Our Blog

Tag: Business Tax in Schaumburg

Tax Tips for Foreign Taxpayers

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR” as well as Form 8938, also referred to as “FATCA.” Note: FBAR is not a tax form, but is due to […]

What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties […]

Employers: Beware of the Form W-2 Scam

The Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. During the last two tax seasons, cybercriminals tricked payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces. Last year, more than 200 employers were victimized, resulting in hundreds of thousands of employees with compromised identities. The scam affected all types of employers, from small and large businesses to public schools […]

Five Tax Breaks that Survived Tax Reform

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived. 1. Mortgage Interest Deduction While the House bill repealed the mortgage interest deduction, the final version of the act retained it, albeit with modifications. First is that the allowed interest deduction is limited to mortgage principal of $750,000 on new homes (i.e., new ownership). For prior tax […]

Federal Tax Forms: Which one should you use?

U.S. citizens and resident aliens use one of three different forms for filing individual federal income tax returns: 1040EZ, 1040A, or 1040. If you’re wondering which form you should use, keep reading. Form 1040EZ   Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, is the least complicated federal tax form. however, if you file Form 1040EZ, you should be aware that you can’t itemize deductions or claim any adjustments to income […]

Donating a Car to Charity

If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Note: You can deduct contributions to a charity only if you itemize deductions using Schedule A of Form 1040. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization you donated it to, the deduction claimed by the donor (you) and […]

Missing Important Tax Forms? Here’s what to do

Form W-2   You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it […]

Extended Due Dates for Health Coverage Forms

The due date for certain entities to provide 2017 health coverage information forms to individuals in 2018 has been extended. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of January 31, 2018. Insurers, self-insuring employers, other coverage providers, and applicable large employers must furnish statements to employees or covered […]

What to Do if You Haven’t Filed a Tax Return

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money. Here’s What to Do When Your Return Is Late Monday, April 18, […]

IRS Dirty Dozen Tax Scams for 2016

Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter in the coming months. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year’s list: 1. Identity Theft Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Taxpayers should use caution […]

« Older posts