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Missed the tax-filing deadline? IRS tips on what to do

Mon, Apr 23rd 2018
There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Anyone who did not file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest. For those who qualify, IRS Free... Read More »

Does an Extension Makes Sense for You?

Mon, Apr 9th 2018
While most people should file a tax return by April 17th, you have the option of delaying your filing date until Oct. 15 with a tax extension. When to file an extension Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often better to receive a corrected form before filing. Recharacterizing Roth IRA rollover amounts. If you've rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it later if the investments lose... Read More »

The "Dirty Dozen"

Mon, Apr 2nd 2018
It's not a movie or a list of pesticide laden vegetables; every year the IRS releases its "Dirty Dozen" list of the year's most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: Phishing. Fake emails or websites claiming to represent the IRS, for the purpose of stealing personal information. The IRS will never try to contact you via email about a bill or refund.  Phone scams.... Read More »

Business Auto Deductions: Two Ways to Calculate

Mon, Mar 26th 2018
Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the actual costs of operation, including licenses, registration fees, garage rent, repairs, gas, oil, tolls, and insurance. Additionally, you may claim depreciation... Read More »

Owe Taxes? Don’t Delay, Here’s How to Pay

Mon, Mar 19th 2018
The IRS offers many safe and easy ways to pay your taxes. Try to pay your tax obligation soon and in full to avoid any extra charges. If you can’t pay in full, you’ll save if you pay as much as you can. The more you can pay the less interest and penalties you will owe for late payment. When you know what you owe, you can choose from several options to pay your tax obligation: Use IRS Direct Pay to pay your taxes, including estimated taxes. Direct Pay allows taxpayers to pay electronically... Read More »

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