Did you file a tax extension for your 2014 tax return? Remember, this one and only tax extension will expire on October 15, 2015. If you don’t file before this date, you are subject to late filing penalties so please contact our office so we can assist in meeting this filing deadline.
If you are an owner of a small business it is extremely important for you to be aware of your company’s financial status and the best way to do that is to have an accurate balance sheet. If this information is kept up to date on a quarterly basis, the balance sheet will help you avoid future surprises. It’s simple accounting – assets must be balanced by and equal to the liabilities plus the owner or shareholder’s equity.
It’s that time again – September 15, 2015, is the extended due date for filing those returns.
Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065, S-corps file Form 1120-S, and Fiduciaries file Form 1041, with each partner, shareholder, or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.
Normally, Social Security benefits that you receive are not taxable. However, that will depend on your total income – the higher the income, the more taxes you’ll have to pay on your benefits.
When The Defense of Marriage Act of 1996 (DOMA) was overturned this past June, legally married same-sex couples are now required to file their federal returns and state results as “married” since all states are now required to recognize and allow same-sex marriage.
Keep in mind, however, that being married for tax purposes is not always beneficial, depending on a number of circumstances.
Did you forget about a deductible expense on your tax return or an expense that would qualify for a tax credit? Did you receive an unexpected or amended K-1 from a partnership, S-corp, trust or estate?
These are just a few examples of overlooked income or deductions that you may have forgotten on your tax return whether it was for the 2014 return or even prior year returns.
If you are considering whether to file an amended return (Form 1040X) or even a state income tax return, we recommend reviewing the following points:
If you’re planning on withdrawing funds from a taxable IRA or other retirement accounts, with some advanced planning, it’s possible to minimize or possibly avoid taxes, as long as you consider some of the following points:
If you have decided to start a new business in 2015, it is important to be knowledgeable of your federal tax responsibilities. The following provides you with tax information regarding the type of business, the importance of keeping good records as well as using consistent accounting methods for your business.
Over 100,000 taxpayers’ tax return information was taken from the IRS data and traced to somewhere in Russia. The criminals used an online tool provided by the IRS through which taxpayers are able to obtain transcripts of their previously filed tax returns. This service is called “Get Transcript” and is available to anyone that has the right information to access an individual’s transcripts. Unfortunately, the information needed to access this service is readily available from other online sources.
Every year the IRS reports around $1 Billion in refunds that are available for individuals who did not file a tax return with half of these refunds are more than $600. Maybe you decided not to file thinking that you don’t itemize and/or your employer is withholding tax so you don’t need to file.
If this is the case, you might want to consider the following reasons to file a return:
