Changes in Circumstances can affect your Premium Tax Credit
Information provided by the IRS If you receive advance payment of the premium tax credit in 2014 it is important that you report changes in circumstances, such as changes in [...]
Making the most of your business’s NOL
If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the year, the news isn’t all bad. While no one enjoys [...]
Do you qualify for a Health Insurance Coverage Exemption?
Information from IRS The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared [...]
Net Investment Income Tax
The IRS offers the following information regarding net investment income tax. Beginning in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax [...]
IRS Notice- Next Steps
Info courtesy of IRS Each year, the IRS sends millions of notices and letters to taxpayers. Don’t panic. You often only need to respond to take care of a notice. [...]
Your 2013 tax return is filed. What tax records can you toss?
The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at [...]
Additional Medicare Tax
Information taken from irs.gov What You Should Know about the Additional Medicare Tax Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain [...]
Options for Taxpayers Who Owe Taxes
Information taken from IRS.gov If you owe taxes but can’t pay in full, the IRS has options for you. Here are some options to consider, even if you can’t [...]
Penalties for Filing and Paying Late
Information courtesy of IRS April 15 was the tax day deadline for most people. If you’re due a refund there’s no penalty if you filed a late tax return. But if [...]
Tips on How to Pay your Federat Tax
Information courtesy of the IRS If you owe for your federal taxes, keep the following in mind: 1. Never send cash. 2. If you e-file, you can file and pay in a [...]
Facts about Amended Tax Returns
The IRS offers these facts regarding amended tax returns. 1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on your tax return. You must file an amended [...]
Making an IRA Contribution
Information courtesy of IRS Tips on Making IRA Contributions If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here [...]
Don’t Miss Filing Deadlines!
If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely [...]
Tips for U.S. Taxpayers with Foreign Income
Courtesy IRS Did you live or work abroad or receive income from foreign sources in 2013? If you are a U.S. citizen or resident, you must report income from all [...]
Estimated Tax Payments
Courtesy of IRS If you don’t have taxes withheld from your pay, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you’re [...]