Homeowner Tax Deductions - Do You Qualify?

Did You Come Into Your Trust This Past Fiscal Year? Get A Tax Professional

Posted by on Oct 18, 2016 in Uncategorized | Comments Off

If you came into your trust during the past fiscal year and you spent some of the money, getting a tax professional to help prepare your documents is the best option. You don’t want to get penalized and have to pay a lot of money to refile your taxes or to get charged back taxes because you didn’t file your taxes correctly the first time. You are about 20 times more likely to make a mistake trying to do the work on your own, and when your trust is involved it isn’t worth the risk. Here are a few things to take with you to...

read more

New Tax Rules Requiring ITIN Renewals

Posted by on Oct 11, 2016 in Uncategorized | Comments Off

Persons who do not have a Social Security number must obtain an individual taxpayer identification number (ITIN) in order to file a U.S. income tax return. Until passage of legislation late in 2015, ITINs had no automatic expiration date. Now, many ITINs must be renewed in order for the holder of the number to successfully file a tax return. Regardless of immigration status, individuals must report their taxable income if they are required to file a tax return. Tax filers without Social Security numbers include resident aliens and individuals...

read more

Benefits Of Having Your Business Taxes Handled By Professionals

Posted by on Jul 12, 2016 in Uncategorized | Comments Off

As a business owner, you may want to consider having your business taxes handled by tax professionals. To help you understand why this may be so important, you will need to check out the following points. They Can Find Additional Deductions For You In order to make sure that you are saving as much money as you can, you will want to use as many applicable deductibles as you can. This can be hard to do if you are not well versed in tax laws. You do not want to miss out on some money-saving tax deductions because you did not know they exist. You...

read more

Reduce Your Property Tax Burden With These 2 Suggestions

Posted by on Feb 9, 2016 in Uncategorized | Comments Off

If you have finished paying off your mortgage and now need to pay your property taxes separately, you might be surprised at how much your taxes are. About 60% of properties are overvalued by local tax assessors, which leads to high taxes for you. However, it may be possible for you to lower your tax burden by using the following suggestions. File an Appeal Your property taxes are calculated by multiplying the local tax rate with the tax assessment value of your home divided by a hundred. The tax assessment value is arrived at by the local tax...

read more

Tax Benefits For Donating A Used Automobile To Charity

Posted by on Jul 29, 2015 in Uncategorized | Comments Off

Charitable organizations sometimes advertise that they accept used automobiles as donations. The ads are usually too brief to explain the accompanying tax benefit. Any tax filer planning to donate a used car to charity can utilize the written documentation provided by the organization to possibly claim a tax deduction. A vehicle donation is reported alongside other charitable contributions on a tax return. Contributions are just one category of itemized deductions. Tax filers choose between itemizing allowed deductions or taking a fixed...

read more

What If You Can’t Pay The IRS By The Tax Filing Deadline?

Posted by on Jul 12, 2015 in Uncategorized | Comments Off

If you are unable to pay your taxes to the Internal Revenue Service (IRS) when you file your income tax return, then it is vital that you understand the IRS tax collection process. By working with the IRS, you can save yourself a lot of stress, frustration, and money. Here are your options if you are unable to pay your federal income taxes when you file your tax return: Filing Your Taxes Without Payment Even if you are unable to pay your income taxes by the filing deadline, it is still very important to file your tax return with the IRS. If...

read more

Using A Coverdell Education Savings Account To Reduce The Cost Of A Private High School

Posted by on Jul 8, 2015 in Uncategorized | Comments Off

Parents planning for the future costs of education for their children don’t usually consider the Coverdell savings account as their first option. Another type of savings plan has gained more popularity, but the other plan only applies to college and university expenses. A Coverdell education savings account is also applicable to younger students, providing tax benefits to offset the cost of a private high school. Qualified tuition plans sponsored by many different states, also known as Section 529 plans, apply only to postsecondary...

read more

Two Reasons Why Your Small Business Needs A Tax Consultant

Posted by on Jul 1, 2015 in Uncategorized | Comments Off

If you’re the owner of a small business, it can be very easy for you to believe that you have what it takes to prepare and file your own taxes.  However, you may be mistaken, since there are a number of benefits that your business could be missing out on if you don’t speak with a tax professional.  Learning more about the advantages that you stand to gain when you work with a tax consultant can help you determine if you should solicit their valuable services right away. You May Be Eligible For Tax Credits One of the most...

read more

Filing A 2290 For The First Time? 4 Tips To Avoid Problems With The IRS

Posted by on May 30, 2015 in Uncategorized | Comments Off

When it comes to filing your 2290 with the IRS, what you don’t know can definitely hurt you. If this is your first time filing a 2290 form, it’s crucial that you avoid making costly mistakes. Some common mistakes will cost you valuable time to repair, while other mistakes may cause your tax return to be rejected. Before you file your taxes, be sure you double-check the following information. 1. Confirm the First Month of Use When it comes to heavy trucks, it’s important that you list the proper first month of use on your tax...

read more

Two Pressing Tax Questions You May Need Addressed

Posted by on Apr 9, 2015 in Uncategorized | Comments Off

Tax season is often one of the most stressful times of year for many people. If you are expecting a refund, it is important to ensure you get the most possible, and those owing money want to avoid overpaying the government. Luckily, there are tax services that can help you navigate the confusing tax codes. However, if you have never used these tax services before, there are likely at least a couple of questions that you need addressed. What Type Of Audit Protection Do Tax Services Offer? Being audited by the government can be one of the most...

read more