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28Aug2014

September Due Dates

September 2014 Individual Due Dates   September 1 – 2014 Fall and 2015  Tax Planning Contact this office to schedule a consultation appointment.  September 10 – Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to
  • 28 Aug, 2014
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26Aug2014

Getting Married Can Affect Your Premium Tax Credit

The IRS reminds newlyweds to add a health insurance review to their to-do list. This is particularly important if you receive premium assistance through advance payments of the premium tax credit through a Health Insurance Marketplace. If you, your spouse or a dependent gets health insurance coverage through the Marketplace, you need to let the
  • 26 Aug, 2014
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22Aug2014

Reminder: For Most Truckers, Highway Use Tax Return Due Sept. 2

WASHINGTON — The Internal Revenue Service today reminded truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Tuesday, Sept. 2, 2014. This year’s Sept. 2 due date, pushed back two days because the normal Aug. 31 deadline falls on a Sunday, generally
  • 22 Aug, 2014
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22Aug2014

Can You Take a Home Office Deduction?

Article Highlights: Home Office Deduction For Self-Employed Individuals Employee Home Office Issues Safe Harbor Home Office Deduction If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the
  • 22 Aug, 2014
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21Aug2014

Home Modifications for Disabilities

Article Highlights Improvements that increase the home value Improvement that do not increase the home value Medical AGI limitations Generally, home improvements are not deductible except to offset home gain when the home is sold. But a medical expense deduction may be claimed when the home modification is a medical necessity. The modification expense is
  • 21 Aug, 2014
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19Aug2014

Child Care Credit Available to Student-Parents

Article Highlights: Student Parents May Qualify for Child Care Credit Determining the Artificial Income for Credit Computation How the Credit Is Determined If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child
  • 19 Aug, 2014
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18Aug2014

Vacation Home Rentals: How the Income Is Taxed

Article Highlights: Home never rented Home rented less than 15 days Personal use less than the greater of 15 days or 10% of the rental days Personal use exceeds the greater of 14 days or 10% of the rental days Selling a vacation home If you have a second home in a resort area, or
  • 18 Aug, 2014
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15Aug2014

Miscellaneous Deductions Can Cut Taxes

  You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill.  Here are some things the IRS wants you to know about miscellaneous deductions: Deductions Subject to the Two Percent
  • 15 Aug, 2014
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14Aug2014

IRS Repeats Warning about Phone Scams

WASHINGTON — The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.   Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified
  • 14 Aug, 2014
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12Aug2014

Borrowing Money to Finance an Education?

Article Highlights Education Loans Home Equity Loans Tapping Retirement Accounts College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan. There are two possible types of loans that
  • 12 Aug, 2014
  • Haley Spain
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