Category Archives: Tax Tips

Tax Tips from the IRS

PA 529 College Plan – (800) 440-4000

For your PA 529 College Plan, we’ve been asking for your year-end statement showing the calendar year contributions. Apparently, that statement only shows your contributions for the last quarter of the calendar year.   You can get the info that we need … Continue reading

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Auto log/diary

IRS requires this, to document your auto / mileage expenses. pro-auto-mileage  

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The Tax Organizers Are Coming Next Week – Get out your Driver’s License!

Your Tax Refund May Take Longer, But at Least You’ll Get It More security to combat increased identity theft threatens to delay processing this year. Last year’s income tax season was marked by an explosion of refund theft. Will this … Continue reading

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Year-End Form 1099-MISC

This announcement is meant for all of our self-employed clients (Schedule C), and all of our landlord clients (Schedule E). There are penalties for not filing form 1099 to the government and to your subcontractors who are not incorporated, regarding your … Continue reading

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Twins Born In Different Years Deliver Quirky Tax Result for Parents

Maribel Valencia, 22, and her husband, Luis, became parents in 2015. And again in 2016. Maribel Valencia delivered twin babies at San Diego Kaiser Permanente Zion Medical Center over the weekend but the twins have different birthdays. Jaelyn, a girl, was delivered … Continue reading

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How Far Back Can the IRS Audit?

  There are two basic statutes of limitation.   First is the statute of limitations, which provides that the IRS has three years to assess an additional tax due. For example, for a taxpayer who filed a 2012 tax return … Continue reading

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Year-End Tax Tips for Individuals 2015-2016

ALEXANDRIA, VA. (NOVEMBER 30, 2015) BY MICHAEL COHN (Accounting Today)   The National Society of Accountants has released some suggested year-end tax tips for individuals, courtesy of Wolters Kluwer Tax & Accounting US. Individual income tax rates of 10, 15, … Continue reading

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Year-End Tax Tips for Businesses 2015-2016

ALEXANDRIA, VA. (NOVEMBER 30, 2015) BY MICHAEL COHN (Accounting Today) The National Society of Accountants is offering some year-end tax tips for businesses, courtesy of Wolters Kluwer Tax & Accounting US. Consider several general strategies, such as use of traditional … Continue reading

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How To Leave Your IRA To Those You Love

How To Leave Your IRA To Those You Love Deborah L. Jacobs Forbes Staff Some of the most costly estate planning mistakes I hear about from readers involve retirement accounts. Contrary to popular misconception, they are not normally covered by … Continue reading

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TAX COLLECTORS WANT ‘SELFIES’ TO PROVE YOU ARE WHO YOU SAY YOU ARE

Some state revenue agencies and motor vehicle departments are receiving federal funds to verify the smartphone selfies of taxpayers, say government and corporate officials involved. Individuals residing in North Carolina and Georgia will be allowed late next year to download a facial recognition … Continue reading

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IRS App Offers Payment Options

WASHINGTON, D.C. (SEPTEMBER 16, 2015) BY JEFF STIMPSON The IRS2Go app can now be used to make payments, as well as check refund status and receive tax tips. IRS2Go Version 5.2 now provides access to mobile-friendly payment options such as … Continue reading

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