Tax season for the year is over – well for those individuals who filed their returns without an extension. But that does not mean that for tax preparers, they don’t have to think about income tax preparation until the change of the calendar year. Your preparer may be involved in preparation of business returns which […]
Many people are familiar with crowdfunding to raise money for charities, for gifts, to assist victims of tragedy, etc. Some of the sites are Go Fund Me, Facebook, Kindful and so many others. It is always nice to see people looking out for others. But did you know that money raised in this manner may […]
Taxpayers needing to amend or correct a 1040 Form – including Forms 1040-SS, 1040-NR and others, can now do so electronically. Until recently, to do so required the filing of the amended or corrected returns on paper. Changes not only regarding income or deductions, but changes to filing status or to add a dependent not […]
That phrase can have so many different meanings, but as a tax preparer for many years, to me it means the end of TAX SEASON is near. For most tax preparers, at this point, they are weary, overwhelmed, and just wondering how they will get all of the returns completed, or extensions filed. You may […]
It is human nature to feel that we are overtaxed. And yes, rates for one tax or another will vary from state to state. We have what are commonly referred to as death taxes. These are usually identified as an inheritance tax or an estate tax and vary by state. Estate taxes are based on […]
For several years now, we have been hearing about “portability.” Do you know what it means? How does the term affect you? Simply stated, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of […]
December is upon us and there are many things to accomplish. Where do we find the time? But, in spite of all of your tasks to be accomplished and their importance, I am sorry but I must add to that list things that really have a greater impact than holiday preparations. Here’s a list of […]
You may have encountered being asked if you wanted “backup withholding” when doing certain financial transactions. So, what is it? Backup withholding is when, during a financial transaction, there is a withholding of income taxes – federal or state – from the proceeds of the transaction. These withholdings are credited to the taxpayer’s tax account(s). […]
In moving to automate the ability to electronically file more types of income taxes, the IRS has recently announced that corrections or amendments to Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, […]
There are special considerations for people who are in this unfortunate situation. Not only is their relationship changed, but the tax status is affected as well. Important things to consider or do: Update your withholding with your employer by filing a new Form W-4. If you are receiving or negotiating spousal support (alimony or other […]
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