Author Archives: admin

When you give a gift to charity that helps the lives of others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity: 1. Qualified Charities. You […]

The first step in getting out of your tax mess is calling the IRS. They will want to verify who you are so you’ll need your name, address, social security number, employer and current salary. The IRS will want you to commit to a timeframe to file all delinquent tax returns. If you find you […]

Yes, there is two ways to calculate income tax and you have to pay the higher of the two! One we all know and love and the second is called the Alternative minimum tax (AMT). A predecessor to the current AMT was the “minimum tax” was enacted by the Tax Reform Act of 1969 and […]

The Internal Revenue Service provides tips to taxpayers to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They […]

According to Yahoo finance: Fake IRS agents have targeted more than 366,000 people with harassing phone calls demanding payments and threatening jail in the largest scam of its kind in the history of the agency, a federal investigator said Thursday. More than 3,000 people have fallen for the ruse since 2013, said Timothy Camus, a […]

How to Determine if the Net Investment Income Tax Applies to You If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you […]

In most cases you get your W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need your W-2 form to file an accurate tax return. If you haven’t received your form by mid-February, here’s what you should […]

Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth […]

2014 & 2015 Tax Facts For 2014, the standard deduction for a single individual is $6,200 and for a married couple is $12,400. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes), real estate taxes, mortgage interest, charitable contributions, […]

Fighting identity theft is an ongoing battle as identity thieves continue to create new ways of stealing personal information and using it for their gain. Tax-related identity theft occurs when someone uses a stolen Social Security (SS) number to file a tax return to claim a fraudulent refund. A taxpayer’s SSN can be stolen through a data […]