The price of medical care in the U.S. can run into the thousands of dollars each year for routine care once you factor in the cost of insurance premiums, co-payments and medications. In addition to the already hefty expense, some families are also faced with extremely costly medical conditions or diseases, which require medical ... Read More
Who Gets Audited by the IRS?
Are you worried about being audited by the IRS? Do you know whether or not you fall into a high-target area for an IRS audit? Even though most people will never be audited during their lifetime, there are certain tax filing categories that the IRS targets more frequently than others. If you fall into one of those categories, ... Read More
Can the IRS Find My Real Estate, Bank Accounts & Other Property?
Many people attempt to “sneak one past” the IRS, but anyone who attempts to hide real estate, bank accounts or other assets that he owns is asking for trouble, plain and simply. The IRS has a number of tools and methods that facilitate the uncovering of an individual's assets, and the risks involved in hiding these assets are ... Read More
New Marijuana Tax Legislation Proposed by Congress
Businesses which dispense medical marijuana may soon have the same options as other small businesses in regards to business expense deductions. This is due to the recent introduction of bills which would protect access to medicinal marijuana through banking and tax laws. As reported by AccountingToday.com: “The bills were ... Read More
IRS Charging Big Political Donors Back Taxes for Gift Taxes
It is possible that after nearly 30 years of lax enforcement, the IRS may begin taxing individuals who make donations to social welfare groups. These individuals who have not filed gift tax forms when filing tax returns may find themselves owing back taxes for donations made under Section 501(c)4 of the tax code. This ... Read More
Filed Taxes FAQs: Where is My Refund, Made a Mistake, Moved & More
So the tax deadline has come and gone and your taxes are filed for yet another year. Now you may be wondering how long before I will get my tax refund? What do I need to keep for tax record purposes and for how long? What happens if I realize I made a mistake on my return? I just moved, what do I do? These are all very common ... Read More
Small Business Accounting Services: What CPAs Do & What to Expect
Your accountant is not a mind reader, and unless you communicate your expectations of them, you may be surprised at what services they provide you. An accountant for a small business can do more than simply prepare a tax return – and if you do not discuss your individual needs you may find he or she plans to provide a full ... Read More
What If I Didn’t File My Taxes or Request an Extension to File?
The April 18th tax deadline has passed and you failed to file your tax return or request an extension. Whatever the cause for not filing your return, you must make a decision regarding your next course of action and quickly to remedy the situation. Do not convince yourself that the IRS will simply overlook the matter, in fact ... Read More
Why File a Tax Return and the Benefits of Filing Your Taxes
The 2011 deadline for filing tax returns is just around the corner. For individuals who have yet to file taxes, it is important to make sure you do not miss this deadline to avoid potential negative consequences. For many filers, tax season is a stressful time of year, when gathering documentation and filing a tax return ... Read More
IRS Interest Rates Raised Q2 2011 on Late Payments & Underpayments
The Internal Revenue Service (IRS) will be raising interest rates for the second quarter and the new rates will go into effect come April 1, 2011. According to the IRS website, the new rates will be as follows: four (4) percent for overpayments (three (3) percent in the case of a corporation); four (4) percent for tax ... Read More
How the IRS Free File System Works: Who Can Use & Where to Find
You may be surprised to learn that everyone can file their federal tax returns for free, using either a software program or online fillable forms offered through the IRS Free File program. Whether or not you are eligible for the software depends on your income level, but even if you don't qualify for the free software, you can ... Read More
What If You Didn’t File 2009 Taxes Going Into the 2010 Tax Season?
Few people really intend to skip paying their annual income taxes. Personal circumstances, whether chosen or unexpected, may have compelled someone to not file a tax return. To put this in context, let’s consider the following: What if you didn’t file on 2009’s or an earlier year’s taxes? What do you do now, going into the 2010 ... Read More
