The IRS Goes Mobile

You know it’s a mobile world when even the IRS has an APP. Feeling like you want to be closer to the IRS? If you still feel the same way after you lie down for a while, IRS2GO is for you. Seriously, though, IRS2Go is a free app for Android & iPhone that is available through iTunes & Google Play…

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It’s Tax Day. Owe Money? Make Your Payment Directly on the IRS Website.

None of us like to find out we’ve come up short on our withholding or estimated taxes. That news delivered by your accountant or tax software can really ruin your day. But if you have to send money to the IRS, you can pay up easily on the IRS website using Direct Pay. And if you use the Direct Pay…

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Can’t get your taxes together by April 15th? File for an extension.

You can apply for an automatic extension for filing your 2014 personal federal income taxes (Form 1040) by filling out Form 4868. It’s simple & the 6 month extension is automatic. Here’s the big caveat, though. It is only an extension of time to file your tax return, NOT an extension of time to pay your taxes.  This is an…

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Home Office Tax Deduction Options

If you use a portion of your home exclusively as a home office, you can usually deduct it as a business expense. And if you use a portion of your home exclusively for other business uses, such as product storage, you may also be able to deduct that expense. There are two options available to calculate the tax deduction. The…

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Still Need to File Your 2014 taxes? File for Free on the IRS Website.

It’s the last weekend before the tax filing deadline and stress is running pretty high for many of us. If your income is $60,000 or less, make it a little easier on yourself by using the IRS FreeFile website to file your federal 1040 return. You’ll have a choice of online software programs provided by most of the major tax…

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Paying for College Tuition? Don’t Miss Out on These Tax Credits

Putting yourself or kids through college is very expensive, so don’t miss out on these 2 education tax credits if you’re eligible. Tax credits reduce your taxes dollar for dollar, so they can take some of the bite out of your 2014 tax bill. The credits are available for you, your spouse or claimed dependents. But you can’t take both…

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Do you Barter for services with other businesses? It may be taxable income.

Many small business owners barter services or products with other businesses. It can be an effective economic “swap” without impacting cash flow. But the transaction may have a taxable consequence. IRS regulations require both parties to the barter to acknowledge the fair market value of the exchange.  Surprised? Most people are. These tax rules have been in place for a…

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Avoid These 5 Common Tax Return Errors

These are going to seem like very simple mistakes, but they are very common. Considering everyone’s stress level around filing taxes and the last minute approach many of us take, it’s easy to make these mistakes. Mistakes can delay your refund or cause other problems for you as the IRS tries to sort it out. 1. Errors with Social Security Numbers –…

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Worried about Tax Return Identity Theft?

If you’re not, you should be. Filing fraudulent tax refunds with stolen identity information is one of the fastest growing areas of identity theft. Here’s how it works: Scammers steal your ID info, including your social security number, and then file a fraudulent tax return in your name. They get the refund & disappear with it. You usually don’t find…

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Eligible for the Small Business Health Care Tax Credit?

Employers with fewer than 25 employees may be eligible for the health care tax credit. The credit can be carried back or forward to other tax years if you don’t fully use it for 2014. Check with your accountant for specifics, but if your staff is covered under a qualified health care plan offered through the Small Business Health Options…

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