Category Archives: Tax Preparation

Reporting Gambling Income and Losses

gambleIf you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about figuring gambling income and loss. Continue reading

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Should you File an Extension on your Tax Return?

tax struggleIf you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing so–there are also some downsides. If you need more time to file your tax return this year, here’s what you need to know about filing an extension. Continue reading

Choosing the Correct Filing Status

bigstock-Filing-Status-107857190It’s important to use the right filing status when you file your tax return because the filing status you choose can affect the amount of tax you owe for the year. It may even determine if you must file a tax return. Keep in mind that your marital status on December 31 is your status for the whole year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the least amount of tax. Continue reading

IRS Tax Scams 2017: FAQs

Accountant steal money from petty cash funds all the timeAs tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there’s always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.

Here’s what you need to know: Continue reading

Earlier Filing Deadlines in 2017 for Forms W-2 and 1099

small-businessman-late-for-work-119629724Starting in 2017 employers and small businesses face an earlier filing deadline of January 31 for Forms W-2. The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors. Also of note is that the IRS must also hold some refunds until February 15.

A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to January 31. For similar reasons, the new law also requires the IRS to hold refunds involving two key refundable tax credits until at least February 15 (also new). Here are details on each of these key dates. Continue reading

Tax Changes for 2017: A Checklist

Order Checklist criteria Clipboard Questionnaire Form ListWelcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes from your accountant to help you plan the year ahead. Continue reading

Tax Brackets, Deductions, and Exemptions for 2017

Pig Tax Financial Advisor Intelligence deduction Finance BizarreMore than 50 tax provisions, including the tax rate schedules and other tax changes are adjusted for inflation in 2017. Let’s take a look at the ones most likely to affect taxpayers like you. Continue reading