You only do it once a year, so it can be difficult to remember what documents are needed. If I’m your tax preparer, start with this one 2016 Client Tax Questionnaire Client Tax Questionnaire, and provide a copy of your social security card and your state issued identification. Next, do the following: FIRST – — Verify the […]
2016 Tax Season Begins!
Hello Clients and Friends The 2016 Tax Season officially begins on January 19. I will officially begin working with clients on Friday, January 22nd. You may start sending your documents over at any time. In Addition To Your Normal Documents, Please Make Sure You Send: The attached questionnaire. Click here to download 2015 Client […]
2015 Affordable Care Act Open Enrollment Starts November 1st
Open Enrollment Period for Affordable Care Act insurance plans is November 1, 2015 – January 31, 2016. In ObamaCare TAX TALK here are some things you should expect to be different on your 2015 income tax return: The fee (penalty) for not having health coverage in 2016 will be the higher of these two amounts: […]
Affordable Care Act Penalty Examples – 2015 Income Tax Return
Yes… the penalty for not having medical insurance has increased this tax year. Whereas it was relatively painless on your 2014 income taxes, at about $95 per person, it’s much higher in 2015 and will be even higher in 2016. I will post various scenarios throughout this tax season; but for now, here are just […]
What Are ‘Qualified Education Expenses’ for Income Tax Purposes
Once you’ve chosen a school, your qualified education expenses (registration, tuition, books & supplies, and in some cases, activity fees) are generally tax advantageous unless those expenses were offset by a scholarship or grant of some kind. The two most applicable education credit options are the American Opportunity Credit and the Lifetime Learning Credit. There is also […]
Calling the IRS? Expect Major Delays
Due to major budget cuts in the IRS you should expect: Delays in refunds are expected especially for taxpayers who are still filing paper returns Major sloooowwww downs on tax returns errors Extensive delays on getting questions answered on the phone due to the reduced number of IRS agents. I’m already hearing reports of people […]
It’s Tax Time 2015!
Hello Clients and Friends The 2015 Tax Season officially begins on January 20th. I will officially begin working with clients on Saturday, January 24th. In an effort to combat the rampant fraud, the IRS continues its crackdown on tax preparers. This will require me to ask even more questions and even obtain proof of certain […]
How the Affordable Care Act Impacts Your Taxes
The 2014 tax year will look very similar to past years; but 2015 is when you’ll see the changes. You may: pay more taxes (especially for high income earners – ie those above $200,000/year) See forms and receive notices from the IRS that you’ve never seen before Receive tax forms from your health insurance company […]