks like? The bottom line when seen from a wage stand point is that 75% or more of the income used to play the lottery does not end up in the hands of the winner.