Did you forget about a deductible expense on your tax return or an expense that would qualify for a tax credit? Did you receive an unexpected or amended K-1 from a partnership, S-corp, trust or estate?
These are just a few examples of overlooked income or deductions that you may have forgotten on your tax return whether it was for the 2014 return or even prior year returns.
If you are considering whether to file an amended return (Form 1040X) or even a state income tax return, we recommend reviewing the following points:
If you’re planning on withdrawing funds from a taxable IRA or other retirement accounts, with some advanced planning, it’s possible to minimize or possibly avoid taxes, as long as you consider some of the following points:
If you have decided to start a new business in 2015, it is important to be knowledgeable of your federal tax responsibilities. The following provides you with tax information regarding the type of business, the importance of keeping good records as well as using consistent accounting methods for your business.
Over 100,000 taxpayers’ tax return information was taken from the IRS data and traced to somewhere in Russia. The criminals used an online tool provided by the IRS through which taxpayers are able to obtain transcripts of their previously filed tax returns. This service is called “Get Transcript” and is available to anyone that has the right information to access an individual’s transcripts. Unfortunately, the information needed to access this service is readily available from other online sources.
Every year the IRS reports around $1 Billion in refunds that are available for individuals who did not file a tax return with half of these refunds are more than $600. Maybe you decided not to file thinking that you don’t itemize and/or your employer is withholding tax so you don’t need to file.
If this is the case, you might want to consider the following reasons to file a return:
It’s nice to receive a large refund from the IRS, however, remember that means you are simply getting your own money back that was over-withheld in the first place. Logically, it would make more sense to put that money in the bank and be able to use it all year long instead of giving the IRS an interest-free loan!
If a company has at least 100 full-time employees as well as full-time-equivalent employees, effective January 1, 2015, the company must offer affordable health coverage that provides minimum value to at least 95% of full-time employees and their dependents or the company may be subject to an employer shared responsibility payment.
Have you filed your 2014 taxes? April 15th is right around the corner and is the date to either file your return and pay any taxes that you may own, or file the automatic 6-month extension and pay the tax you estimate to be due.
If you are a teen or young adult, you probably haven’t considered the importance of the benefits for long-term retirement savings. Concentrating on today’s earnings are more important than thinking about retirement. However, the earlier you start to contribute to a retirement plan, the more substantial the nest egg when you retire.
If you wait for your regular appointment to discuss current tax-related issues, it might create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. If you have a substantial change in taxable income or deductions, by contacting our accounting office to discuss those changes would be beneficial to you in the long run. We can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.
