Our weekly roundup of tax-related investment strategies and news your clients may be thinking about. 8 smart mid-year tax moves to pocket more money: Clients who want to save on taxes in next year’s tax season are advised to adjust their withholding if they receive a hefty refund every year, according to Kiplinger. They also…
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…
April 1 – Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2014’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2014. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became…
The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task. Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a…
Few people understand what really goes on behind the scenes of major corporations, public accounting firms, and law firms in how they go about hiring tax professionals. Unless you are a seasoned tax headhunter (http://www.etsearch.com/clients.htm), you will never know the many nuances and obstacles every tax professional goes through in the process of being hired.…
The general rule for married taxpayers filing their tax returns is that they can only file Married Filing Jointly (MFJ) or Married Filing Separately (MFS). There is, however, a very important exception to this rule. If you are married and separated from your spouse, under tax law you may be considered unmarried if certain conditions…
For the last 40 years, Earned Income Tax Credit made life better for millions of workers. You may have extra money waiting for you. If you qualify and claim the credit, it could be worth $6,143 from the IRS for some workers. Don’t be the one in five that misses this credit. If you or…
The IRS will begin accepting returns on Tuesday, Jan. 20 – so tax preparers around the country are using this week to make sure they’re ready for the filing season. The IRS itself offers a whole section of its Web site to helping tax pros get ready, and in the same spirit, we’ve put together this quick…
Our accounting office has answers to all of your tax and financial questions. Our tax experts have years of consulting and auditing experience and will support you in all aspects of business management, from the everyday to the complex. We place special emphasis on reliable and individualized consulting: IRS Audit representation New York State…
