Tax Notes Individual federal tax returns that were granted an automatic six-month extension are due on October 16. American Opportunity Tax Credit (AOTC) The AOTC is a tax credit with a non-refundable and refundable component to help make college more affordable for eligible students. A non-refundable portion is allowed to the extent it does not… Read more
Tax Notes Third-quarter individual estimated tax payments are due September 15. Credit Card Debt Forgiveness Times can get tough. If you find yourself in a difficult situation when it comes to credit card debt, you may be able to make an arrangement with card companies to pay a fraction of the debt owed. The remaining… Read more
Mid-Year Tax Planning When your circumstances change, your tax situation may also change. If you’ve had (or are expecting) any life changes, such as a change in marital status, buying or selling a house, having a baby or changing jobs, please contact me so we can avoid any unpleasant surprises come tax season. Deducting… Read more
Quick Numbers For 2017, the annual gift tax exclusion is $14,000 to each person; the gift tax exemption amount is $5,490,000. The eligible expenses for the child and dependent care credit is capped at $3,000 for one child and $6,000 for two or more children. For 2017, the maximum wage amount subject to social security… Read more
Tax Insight–May 2017 Tax Deadline Second quarter individual estimated tax payments are due June 15. IRS to Use Private Debt Collectors Last month, the IRS started turning over to private collection agencies (PCA) the accounts of individual taxpayers who have inactive tax receivables. The IRS will be using these four collection agencies: ConServe Pioneer Performant… Read more
Tax Notes If you no longer use paper checks, you can make payments to the IRS using myPay. For 2016, the annual gift tax exclusion is $14,000 per donee. For 2016, a qualified individual may exclude up to $101,300 of qualified foreign earned income. Set up my Social Security Account Setting up my Social Security… Read more
Important Tax Dates First quarter individual estimated tax payments are due April 18. The deadline for filing Form 1040 or an extension and paying any tax due is April 18. Gathering Your Health Coverage Documents The health care law has brought some changes to the 2015 federal income tax return that you’ll file this year…. Read more
Please click here to read an article on bogus IRS phone calls.
As Tax Season Begins, Beware of Scams The Treasury Inspector General for Tax Administration (TIGTA) has been actively tracking down and bringing to justice those who make phone calls impersonating IRS employees in an attempt to scam innocent taxpayers. Although TIGTA has recently been instrumental in prosecuting some of these scammers, there is still concern… Read more
Please click HERE to read an article on some precautions you can take to keep your personal information secure.