Bell Tax Service "The Tax Experts"
Individual, Small Business, and Non-Profit Organization Tax Preparation Service
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Using a Roth IRA for retirement savings means you won't get an upfront tax deduction for contributions. But withdrawals in retirement are completely tax-free! #TaxTipTuesday #TheTaxExperts
Next year taxpayers may contribute up to $18,000 to their 401(k) plans; those 50 and older may contribute an additional $6,000 #RetireRight #TaxTipTuesday #TheTaxExperts #BellTax
The new simplified method for home office tax deduction is $5 per square foot, up to a maximum of 300 square feet. #TaxTips #TheTaxExperts
Open enrollment for health insurance on the insurance exchange (Marketplace) begins this month #AffordableHealthcareAct
If your child is a full-time student under age 24, claiming an exemption for him or her on your tax return may depend on your passing the support test. Support includes food, clothing, and educational expenses such as tuition and fees. Your child cannot have provided over one-half the cost of those expenses. If you fail this support test, you can't take a dependency exemption and certain education tax breaks. #TaxTips from #TheTaxExperts
As the year draws to a close, you may decide to donate cash or property to one or more worthy causes. Besides the satisfaction of helping others, there's another reward for your benevolence: a TAX DEDUCTION on your 2014 return! #TaxTips #TheTaxExperts
With schools back in session, this is a reminder not to overlook available tax credits for education expenses. Tax credits are applied directly against the income tax you owe. Two available credits: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC can be up to $2,500 annually for an eligible student and is 40% refundable. That means you could get money back when the credit exceeds your tax bill. The maximum LLC is $2,000 and is not refundable. You can claim only one type of education credit per student each year. #TaxTips from #TheTax Experts
If you requested a six-month extension to file your 2013 income tax return, you face a major deadline on October 15. That's the final date for filing your 2013 return; the IRS generally does not give filing extensions beyond that date. Need details or filing assistance, Contact our office.
The IRS is alerting taxpayers to phone scams that have already resulted in 90,000 complaints and the theft of millions of dollars. Here's how the typical scam works: The caller claims to be from the IRS and, using hostile and abusive language, demands immediate payment of taxes by a prepaid debit card or wire transfer. The IRS reminds taxpayers it will never contact you by phone about owed taxes; the first contact will be by mail. It will never ask for credit, debit, or prepaid card information in a phone call, and it will never request immediate payment over the phone. #DontBeAVictim #BeSmart
There's still time to make 2013 IRA contributions – up to April 15, 2014, you can contribute up to $5,500 to your retirement and reduce your taxable income for 2013! #BellTax #TheTaxExperts
Tax Tip Tuesday - What to do if you can't meet the filing deadline If you can't file your 2013 tax return by the April 15 deadline, file for an extension to get until October 15, 2014, to file. You don't need to explain why you need more time, but be aware that an extension doesn't give you more time to pay taxes you owe. To avoid penalty and interest charges, taxes must be paid by April 15. For additional information or assistance, contact one of our Tax Experts at (855) 829-2355 #BellTax #TheTaxExperts
Tax Tip Tuesday - Time Expires in 21days to Claim $760 Million in Refunds for 2010 Tax Returns: If you did not file a tax return for 2010, you may be one of over 900,000 taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $760 million by the April 15 tax deadline. To claim your refund, you must file a 2010 federal income tax return. For additional information or assistance, contact one of our Tax Experts at (855) 829-2355 #BellTax #TheTaxExperts
Tax Tip Tuesday: Here are five tax credits you shouldn’t overlook on your 2013 Federal Tax Return: 1) The Child and Dependent Care Credit - can help you offset the cost of daycare or day camp for children under age 13. 2) The Child Tax Credit - can reduce the taxes you pay up to $1,000 for each qualified child you claim on your tax return. 3) The Saver’s Credit - helps workers save for retirement. You may qualify if your income is $59,000 or less in 2013. 4) The American Opportunity Tax Credit - can help you offset college costs and refundable up to $1,000. 5) The Earned Income Tax Credit - is a refundable credit for people who work but don’t earn a lot of money. It can boost your refund by as much as $6,044. For additional information or assistance, contact one of our Tax Experts at (855) 829-2355 #BellTax #TheTaxExperts
Business Tax Tip: Company Owners, Shareholders or Partners the filing deadline for S-Corps, C-Corps and Partnerships is Monday March 17th, 2014. Call Bell Tax Service at 855.829.2355 or email us at firstname.lastname@example.org, if your business needs assistance or to file a six-month extension! #BellTax #TheTaxExperts
Tax Tip Tuesday You can receive your income tax refund in several ways: (1) direct deposit into a single checking or savings account, (2) direct deposit split into up to three different accounts in up to three different U.S. financial institutions, (3) via a paper check, or (4) purchasing up to $5,000 U.S. Series I savings bonds. You can't split your refund between a direct deposit and a paper check. #BellTax #TheTaxExperts