The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want to avoid if possible. But there are some … [Read more...] about 5 Reasons to Amend a Previously Filed Tax Return
Disabled Taxpayer Tax Benefits
Article Highlights: Increased Standard DeductionTax-Exempt IncomeImpairment-Related Work ExpensesFinancially Disabled Earned Income Tax CreditChild or Dependent Care CreditSpecial Medical DeductionsQualified Medicaid Waiver PaymentsABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of … [Read more...] about Disabled Taxpayer Tax Benefits
Are You Prepared for a Disaster?
Article Highlights: Business OwnersFamily and HomeRecordsDisaster ScamsSelf-help PublicationsGovernment Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a … [Read more...] about Are You Prepared for a Disaster?
September 2018 Individual Due Dates
September 1 - 2018 Fall and 2019 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold … [Read more...] about September 2018 Individual Due Dates
States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Article Highlights: Four States Sue Federal GovernmentHigh-Tax StatesChallenging the $10,000 Itemized Deduction for State and Local TaxesCharitable Deduction Work-AroundSubstance over FormProposed IRS Regulations to Counter Work-AroundsTaxpayers Should Exercise Caution Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void … [Read more...] about States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction