Tag: tax

Q & A and Tips on Accounting, Taxes and Personal Finance.
Five Steps To Take If You Are Audited

Five Steps To Take If You Are Audited

Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for a specific reason. One example might be if your deductions for charitable donations […]

April 24, 2017 | By More
Understanding the IRS Audit Process

Understanding the IRS Audit Process

If you’ve received a notice of audit from the IRS, here’s a few things you should know to ensure that your experience is as painless as possible. The last thing you want to do is ignore the request for documentation. Even if you don’t have what’s being requested, you can avoid further problems and unnecessary […]

April 4, 2017 | By More
New Rules for 1099s

New Rules for 1099s

If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year. The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. These […]

January 26, 2017 | By More
Need a Passport? Make Sure You Pay the Tax Man First!

Need a Passport? Make Sure You Pay the Tax Man First!

We all have heard about the legends of people in times gone by who left for another country when faced with criminal charges here. However, this is no longer a possibility for American tax payers. The IRS reserves the right to revoke your passport for noncompliance with tax laws. This could have huge ramifications for […]

January 9, 2017 | By More
E-Filing Taxes and Refunds

E-Filing Taxes and Refunds

E-filing income taxes is becoming the norm for filing individual income taxes. In recent years, tax preparers were required by the IRS to e-file tax returns if they prepared 11 or more tax returns personal tax returns in the calendar year (i.e. 1040, 1040A, 1040EZ and 1041). Additionally, there are several online tax software companies […]

March 29, 2016 | By More
Exemptions for the Form 8965 Health Care Coverage

Exemptions for the Form 8965 Health Care Coverage

There are several coverage exemptions available for the 2015, Health Care Coverage form 8965 that most people who prepare their own tax returns don’t know about. For Instance, if a coverage exemption was granted by the Marketplace, enter the Exemption Certificate number provided by the marketplace. The following are some exemptions available to taxpayers: If […]

March 4, 2016 | By More