The most prominent was the debate over the payroll tax cut. It took weeks of dickering, but Congress finally approved extending the tax cut – but only for two months. That means we’re likely to either see another round of brinksmanship before the cuts are extended again, or payroll taxes will rise. Read More.
Just when you thought your tax return was correctly signed, sealed and delivered, the IRS just informed the public that 100,000 tax preparers did not include a correct Preparer Tax Identification Number (PTIN). As part of the IRS’s initiative to increase its oversight over the tax preparation industry, tax preparers are now required to obtain a PTIN and include it with their signatures on the tax returns that they prepare. You might be asking yourself, “How do I know if my tax preparer included what they were suppose to when the tax return was prepared.” Read More.
There are only 2 weeks left until personal income tax returns are due on April 18th. As you might expect, many last minute taxpayers are finalizing theirs plans on how to prepare their return. While hiring a CPA or Enrolled Agent (EA) is typically the easiest and least risky way to file, it may not be the most economical. Instead, many taxpayers are likely seriously considering using an online tax software program (i.e. TurboTax or H&R Block Online) because they seem to be quick, easy and cheap or at least the commercials make it seem so. We decided to take a deeper look at the online tax software programs and see how they compare to using a CPA or Enrolled Agent. Read More.
The hot summer days of college students mowing lawns, caddying on golf courses, washing cars & helping out at their dad’s friend’s law office are almost here. That means earning some dough to put towards savings, beer money & anything else a college student desires. Unfortunately, the summer comes and goes & the income that was earned is often forgotten until tax season arrives. Let’s avoid the procrastination & tackle some of the tricky tax questions that arise when dealing with summer jobs. Read More.
If you are considering paying your taxes with a credit card because you don’t have the money, then think again. If you have the money but are paying because of convenience then that is okay as long as you are aware of the fees and interest that can add up. Read More.
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