Article Highlights: IRS Informational Forms Computer Matching IRS Correspondence Procrastination Need for Professional Review Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax … [Read more...] about Ignoring Those IRS Notices Only Makes It Worse
Education Tax Credit Nuances. Don’t Leave Money on the Table.
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues There are actually two higher-education tax credits. The American Opportunity Tax Credit (AOTC) … [Read more...] about Education Tax Credit Nuances. Don’t Leave Money on the Table.
Following Congress on its Path to Tax Reform
Article Highlights: Proposed Tax Reform Framework Filing Status Personal Exemptions Itemized Deductions Individual Tax Rates Child Tax Credit Alternative Minimum Tax Estate Tax Top Tax Rate for Small Businesses Expensing Business Purchases As Congress begins debating tax reform, you might be interested in an overview of the GOP’s proposed changes so you’ll have an … [Read more...] about Following Congress on its Path to Tax Reform
September 2017 Individual Due Date Reminders
September 1 - 2017 Fall and 2018 Tax Planning Contact this office to schedule a consultation appointment. September 11 - 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 11. Your employer is required to withhold FICA … [Read more...] about September 2017 Individual Due Date Reminders
When Is a Charitable Contribution Appraisal Required?
Article Highlights: Substantiation and Documentation Requirements Deductions of less than $250 Deductions of $250 to $500 Deductions over $500 but not over $5,000 Deductions over $5,000 Qualified Appraisal Appraisal Timing A commonly overlooked requirement of taking a tax deduction for donating clothing and household goods to charity is the substantiation … [Read more...] about When Is a Charitable Contribution Appraisal Required?