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Tag Archives: taxes

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 …Read More

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. …Read More

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 …Read More

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 …Read More

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 …Read More

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 …Read More

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 …Read More