Did you get a letter from the IRS?
Information courtesy of IRS There are many reasons why you may receive a letter or notice from the IRS. Know these facts. 1. Don’t panic. You often can take care of [...]
Should You File an Amended Tax Return After Receiving a Corrected Form 1095-A
Information provided by IRS If you enrolled in qualifying Marketplace health coverage, you have probably filed a tax return based on a Form 1095-A that you received from the Marketplace. [...]
Now’s the time to begin your 2015 tax planning
Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break [...]
ACA and Worker Classification
Now that excise taxes related to employer-provided health care coverage for many employers are in effect, it is time to stop hitting the snooze button on a sleeper issue related [...]
Facing an unexpected bill for the additional 0.9% Medicare tax?
The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding [...]
Late Filing and Late Pay Penalties
Information courtesy of IRS April 15 was the tax day deadline for most people. If you owe tax, and you failed to file and pay on time, you will usually [...]
Miss the Tax Deadline?
If you missed the tax filing deadline of April 15, and did not file an extension, file now. 1. File as soon as possible. If you owe taxes, file and [...]
Need a copy of your Prior Year Tax Return?
You may need a copy of your tax return information from a prior year (ie: applying for a student loan, home mortgage, VISA, etc). Get a free copy of your [...]
Make A Mistake? Amend Your Tax Return
Courtesy IRS.gov Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing an amended [...]
A net operating loss on your 2014 tax return isn’t all bad news
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income [...]
Should you make Estimated Tax Payments?
Information courtesy of IRS.gov Employees usually have taxes withheld from their pay. If they don’t have taxes withheld, or don’t have enough tax withheld, then they may need to make estimated tax [...]
Additional Medicare Tax Facts
Information taken from IRS.gov Starting in 2013, you may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know [...]
Net Investment Income Tax: A Few Facts
Information courtesy of IRS.gov Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and [...]
File Your Tax Return on Time – Even If You Owe
Information courtesy of IRS.gov Do you owe more tax than you can afford to pay when you file? Make sure to file on time so you won’t have a penalty for [...]
Employee Business Expenses
Information taken from irs.gov If you paid for work-related expenses, you may be able to deduct those costs. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary [...]