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Archive for the ‘Tax Filing’ Category

Include your tax paperwork in your spring cleaning

Looking to minimize clutter? Here are recordkeeping guidelines that will help you do just that while retaining what’s important. Income tax returns. Keep these at least seven years. Hang on to the back-up documents, such as Forms W-2, mortgage interest statements, year-end brokerage statements, and interest and […]

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Give yourself more time to file with an automatic extension

Can’t finish your federal income tax return by the April deadline? You don’t need to give a reason to get an additional six months to file. Requesting an extension to shift the due date to October 17, 2016, takes three steps. First, estimate your 2015 tax liability. Second, […]

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Do you need to file a gift tax return?

If you made gifts during 2015 in excess of the $14,000 annual limit to any one person, you may need to report the transaction to the IRS. When you and your spouse agree to “gift splitting,” you could give up to $28,000 to any one individual with […]

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Be aware of major mid-April tax deadlines

April is a busy month for taxes. Here are filing requirements to keep in mind. 2015 individual income tax returns or an automatic extension. 2015 partnership returns for calendar year partnerships. 2015 income tax returns for calendar year trusts and estates. 2015 annual gift tax returns. 2015 […]

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IRS Revises E-File Opening Date for Certain Information Returns

The IRS has announced that the opening date for e-filing information returns will be delayed. Through the FIRE (Filing Information Returns Electronically) Production System will change from January 21, 2014 to February 3, 2014. For assistance with this or other tax or accounting matters please contact us […]

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The IRS has Announced a Delay in the 2014 Tax Filing Season

The Internal Revenue Service has announced a delay of approximately one to two weeks to the start of the 2014 filing season due to the 16-day federal government shutdown. The government closure came during the peak period for preparing IRS systems for the 2014 filing season. Updating […]

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Facts on Late Filing and Late Payment Penalties

    April 15 was the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes […]

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Determining Your Correct Filing Status

  It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income […]

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The IRS Won’t Process the American Opportunity Tax Credit and the Lifetime Learning Credit Until Mid-February

The IRS said  on January 31, that it has discovered during testing that it can’t accurately process Form 8863 for Education Credits without further tweak its computers. So, it won’t process returns claiming the American Opportunity Tax Credit and the Lifetime Learning Credit until mid-February. Tax credits, […]

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Get Organized for 1099 Filing

January is always a busy month for companies. You’re trying to get business off to a good start in the new year, you’re trying to close the books on last year, and there’s 1099 reporting to complete by month-end. There are several variations of the information returns […]

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