Small Business Accounting: Four Common Mistakes to Avoid

Most small business owners began their business because of a passion for what they do.  While this is often the best type of business to own, it can also be very difficult becoming an employer rather than an employee.  As the owner of the business, you are responsible not just for the parts of the business you love, but also less pleasant things; like your accounting! Unfortunately, since most business owners Read More

Eight Tips for Choosing the Right Tax Return Preparer

Choosing someone to prepare your taxes can be a difficult process. You need to make sure you find someone who is qualified to handle your specific needs, and it needs to be a professional who you can trust. When evaluating your options, consider the following tips. Does the Professional Have a Preparer Tax Identification Number? You only want to work with someone who has a Preparer Tax Identification Number Read More

Still Time to Act to Avoid Surprises at Tax-Time

Even though 2015 is just around the corner, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid overpaying your taxes.  Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return: Adjust your withholding.  If you’re an employee and you think that your tax withholding will fall short of Read More

Six IRS Tips for Year-End Gifts to Charity

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips that you should keep in mind: Qualified charities. You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you Read More

Save Twice with the Saver’s Credit

If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit. Here are six tips you should know about this credit: Save for retirement.  The formal name of the saver’s credit is the retirement savings contributions credit. You may be able to claim this tax credit in Read More

IRS Announces Direct Deposit Limits

In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. The fourth and subsequent refunds automatically will convert to a paper refund check and be mailed to the taxpayer. Taxpayers also will receive a notice informing them that the account has exceeded Read More

Back-to-School: Check Out College Tax Credits for 2014 and Years Ahead

With another school year now in full swing, now is a good time to see if taxpayers may qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns. In general, the American opportunity tax credit and lifetime learning credit are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students Read More

The “What Ifs” for Struggling Taxpayers

People facing financial difficulties may find that there’s a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. For example, if your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit. Most importantly, if you believe you may have trouble paying your tax bill, action should be taken immediately. In many cases, there are steps Read More

IRS Repeats Warning about Phone Scams

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 approximately 1,100 victims who have lost an estimated $5 Read More

Get Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. Your expenses for care Read More