This week I had a couple come in to do their personal and business taxes. They bought a Thai Restaurant in 2013 and set it up as an LLC. They did file for an extension on their 2013 taxes, so they had until October 15 to file. They were worried that they waited too long […]
I Did A New Restaurant’s Taxes In September Read More »
The IRS has put out a timely news release on College Tax Credits for 2014. For most people, the best tax credit in the group is the American Opportunity Tax Credit, which can be worth up to $2500. However, the American Opportunity Tax Credit cannot be used by graduate students or part-time students. For them,
College Tax Credits Read More »
The Earned Income Tax Credit is not “underused” in this office, nor is it misused. We use it to get the largest tax refund the law allows. Better still, unlike most professional tax preparers, we do not charge extra for applying for the Earned Income Tax Credit or the Additional Child Tax Credit which usually
Motley Fool: The Earned Income Tax Credit: Super-Powerful, But Underused Read More »
“The Treasury Inspector General for Tax Administration has received 90,000 complaints and identified approximately 1,100 victims who have lost an estimated $5 million to individuals fraudulently claiming to be from the IRS.” As I always say in these posts, if I did your taxes, just tell anyone claiming to be from the IRS that your
IRS Repeats Warning About Phone Scams Read More »
I have had two clients call me this morning saying that they received phone calls from people claiming to be IRS agents. They were told that they owed the IRS money, and that they needed to provide their bank account information and pay this now, or they would be arrested. Of course, this is a
Warning – IRS Scam!!! Read More »
I was happy to receive today’s “Tax Professionals” email from the IRS. Not only does it deal with an interesting and timely tax issue, but it addresses an issue I had to deal with on a bankruptcy petition only yesterday. The bankruptcy “means test” allows the Debtor to deduct child care expenses. My client just
Tax Credit For Sending Your Kids To Summer Camp Read More »
An H&R Block client came in today with my 50% off flyer. He was a single guy with a house. I asked him how much H&R Block charged him to do his taxes last year and he said $275. I told him that he had a choice, he could use his 50% flyer and pay
An H&R Block Client Transferred In Today. Nice Story. Read More »
Tax clients often ask me what they should do when they know that they owe taxes and April 15 is approaching. The correct answer is: file the tax return and pay what you can. The IRS and Department of Revenue charge interest and penalty whether you file or not. They will then tack on penalties
Bankruptcy And Late Filing Of Taxes Read More »
Q: When may a married person file taxes as Head of Household? A: When they are “considered unmarried”: The IRS says that: “You are considered unmarried on the last day of the tax year if you meet all the following tests. You file a separate return (defined earlier under Joint Return After Separate Returns ). You paid more
Sometimes Married People Can File Taxes As Head Of Household Read More »