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INDIVIDUAL AND BUSINESS TAX RETURNS AND REPRESENTAION SERVICES
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As the tax season date approaches, most taxpayers will begin to receive needed documents. There are deadlines in which businesses, retirement and investment documents must be sent out. It is important to realize that deadlines vary and you may need to wait on information needed to complete an accurate return. Employers must provide their employees a W2 by Jan. 31. If you are an independent contractor or have rents or royalties you should also receive this form by Jan. 31. The due date for furnishing statements to recipients for Forms 1099-B, 1099-S, and 1099-MISC (if amounts are reported in boxes 8 or 14) is Feb. 18. A 1099-S is the form provided for the sale of a home. Brokers and barter exchanges may furnish Form 1099-B anytime but not later than Feb. 18.
The Internal Revenue Service announced that the 2013 tax season will start on January 31, and encouraged taxpayers to e-file to get their refunds more quickly.
2014 Tax Season to start later following government closure. The tax filing season original start date was Jan 21, 2014, and with a one- to two week delay, the IRS would start accepting and processing 2013 individual tax returns no earlier than Jan 28 and no later than Feb 4 , according to Acting IRS Commissioner Danny Werfel.
The Extenders Bill has been signed by the President. This now extends some important tax benefits for businesses, homeowners, teachers and individuals. These benefits generally only apply to the 2014 tax year.
Reminder: Make estimated payments if you expect to owe $1,000 or more when you file your federal tax return.
Filing deadline is this Wednesday October 15, 2014. Failure to File a return Penalty and Failure to Pay Penalty may apply if you owe tax.
If you filed an extension for your 2013 individual tax return the filing due date is October 15, 2014.
Quarterly Taxes Are Due September 15 If you make quarterly estimated tax payments, your nest payment is due on or before September 15, 2014
April 15 will soon be here. Not only is this date the filing deadline for the 2013 tax year (unless you file and extension), it is also the deadline for filing for a refund for the 2010 tax year.
Another Tax Due date coming up! 06/15/2015- 2nd Quarter Estimates are Due and U.S. Citizens abroad Filing Deadlind
Death and taxes. On the Saturday 15 April 1865. Abraham Lincoln died at the age of 56 years, 150 years ago. The age of Abraham Lincoln would be now 206 years old. Today is also the filing deadline for most taxpayers. You still have time to file a return or a six month (extension (form 4868) by midnight tonight.
The tax filing deadline is less than two weeks away. For taxpayers who cannot meet the April 15 deadline, requesting a filing extension is easy and will prevent late filing penalties. Use Form 4868. But keep in mind that while an extension grants additional time to file, tax payments are still due April 15.
New for 2014: Premium Tax Credit. (Affordable Care Act) If you purchased coverage from the Marketplace in 2014 and chose to have advance payments of the premium tax credit sent directly to your insurer during the year you must file a federal tax return. You will reconcile any advance payments with the allowable Premium Tax Credit. Your Marketplace will provide Form 1095-A, Health Insurance Marketplace Statement, to you by Jan. 31, 2015, containing information that will help you file your tax return.
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Tax season filing begins today, January 20, 2015 for the 2014 tax year. This is the first year individuals must report their health insurance coverage (the Individual Shared Responsibility Provision of the Patient protection and Affordable Care Act) on their tax return. Be ready for the questions regarding your coverage.
January 15 is the due date for Estimated Tax Payment for Individuals. If you did not pay your income tax for the year through withholding (or did not pay in enough tax through withholding). This is the final installment date for 2014 estimated tax payments. However, you do not have to make this payment if you file your 2014 return (Form 1040) and pay any tax due by February 2, 2015.
The Residential Energy Tax Credit is still in effect for your primary residence in 2013. Although the computation gets a little tricky, if you installed doors windows, insulation or even green energy heating and cooling make certain your tax preparer takes a good look at your eligibility for this credit.
Didn’t get your W-2. Employers are required to send to their employees a Form W-2, Statement of Earnings, by Jan. 31. You should allow enough time for the form to be mailed to your address of record. If you do not receive a W-2 by mid-February, you should make your first call to your employer. You should make sure the employer has your correct address. After exhausting options your employer, you can contact the IRS, and IRS will send a letter to your employer.
