Tax Tips

/Tax Tips

Tips for Taxpayers: Be Prepared for Natural Disasters

By | 2018-09-10T05:38:46+00:00 September 10th, 2018|Categories: September 2018, Tax Tips|Tags: , |

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared. Here’s what taxpayers should keep in mind: 1. Update emergency plans. Because a [...]

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Ten Tax Tips for Individuals Selling a Home this Year

By | 2018-09-10T05:39:02+00:00 September 10th, 2018|Categories: September 2018, Tax Tips|Tags: , |

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from [...]

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Taxpayer Data Secure with new IRS Get Transcript

By | 2018-09-10T05:37:19+00:00 September 10th, 2018|Categories: September 2018, Tax Tips|Tags: |

Taxpayers that need prior years' tax returns and other tax documents should know that there is a new format for individual tax transcripts that redacts personally identifiable information from Form 1040 tax documents. This new transcript replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or [...]

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529 Education Savings Plan Updates under Tax Reform

By | 2018-09-10T05:36:55+00:00 September 10th, 2018|Categories: September 2018, Tax Tips|Tags: , |

Taxpayers with school-age children should be aware of three recent tax law changes affecting 529 education savings plans. Tuition refunds The PATH Act change added a special rule for a beneficiary of a 529 plan, usually a student, who receives a refund of tuition or other qualified education expenses. This can occur when a student drops [...]

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Extension Deadline Looming for 2017 Tax Returns

By | 2018-09-10T05:37:11+00:00 September 10th, 2018|Categories: September 2018, Tax Tips|Tags: |

Time is running short for taxpayers who requested an extra six months to file their 2017 tax return. As a reminder, Monday, October 15, 2018, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes: 1. Taxpayers [...]

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Watch out for Scams during Hurricane Season

By | 2018-09-10T06:26:05+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Hurricane season runs June 1 to November 30. With hurricane season well underway, taxpayers should watch out for disaster-related scams carried out by criminals and scammers who often try to take advantage of the generosity of taxpayers wanting to help victims of major disasters. Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail [...]

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Avoid Delays: Renew ITINs Expiring in 2018 Now

By | 2018-09-10T06:26:01+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Under the Protecting Americans from Tax Hikes (PATH) Act, Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three consecutive years will expire December 31, 2018. In addition, ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 will also expire at [...]

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The Facts about Penalty Relief for Taxpayers

By | 2018-09-10T06:25:52+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. If you've received a notice stating that the IRS assessed a penalty, the first step taxpayers should take is to check that the information in the [...]

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Some Veterans Eligible for Refunds from Overpayment

By | 2018-09-10T06:25:46+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Certain veterans who received disability severance payments after January 17, 1991, and included that payment as income should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. The refund is the result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. [...]

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Good Recordkeeping Benefits your Business

By | 2018-09-10T06:20:25+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Records help [...]

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