How the tax extender bill benefits you
Late Tuesday night, the U.S. Senate approved the Tax Increase Prevention Act of 2014 – which will allow millions of business and individuals to take advantage of more than 50 expired tax breaks that...
View ArticleMultiple tax benefits set to increase due to inflation adjustments
The Internal Revenue Service recently announced that more than 40 tax provisions will be adjusted for inflation for the 2015 tax year, effective January 1, 2015. Here are some of the adjustments that...
View ArticleAre you planning for year-end?
With 2014 quickly coming to a close, there are many strategies available to you to reduce your annual tax liability. While there have been very few legislative changes this year, there is continued...
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‘Tis the season for deductible donations
This time of year, many people make monetary donations or give gifts to local charities in the spirit of the holidays. There are a few things you should remember though if you want to claim a tax...
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A new way to pay your taxes
If you are required to make quarterly estimated tax payments or have a balance due with your return, there is a new, easy way to pay online called IRS Direct Pay. This free, secure online service...
View ArticleDo I need to file a gift tax return?
If you are getting ready to file before the October 15 deadline – or thinking ahead to April – make sure you don’t overlook a potential tax document that may be due. Form 709 is the U.S. Gift (and...
View ArticleOctober extension deadline fast approaching
October 15 is fast approaching – which means if you got an extension by April 15 for your tax return you need to file as soon as possible. According to the IRS, taxpayers can pay taxes owed using one...
View ArticleOhio budget bill update
Governor John Kasich signed House Bill 483, the Ohio budget update, into law in May 2014, introducing some important tax changes. It accelerated the phase-in of the personal income tax rate reduction...
View ArticleClaim the alternate simplified research credit
The tax credit for increasing research activities was created as an incentive for businesses to invest more in their research and development activities. However, the difficult and time-consuming...
View ArticleClaiming child and dependent care expenses
Child and dependent care is a major cost for many households. One way to help mitigate the cost is to claim child and dependent care tax credits. It can be confusing, however, trying to figure out...
View ArticleChanges to Offshore Voluntary Disclosure Program (OVDP)
The United States is unique in the global tax world for requiring people who are foreign born but who also have dual U.S. citizenship or permanent U.S. residency (green cards) to report and pay taxes...
View ArticleFailure to file penalties: S corporations and partnerships
S corporations and partnerships are pass-through entities that often do not have taxable income. Regardless, even with zero taxable income an S-corporation must file the Form 1120S and a partnership...
View ArticleIRS to release simplified application for tax-exempt status
To help decrease applicant backlog, the IRS has taken steps to simplify the process of applying for tax-exempt status under section 501(c)(3) of the tax code. The result is the newly released Form...
View ArticleIRS Launches Direct Pay
The Internal Revenue Service (IRS) recently launched Direct Pay, a new web-based service that allows individuals to pay tax bills or make estimated payments online. Direct Pay does not charge user fees...
View ArticleSimplify your life: Take advantage of voluntary social security withholding
Social Security benefits are traditionally tax exempt, but sometimes retirees opt to have taxes voluntarily withheld from their monthly Social Security checks. A common scenario: You are a retiree with...
View ArticleGet a head start on tax planning
Many taxpayers who prepare their own tax returns have experienced that sinking feeling at the end of the preparation process when they realize they owe more than anticipated. Avoid this unpleasant...
View ArticleForm 990 deadline for exempt organizations
For exempt organizations that function on a calendar year, Form 990 is due on May 15. Filing this form on time is very important for groups that are at risk of losing their tax exempt status. As the...
View ArticleTrack your tax refund
You made the most of the deductions and credits available to you and filed your taxes by the April 15 deadline. Now you’re expecting a refund from the IRS, but when is it coming? The answer is easier...
View ArticleNo change in second quarter 2014 interest rates
According to the Internal Revenue Service, interest rates for the calendar quarter beginning April 1, 2014 will remain unchanged from the prior quarter. The rates will continue to be: 3 percent for...
View ArticleSpecial tax option for Philippines relief donation
Taxpayers who make cash contributions on or before April 14, 2014, for Philippines typhoon relief can choose to claim the donation on their 2013 tax return. Under the recently enacted Philippines...
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