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Why the 2015 Tax Season May Mean Headaches for Filers

December 16th, 2014 by Rebecca Lake

tax stress 2015 tax seasonMany taxpayers see their stress level spike as the April 15th filing deadline gets closer, especially for those who are scrambling to get their return completed on time. A number of tax law changes that took effect this year may cause confusion for certain filers but it looks like there may be even bigger problems on the horizon. According to IRS Commissioner John Koskinen, taxpayers should expect the 2015 tax season to be nothing short of “miserable”.

Speaking at the AICPA National Tax Conference recently held in Washington, D.C., Koskinen warned that cutbacks in government funding paired with a slew of new tax issues to deal with may result in one of the most complicated filing seasons on record. His comments echoed those of National Taxpayer Advocate Nina Olson who said the 2015 filing season would be the worst she’d ever experienced, rivaling the 1985 debacle in which returns disappeared altogether.

Budget issues behind filing hassles

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Key Tax Changes to Expect When Filing Your 2014 Taxes

December 11th, 2014 by Rebecca Lake

tax changes 2014Even though April is still a few months away, it’s never too soon to start prepping for tax time. Thanks to the introduction of new tax laws and the expiration of certain tax breaks, completing your 2014 return may be a little more complicated versus previous years. If you’re wondering what the biggest changes are, here’s a rundown of what you can expect once it’s time to file. Read more »

New Tax Rules for Savers Coming in 2015

December 4th, 2014 by Rebecca Lake

2015 tax changes saversSetting aside money in a tax-deferred account such as an IRA is a great way to build up your nest egg while potentially reducing your tax liability. If you’re enrolled in a high deductible insurance plan, you can also use a health savings account to plan ahead for out-of-pocket medical expenses. If you’re eligible to contribute to either type of account, there are a few rule changes you need to be aware of for 2015.

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3 Important Tax Lessons We Can Learn From the Giudices

November 3rd, 2014 by Rebecca Lake

teresa-guidiceUnless you’ve been living under a rock, you’ve probably seen all the news stories revolving around Real Housewives of New Jersey stars Teresa and Joe Guidice. The reality TV celebs were recently sentenced to 15 and 41 months in federal prison respectively following their convictions on multiple fraud charges, including tax fraud. Their case is a prime example of what not to do when it comes to dealing with the IRS and we’ve got the biggest tax lessons to take away from their situation.

Lesson #1: Filing a return isn’t optional if you owe taxes.

One of the most glaring issues in the Giudice case centered on the fact that Joe Giudice reportedly failed to file a tax return on nearly $1 million in income earned between 2004 and 2008. If you’ve crunched the numbers and find out that you owe taxes, you can’t just skip out on filing a return. Once the tax filing deadline passes, the IRS starts piling on the penalties for what you owe. Read more »

2014 Year-End Tax Planning Moves to Make Now

October 22nd, 2014 by Rebecca Lake

tax moves year end 2014Tax season is still a few months away but that doesn’t mean you can’t start working on your strategy now. There’s still time to do a few things that can have a significant impact on your tax filing. The choices you make could mean the difference between getting a fat refund or owing even more money to the IRS. If you’re looking for ways to minimize your tax liability, here are five moves you should make before the new year.

1. Review your previous year’s return.

Taking a look at last year’s return is a good idea if you’ve experienced any changes that could substantially affect your tax filing. Read more »

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