Here’s what the IRS says about written acknowledgements for charitable donations: Taxpayers who make single donations of $250 or more to a charity must have one of the following: A separate acknowledgment from the organization for each donation of $250 or more. One acknowledgment from the organization listing the amount and date of each contribution of $250 or more. The $250 threshold doesn’t mean a taxpayer adds up separate contributions of less than $250 throughout the year.  For example, if someone gave a $25 offering to their church each week, they don’t need an acknowledgement from the church, even though
More

2017 3rd QTR Form 941 is due on October 31, 2017.  If you timely deposited all taxes when due, you have 10 additional calendar days to file the return.
More

The IRS announced the following 2018 tax year inflation adjustments: The standard deduction for married filing jointly will rise to $13,000 for tax year 2018. The standard deduction for single taxpayers and married individuals filing separately, will rise to $6,500 in 2018. The standard deduction for heads of households will rise to $9,550. The personal exemption for tax year 2018 rises to $4,150.  This exemption is subject to a phase-out that begins with adjusted gross incomes of $266,700 ($320,000 for married couples filing jointly). It phases out completely at $389,200 ($442,500 for married couples filing jointly.) The limitation for itemized
More

Taxpayers who filed extensions should complete and file their returns by Monday, October 16th. Information from the IRS about tax credits can be found here. 7 reminders for extension filers can be found here. If you owe taxes, filing on time will help you avoid a potential late filing penalty. If you owe tax money and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. The IRS offers installment agreements so taxpayers can pay their bill over time.  Interest and penalties will accrue until the tax bill is paid.  So, it’s
More

Taxpayers who filed extensions should complete and file their returns by Monday, October 16th. Information from the IRS about tax credits can be found here. 7 reminders for extension filers can be found here. If you owe taxes, filing on time will help you avoid a potential late filing penalty. If you owe tax money and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. The IRS offers installment agreements so taxpayers can pay their bill over time.  Interest and penalties will accrue until the tax bill is paid.  So, it’s
More

2018 Contribution limits for health savings accounts (HSA’s) will be $3450 for individuals with self-only coverage or $6900 for family coverage. Minimum deductibles for high deductible health plans that must accompany an HSA will be $1350 for self-only coverage and $2700 for family coverage in 2018. Maximum out-of-pocket expenses for high deductible health plans will be $6650 for self-only coverage and $13300 for family coverage.
More

The best way to protect yourself from Identity Theft is to freeze your credit.  Credit must be frozen with all 3 credit reporting agencies in order to be effective. If your credit is frozen, you can still use existing credit cards and lines of credit but new accounts won’t be opened unless your credit is “thawed”. A PIN will be set up when your credit is frozen and will be required to thaw or permanently remove the credit freeze.  Be sure to keep this PIN in a safe place where it can be accessed when needed. The links and cost
More

2016 Partnership Tax Returns were due on March 15 instead of April 15 in 2017. Calendar year partnership returns that were extended are due by Friday, September 15th. Partnerships file Form 1065 or Form 1065-B. Form 7004 is used to request business tax returns. Monthly payroll depositors have deposits due by Friday, September 15th.
More

The American Opportunity Tax Credit (AOTC) is: Worth a maximum benefit up to $2,500 per eligible student. Only available for the first four years at an eligible educational or vocational school. For students pursuing a degree or other recognized education credential. Partially refundable. Eligible taxpayers can get up to $1,000 of the credit as a refund, even if they do not owe any tax. The Lifetime Learning Credit (LLC) is: Worth up to $2,000 per tax return, per year, no matter how many students qualify. Available for all years of postsecondary education and for courses to acquire or improve job skills. Available
More

The deadline for 3rd Quarter 2017 Estimated Tax Payments is September 15th.  Estimated Tax Payment Vouchers can be found here.
More