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Category: Individual Taxes

Small Business: Be Alert to Identity Theft

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity theft against employers. Background In the past year, the Internal Revenue Service has noted a sharp increase in the number […]

2017 Recap of Tax Provisions for Individuals

Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here’s what individuals and families need to […]

Tips for Taxpayers: Travel Expenses for Charitable Work

Do you plan to donate your time to charity this holiday season? If travel is part of your charitable giving, for example, driving your personal auto to collect donations from local business, you may be able to these travel expenses on your tax return and lower your tax bill. Here are five tax tips you should know if you travel while giving your services to charity. 1. Qualified Charities. To be able to deduct your costs, […]

Tax Changes for 2016: A Checklist

Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than 50 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion. For […]

May 2015 Individual Due Dates for income tax return

May 12 Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the first 15 days of April. May 14 Regular method taxes. Deposit the tax for the last 15 days of April. May 28 Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 15 days of April. May 29 Regular method […]

April 2015 Individual Due Dates for income tax return

  The second quarter of a calendar year is made up of April, May, and June. April 10 Employees who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 15 Individuals. File a 2014 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6­month extension of time to file the return, […]

March 2015 Individual Due Dates for income tax return

March 2 – All businesses. File information returns (for example, Forms 1099) for certain payments you made during 2014. These payments are described under February 2. There are different forms for different types of payments. Use a separate Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how […]

How will taxpayers report minimum essential coverage?

Taxpayers whose entire tax household had minimum essential coverage for each month of their tax year will indicate this on their federal income tax return by simply checking a box on their Form 1040, 1040A or 1040EZ. No further action is required.     If anyone in the taxpayer’s household did not have minimum essential coverage for each month of the year, the taxpayer will claim a coverage exemption or calculate an individual shared responsibility […]