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Tag: Tax Preparation in Schaumburg

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 […]

Tips for Getting Paid on Time

For many business owners, collecting on your accounts receivables can be challenging especially as more people switch from established collection procedures to online payment methods. The good news is that you can take positive action to improve collection rates, shorten the aging days of your accounts receivable, help your business improve its cash flow and tighten up its credit and collections policies. While some of the tips discussed here may not be suitable for every […]

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 […]

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 […]

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, […]

IRS Launches Directory of Federal Tax Return Preparers; Online Tool Offers New Option to Help Clients

The Internal Revenue Service today announced the launch of a new, online public directory of tax return preparers. This searchable directory on IRS.gov will help Clients find a tax professional with credentials and select qualifications to help them prepare their tax returns. “This new directory will be a practical tool for the millions of Americans who rely on the services of a paid return preparer,” said IRS Commissioner John Koskinen. “Clients can also look to […]

Foreign Tax Credit Compliance Tips

Foreign Sourced Qualified Dividends and Gains If you have received foreign sourced qualified dividends and/or capital gains (including long-term capital gains, unrecaptured section 1250 gain, and/or section 1231 gains) that are taxed in the U.S. at a reduced tax rate, you must adjust the foreign source income that you report on Form 1116, line 1a. How do I make the adjustment? ·         Form 1116 Instructions – See the detailed instructions for “Foreign Qualified Dividends and Capital […]