Don’t Forget Those Nominee 1099s

For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee means that you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the […]

Don’t be a Victim!

Not too long ago, we cautioned you about being duped by Internet identity thieves. We want to remind you once again about this fast-growing threat and how to protect yourself from being a victim and avoid the immense amount of trouble and aggravation that accompanies identity theft. As the tax-filing season approaches, the identity thieves […]

It’s Tax Time! Are You Ready?

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are […]

Congress Avoids the Fiscal Cliff

As we were going to press with this newsletter, the Senate and the House have voted on a last-minute budget deal worked out between President Barack Obama and congressional Republicans averting the so-called fiscal cliff. Details of the deal were sketchy at press time, but here are some highlights of the compromise bill as provided […]

Tax Tidbits

From time to time issues related to taxes arise that are interesting, informative or humorous that is not directly related to the preparation of a tax return but are related issues associated with federal taxation. Passports Could Be Revoked for Delinquent Taxpayers – The U.S. Senate has unanimously approved a provision added to a highway […]

Individual Estimated Tax Payments for 2012 Start Soon

Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary among these include: Payroll withholding for employees; Pension withholding for retirees; and Estimated […]

Penalty Relief for Financially Distressed Taxpayers

The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill. To assist those most in need, a six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed […]

Can’t Pay Your Taxes by the April Due Date?

The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t. So if […]

Tax Filing Deadline Rapidly Approaching

Just a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Normally the deadline is April 15, but […]

Using Direct Deposit is a Smarter Option for your Refund.

Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly into their bank accounts in 2011. It’s a secure and convenient way to get your money in […]