Partnership, S-Corp and Trust Extensions End September 15

If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015. Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the…

Avoiding IRS Underpayment Penalties

Congress considers our tax system as a “pay-as-you-go” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. These include: • Payroll withholding for employers; • Pension withholding for retirees; and • Estimated tax payments for self-employed individuals and those with other sources of income not…

Tax Tips For Disabled Taxpayers

Taxpayers with disabilities may qualify for a number of tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are several tax credits and other benefits that are available if you or someone else listed on your federal tax return is disabled. 1. Increased Standard Deduction – If a tax return…

Eldercare Can Be A Medical Deduction

With people living longer, many find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Generally, the entire cost of nursing homes, homes for the aged,…

August 2015 Business Due Dates

August 10 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2015. This due date applies only if you deposited the tax for the quarter in full and on time. August 17 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the…

Receiving Social Security Can Be Taxing

Generally, your Social Security (SS) benefits are not taxable until your modified adjusted gross income (MAGI) is more than the base amount for your filing status. MAGI is your regular AGI (without Social Security income) plus 50% of your Social Security income plus tax-exempt interest income plus certain other infrequently encountered modifications. The base amounts…