Late Filing and Late Pay Penalties
Information courtesy of IRS April 15 was the tax day deadline for most people. If you owe tax, and you failed to file and pay on time, you will usually [...]
Miss the Tax Deadline?
If you missed the tax filing deadline of April 15, and did not file an extension, file now. 1. File as soon as possible. If you owe taxes, file and [...]
Need a copy of your Prior Year Tax Return?
You may need a copy of your tax return information from a prior year (ie: applying for a student loan, home mortgage, VISA, etc). Get a free copy of your [...]
Make A Mistake? Amend Your Tax Return
Courtesy IRS.gov Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing an amended [...]
A net operating loss on your 2014 tax return isn’t all bad news
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income [...]
Should you make Estimated Tax Payments?
Information courtesy of IRS.gov Employees usually have taxes withheld from their pay. If they don’t have taxes withheld, or don’t have enough tax withheld, then they may need to make estimated tax [...]
Additional Medicare Tax Facts
Information taken from IRS.gov Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know [...]
Net Investment Income Tax: A Few Facts
Information courtesy of IRS.gov Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and [...]
File Your Tax Return on Time – Even If You Owe
Information courtesy of IRS.gov Do you owe more tax than you can afford to pay when you file? Make sure to file on time so you won’t have a penalty for [...]
Employee Business Expenses
Information taken from irs.gov If you paid for work-related expenses, you may be able to deduct those costs. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary [...]
Tax Tips for Farmers
Info courtesy of IRS Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit [...]
Still filing a paper return?
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule. The IRS considers a paper return that’s due April 15 to be timely filed [...]
Did you change your name?
Courtesy of IRS.gov Did you change your name last year? If so, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A [...]
Reporting Foreign Income
Information courtesy of IRS Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? Report Worldwide Income. By [...]
Do you need to file a 2014 gift tax return by April 15?
Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to [...]