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2012 TAX RETURNS WITH EXTNSIONS DEADLINE HAS PASSED If you have not filed either individual or business income tax returns you still should get the returns filed and if tax is owed interest and penalties still apply. The penalty for filing late is normally 5% of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25% of your unpaid taxes.
Are there tax consequences to your kind gesture? Federal gift taxes can be confusing because of our countries ever-changing tax policy. When you give cash or property to an individual, the gift is not taxable to that person. However, depending on how much you give, you may need to file a return and pay gift tax. The IRS allows you to give each individual up to the annual exclusion during the year without requiring you to report the gift or file a gift tax return. In 2013, that amount is $14,000. In addition certain gifts do not count towards the annual exclusion, such as amounts paid directly to qualifying educational institutions for tuition, or amounts paid directly to the person or a medical organization for medical expenses (including health insurance). If you give more than the annual exclusion to any individual during the year, you must file a gift tax return to report the taxable gift. Your gift will be taxable to the extent the amount given exceeds the annual exclusion. However, throughout your lifetime, you can give up $5,250,000 (2013 amount) before you are required to actually pay any gift tax.
Tax Tuesday, filing deadline for those who filed extensions for their 2012 individual tax returns have until midnight tonight.
Reminder: Oct. 15 Tax Deadline Remains During Appropriations Lapse Many of the more than 12 million individuals who requested an automatic six-month extension earlier this year have yet to file their Form 1040 for 2012. The Oct. 15 deadline remains in effect for people who requested a six-month extension to file their tax return. The current lapse in federal appropriations does not affect the federal tax law, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as required by law. Though Oct. 15 is the last day for most people to file, some groups still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due. People with extensions in parts of Colorado affected by severe storms, flooding, landslides and mudslides also have more time, until Dec. 2, 2013, to file and pay.
IRS Halts Tax Liens and Levies during Shutdown The Internal Revenue Service is putting the brakes on tax liens and levies during the federal government shutdown. The IRS said on its Web page about the shutdown that it is not sending out levies or liens, either those generated systemically or those manually generated by employees. In a previous Web posting last week, the IRS had suggested that it would continue to send out automated notices of various kinds.
California and Oregon are the states that will take the most of your paycheck in taxes according to studies by the Tax Foundation and the Heritage Foundation. California Top tax rate: 13.3 percent. With the highest top income tax rate in the nation, California takes more from its top earners than any other state. Oregon Middle class tax rate: 9 percent. (Top tax rate: 9.9 percent.) When combined with federal income tax, middle class residents of Oregon can expect to hand over 52.3 percent of their income to the government.
Tax-filing and payment extensions expire in just days. Many of the more than 12 million taxpayers who requested an automatic six-month extension this year have yet to file, according to the IRS. October 15 is the last day for most filers. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------Some have more time, such as military personnel in combat zones and some residents of flood-soaked Colorado -- but most do not.
IRS Suspends Tax Refunds and Tax Court Closes during Government Shutdown The Internal Revenue Service has temporarily stopped sending out tax refunds, and the Tax Court has suspended operations during during the shutdown.
The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure. See the full story here.
Third Qtr Estimated Tax Payments For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. For the period: Due date: June 1 – Aug. 31 Sept. 15
Individual Shared Responsibilty Provision of the Affordable Care Act What is it? Here's the short summary. If you are required to file a tax return you must do or have one of the following: 1 - have Minimum Essential Health Care coverage 2 - Qaulity for and Exception 3 - Make a Shared Responsibilty Payment ( a tax on your tax return)
Happy New Year!
The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of "extender" provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014.
Extenders Bill passed by congress, it's now waiting for the Presidents signature. This bill is for the 2014 tax year only. Congress goes back to the drawing board for 2015.
Minnesota residents have new tax law changes coming. The Department of Revenue is to give taxpayer guidance at a Monday press conference. Revenue Commissioner Myron Frans will hold a press conference to discuss how the tax bill could affect 2013 income tax returns. Speak to your tax preparer to see how or if these changes may affect you.