March 2017

Keep in Mind These Basic Tax Tips for the Sharing Economy

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be involved in the sharing economy. The IRS now offers a Sharing Economy Tax Center. This site helps taxpayers find the resources they need to help them meet …read more

“Where’s My Refund” Tool Best Way to Check Tax Refund Status

The Internal Revenue Service reminded taxpayers today that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a …read more

Tax Return triggers for Basic Estate Planning

Today’s landscape calls for tax practitioners to add value to a client’s experience beyond solely preparing their tax filings. Proactively identifying issues and uncovering opportunities are at the core of this practice. When it comes to estate planning – an often uncomfortable, sensitive topic – many clients fail to put a plan in place and …read more

Get an Automatic Six More Months to File; Free File Now Available for Extensions

The Internal Revenue Service reminded taxpayers today that if they are unable to file their tax returns by this year’s April 18 deadline there is an easy, online option to get more time to complete their return. The advice for those who cannot complete their tax return by April 18: Do not panic. Taxpayers who …read more

Top Ten Adoption Tax Credit Facts to Consider

Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are ten important things about the adoption credit: The Credit. The credit is nonrefundable, which may reduce taxes owed to zero. If the credit exceeds the tax owed, there is no refund of the additional amount. …read more

IRA Offers IRA Tax Tips for the 2016 Tax Year

Taxpayers often have questions about Individual Retirement Arrangement, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under age 70½ at the end of the tax year to …read more

Electronic Payment/Payment Agreement Options Available to Those Who Owe Taxes

The Internal Revenue Service today reminded taxpayers that it’s easier than ever to pay taxes electronically. For those unable to pay on time, several quick and easy solutions are available. This is the seventh in a series of 10 IRS tips called the Tax Time Guide. Taxpayers can use these tips to find solutions to …read more

What is the Additional Medicare Tax?

Some taxpayers may be required to pay an Additional Medicare Tax if their income is over a certain limit. The IRS would like people to know more about this tax. Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the amount of wages, self-employment income and …read more

Medical and Dental Expenses May Impact Your Taxes

Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses: Itemize. Taxpayers can only claim medical expenses that they paid for in 2016 if they itemize deductions on a federal tax return. Qualifying …read more

Health Insurance Exchanges failed to Verify Identity and Eligibility of Tax Credit Recipients

As the Trump administration and the Republican dominated Congress prepare to repeal and replace the Affordable Care Act, a new government report may give them further ammunition. The report, from the Treasury Inspector General for Tax Administration, analyzed nonfilers for tax year 2014 who received Advance Premium Tax Credit, or APTC, payments. It found that …read more