Monthly Archives January 2016

If you or a family member didn’t have minimal essential health insurance coverage for any month in 2015 and that individual(s) didn’t qualify for an exemption, an individual shared responsibility payment will be due when you file your federal income tax return.  The individual shared responsibility payment is due to the IRS and not to any individual or your tax return preparer.  You can read more information from the IRS Health Care Tax Tip here. The amount due for the individual shared responsibility payment is reported in the “Other Taxes” section of your 1040EZ, 1040A, or 1040 return. On-line filing is
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The IRS recently posted tips for choosing a tax preparer.  The IRS list has information about credentials and qualifications as well as things to look for and avoid. Some things to look for are is your preparer will be available after the tax due date and if they will be able to represent you with the IRS if there are problems with your return. All paid tax preparers are required to have a PTIN and e-file all returns if the prepare more than 10 returns a year. The Better Business Bureau and State Board of Accountancy can let you know if the
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Not everyone has to file a tax return but in some cases filing a return will enable you to claim a refund or credit even if you weren’t required to file.  The IRS has posted 6 tips to help you determine if you need to file a return or if it would be beneficial for you to file a return in order to claim a credit or refund.  You can see all 6 tips here. If you need a tax organizer or if you are self employed and need a Schedule C Template and Mileage log, they are all available for
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These two articles contain good advice for small business owners.  The first article is about the importance of good record keeping, W2 and 1099 reporting, and home office and car deductions.  You can read the full article here.  The second article is about keeping up with receivables, keeping expense receipts, keeping business finances separate from personal finances, and the importance of using a CPA who understands your business and is a good communicator to do your taxes.  You can read the full article here. If you are in need of a way of keeping up with your expenses and mileage, there are
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Employers need to deposit and report their employment taxes on time or they could face fines, penalties and even jail time.  You can find the complete list of IRS due dates here.  If you are self-employed, information about self-employment taxes and estimated quarterly payments can be found here.
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2015 Tax Organizers are available here.  2016 Schedule C Expense Templates and Mileage Logs are also available here.  If you file your own taxes, you can do so here.  On-line tax filing through a secure website is FREE, $19.99 or $39.99 depending on the form needed.  All personal information will be kept private and not sold to 3rd parties.  You will be asked a few simple questions and the site will direct you to the proper form.
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