Taxpayers Are the Craziest People

Tax preparers share their clients’ strangest misconceptions It’s amazing what clients can walk in with: overflowing shoeboxes, demands for a refund in cash, insistence that you do their return before all others. Taxpayers try to deduct everything from unborn children and kids’ weddings to speeding fines, groceries and massages. Many also walk around with some…

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How To File For An Extension

If you believe that you will not be able to file your tax return by the due date (generally April 15) you can apply for an automatic six-month extension of time to file, by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. With the 6-month extension, you…

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Tax Season: The Home Stretch

As we get into the final stretch of filing season, it is fulfilling the predictions made at the start. “This filing season should be a doozy,” predicted Tom Wheelwright, a Scottsdale, Ariz.-based CPA. “Between the Affordable Care Act, the new Section 263(a) repair regulations and the inability of the IRS to answer the calls that…

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Top Five Form 1095-A Questions

Although Republicans are outlining a proposal to provide an “off ramp” for states and consumers to exit the Affordable Care Act, and the Supreme Court is hearing oral arguments on a legal challenge to the federally-operated health exchange, state exchanges have been up and running. While tax preparers are fielding questions on the ACA, the…

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Senator Wants IRS to Clarify Tax Treatment of Employer-Provided Charging of Electric Vehicles

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, has sent a letter to Internal Revenue Service commissioner John Koskinen asking the agency to issue guidance to make clear that electrical vehicle charging provided by employers is a de minimis fringe benefit. Wyden argues that employer-provided electric vehicle charging should not be…

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The Home Office Deduction

If you use a part of your home for your business or for your employer’s business, you can claim a deduction for the business use of your home. This deduction is also referred to as the home office deduction. There are some tests that you must meet to be eligible for this deduction; these are…

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