“Worst Filing Season Ever” Predicted For Taxpayers

November 5th, 2014 at 12:17 pm — By R&G Brenner

IRS Commissioner John Koskinen recently suggested that the 2015 tax filing season could be misery for taxpayers and IRS employees alike. Between extensive wait times to speak to a representative, implemented laws that have not yet been reflected in the tax code and congressional gridlock, this may be the worst tax season on record. “The… Continue reading

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October 15 Tax Extension Deadline

October 14th, 2014 at 10:33 am — By R&G Brenner

The deadline to submit 2013 tax returns to the IRS for taxpayers who elected to file extensions is Wednesday, October 15th.  Failure to do so may result in the penalties and interest assessed on due taxes.  Please note, that if you did not file your taxes yet, and did not file for an extension, your… Continue reading

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Everything You Need to Know About FATCA

August 22nd, 2014 at 11:00 am — By admin

 The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that was passed by Congress in 2010. The goal of the FATCA is to limit tax evasion by requiring (1) U.S. citizens to report any financial accounts held outside the U.S. and (2) foreign financial institutions to report their U.S. clients to… Continue reading

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Which Is Better: Tax Credits or Tax Deductions?

August 18th, 2014 at 11:00 am — By admin

If you had a choice, is it better to save money on your taxes in the form of a tax break upfront or as a reduction of your overall tax liability? The answer to this question depends on your circumstances and the impact that tax credits and tax deductions have on your overall tax bill…. Continue reading

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What Happens If You Don’t File Your Taxes?

August 14th, 2014 at 11:00 am — By admin

The only certainties in life are death and taxes, as the saying goes. Taxes are an annual event that, however unpleasant, we all have to deal with. It may interest you to know that according to the Internal Revenue Service (IRS), an estimated 239.3 million tax returns were filed in 2012 by individuals and businesses… Continue reading

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Tax Breaks for Going Green

August 11th, 2014 at 11:00 am — By admin

Going green isn’t just the next big thing—it’s the wave of the future. There is abundant information available about ways in which you can reduce your carbon footprint, save money and feel better about your role in the stewardship of this planet. Both federal and many state governments recognize the importance of energy savings and… Continue reading

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Tax Tips for Homeowners

August 7th, 2014 at 11:00 am — By admin

There are tax breaks that come along with owning your home. These breaks may serve as an incentive for the purchase of homes within certain targeted areas of the country or may make up for any losses a homeowner might face when selling his or her home. As a homeowner it is important to understand… Continue reading

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Filing for Divorce? 5 Important Tax Tips

August 5th, 2014 at 12:57 pm — By admin

Divorce can be a sensitive topic and a difficult period of time for all the parties involved. Whether you live in a common law or community property state, the process of filing taxes once the divorce has been finalized can be both emotional and complicated. Deciding how assets are split, the cost basis of these… Continue reading

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Special Tax Forms 101

July 9th, 2014 at 11:00 am — By admin

For most U.S. taxpayers the tax filing process is usually limited to the 1040-EZ or 1040 long form, used for the annual tax return in order to claim deductions and credits necessary to lower the amount owed in taxes and hopefully increase the amount of money due as a refund. In some situations however, your… Continue reading

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The Biggest Tax Mistake You Are Making

July 7th, 2014 at 11:00 am — By admin

If you’re a small business owner or sole proprietor, the biggest tax mistake you’re making may have nothing to do with the actual filing of your return. It could have everything to do with your estimated tax payments—specifically when you fail to pay them. Failing to pay your quarterly taxes could lead to penalties come… Continue reading

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