If you wish to make an IRA contribution for 2016, you still have time. Contributions can be made up to the un-extended due date of your tax return, which for 2016 is April 18, 2017.
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Numerous blog entries have been posted on the issue of what the future holds for individual taxation under President Trump. Many believe that the wealthy will be the beneficiaries of Trump’s tax policies, and some declare that lower-income taxpayers will see tax increases.
Even though most people don’t intentionally incur tax penalties, however, many are penalized because they are not aware of the penalties or the impact they can have on their wallet. Before tax season approaches, here are some of the more commonly encountered penalties and how they may be avoided. Keep in mind that there are more severe penalties not mentioned here that apply to fraudulent actions or claims.
The first will purposely delay until February 15 the issuance of refunds for tax returns where there is an earned income tax credit (EITC) and/or a refundable child tax credit (CTC), giving the IRS more time to match the income reported on these returns to the income reported by employers. These two tax credits have been the favorite target of scammers who have been filing fraudulent returns with stolen IDs and fabricated income before the IRS is able to verify the income and withholding claimed on the returns.
We all do things without thinking due to old habits – however, these habits might be creating vulnerable hacks, ID theft, scams and Internet phishing schemes to separate us from our hard-earned money. Take a look at the following:
With 2017 less than a month away, it’s time to focus on getting everything organized in QuickBooks.
Hopefully, you’ve been creating new records, entering transactions, paying employees and submitting payroll taxes, recording payments in addition to running the necessary reports.
It’s no surprise that a big tax trap for businesses is the $600 reporting threshold. Let’s say your business uses the services of an independent contractor early in the year at a cost below the $600 threshold, and you don’t bother to obtain the necessary reporting information from the contractor.
Are you a high-income taxpayer who would like to contribute to a Roth IRA but cannot because of income limitations? Well, here is a work-around that will allow you to fund a Roth IRA.
Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail (or email) fake notices requiring immediate payment to a P.O. Box. The P.O. Boxes are located in cities where the IRS has service centers, but of course are not IRS P.O. Box addresses.
