With the 2017 filing season officially upon us taxpayers are faced with different options for filing. It is important that each option be evaluated to ensure everything is filed correctly and nothing is missed. For some, the online programs may work but for many this is not the best option and you may be missing …
2017 Tax Update
President Trump signed the new tax bill on December 22nd, 2017 passing the largest tax update since 1986. With a bill this large there is going to be a lot of regulation to be released in 2018 and we are all anxiously awaiting! While it all goes into effect for the 2018 tax year it …
2016 Tax Changes
With the 2016 filing season officially upon us taxpayers are faced with different options for filing. It is important that each option be evaluated to ensure everything is filed correctly and nothing is missed. For some, the online programs may work but for many this is not the best option and you may be missing …
Where’s My Refund?
Once taxpayers file their federal return, they can track the status of their refunds by using the “Where’s My Refund?” tool, which taxpayers can get to using the IRS2Go phone app or from the front page of www.irs.gov. By providing their Taxpayer Identification Numbers, filing status and the exact whole dollar amount of their anticipated …
Summer Day Camp Expenses May Qualify for a Tax Credit
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years …
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Standard Mileage Rates Starting January 1, 2015
Instead of using the business portion of the actual expenses of operating a vehicle, the IRS permits taxpayers to use a standard mileage rate. IRS has issued new rates that are effective for travel on or after January 1, 2015. Business rate has been raised up to 57.5 cents per mile for 2015, 56 cents …
Social Security Changes
The Social Security Administration has announced several changes that may impact you, even if you don’t currently receive Social Security Benefits. Elimination of Statements: In an effort to cut costs Social Security Statements are no longer mailed to all workers and retirees. Also, you can no longer request a copy online or by telephone. You …
Home Office Deduction
Taxpayers are allowed a deduction for home office expenses if the space is used regularly and exclusively as a principal place of business. Exclusive means just that. Courts have denied the deduction to taxpayers when the space was used after hours by family members. Use of a business computer (in the business space) for personal …
Hobby Loss Rules and Guidelines
Generally speaking, IRS rules provide that deductions for activities are only allowable to the extent of income received. There is a presumption that an activity is engaged in for profit if the activity is profitable in 3 out of any 5 consecutive years. For activities involving horses, the rules are more liberal in that it …
Gambling Gains and Losses
Generally speaking, gambling losses are deductible to the extent of winnings. Deductible losses are a component of itemized deductions and are not subject to the 2% of income limit. Winnings are reportable to the taxpayer by the payee on a form W- 2G. Requirements for reporting differ based upon the type of activity. Any W-2G …