Archive | Taxes

W -2 Request Scam – Avoid this Phishing Scam

This past month at least 55 companies reported they had fallen victim to a new type of specialized phishing scheme. It involves a criminal masquerading as a real employee, often a key executive, and then duping unwitting employees to provide payment or secure files. The scam takes many forms. Here are a couple of the […]

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Alimony In the IRS Spotlight

A couple of years ago, the U.S. Treasury released a report highlighting a disturbing level of non-compliance in alimony reporting on tax returns. Since the report was released, the IRS has increased the scrutiny they place on tax returns with alimony claims. If you file a tax return involving alimony, make sure you know the […]

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Common Audit Red Flags – What Attracts the IRS

For handwritten taxpayers, preparing their tax return isn’t the problem. It’s the fear of an audit. Audits are fairly uncommon, but the IRS may notice your tax return if certain red flags are present. Here are some of the common audit red flags to help you prepare for the possibility of your return being reviewed. […]

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Depreciation Made Easy for 2017

If your eyes glaze over when you read the word “depreciation” you are not alone. While depreciation is simply deducting the cost of business equipment over time, special tax provisions allow flexibility in how much can be expensed in a given year. The first solution is the Section 179 deduction. You are able to write […]

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2017 Tax Planning Tips and Savings

Are you ready to get started on your 2017 tax planning? Here are the numbers to use to take full advantage of retirement and other tax-advantaged savings. If you’re under full retirement age, the social security earnings limit is $16,920. That means if you collect benefits before your full retirement age and earn more than […]

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Will You Have To File A 2016 Tax Return?

The filing requirement rules for individual federal income tax returns are fairly straightforward. In general, you’re required to file a return based on your filing status, your gross income, and your age. Here’s an overview of the rules for filing a 2016 tax return. Single taxpayers (including those who are divorced or legally separated). If […]

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Stay On Top Of Tax Due Dates This Year

Tax filing season officially begins this month. Did you know tax due dates for certain returns have been changed? Why are the dates changing? One reason is to bring due dates into a more logical order. For example, in prior years, if you were a partner in a partnership, you may have had to extend […]

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