Personal Tax

Article Highlights: • Procrastination Can Lead to Unneeded Taxes & Penalties • Events That Create Tax Problems & Opportunities • Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and avoid certain penalties. The … [Read more...] about Do You Need a Mid-Year Tax Checkup?

Article Highlights: • Scams Impersonating IRS Agents • Protecting Against Scams • Protecting Against ID Theft • What to Do If Your ID Has Been Compromised The Treasury Inspector General for Tax Administration (TIGTA) has indicated it is making significant progress in its investigation of the IRS impersonation scams that are sweeping the nation, causing reported taxpayer … [Read more...] about Scammers Impersonating IRS Agents Called You Yet?

June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about June 2016 Individual Due Dates

Article Highlights: • Collecting Tips • Tip Splitting • Service Charges • Record Keeping • Employer Reporting • Allocated Tips Anyone who collects tips must include them in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab drivers, beauticians, porters, concierges, etc. Tips are … [Read more...] about Receiving Cash Tips? The IRS Is Watching

Article Highlights: • Charity Auction • Time-Share Donation • Use of Property as a Donation • Time-Share Maintenance Fees • Taxpayer-Rendered Services If you have ever attended a charity auction, it is not uncommon to see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks generally do so in anticipation of … [Read more...] about Time-Share Use as a Charitable Contribution