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A month into 2014, and taxes are on the mind for most people. While April is the month typically associated with filing taxes, there are still some important deadlines and dates that are right around the corner for individuals and business owners alike. Read on for what you need to know about the 2014 tax season deadlines that are quickly approaching, and due, in February.
1 minute read
New IRS commissioner John Koskinen warned taxpayers in the following video below that if you plan to speak to an IRS representative, expect to wait…a lot. Koskinen said:
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Everyone know the old adage ‘The only things certain in life are death and taxes”. As it turns out, inflation may have to be included in this saying. Inflation decreases the value of money as time goes on, ultimately making the dollar of today worth more than the dollar of the future. It influences how much we spend on everyday items, how much we make, and how much things like houses and cars cost. It even helps dictate what we owe the government come April...
5 minutes read
As a small business owner, this is the time of the year to begin thinking about the tax filing deadline. According to a study commissioned by the U.S. Small Business Administration (SBA), small businesses in the United States pay an effective federal tax rate of 19.8%. Sole proprietors pay the smallest effective rate of 13.3% while partnerships and Subchapter S Corporations classified as small businesses pay an effective rate of...
4 minutes read
While there are reports circulating that the IRS’ budget has been slashed and audits are going down, there are still many sure shot ways you can get yourself audited by the IRS. Forbes.com list the 15 most common ways to invite an Audit by the IRS:
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With tax season in full swing, getting your finances in order can be quite the headache. If you’re anything like most people, you’ve spent the entirety of the year putting off organizing your expenses, convincing yourself that you’ll deal with it in due time. While now might be the time, you don’t have to be punished by your procrastination. With a handful of apps for smartphones, tablets, and other mobile devices available, the days of collecting receipts and bending...
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Certain provisions of the Patient Protection and Affordable Care Act (PPACA) are set to take effect in 2014, some of which may have an impact on taxpayers. The PPACA, more colloquially known as “Obamacare,” is the new healthcare law that sets up either a state or government run health exchanges. Along with the change in healthcare accessibility comes a change in taxes.
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IRS audits are feared for good reason: at best, they’re disruptive, and at worst they can cost you vast amounts of money. Though the percentage of audited returns is relatively low, every year the IRS still audits a huge number of returns. Following these tips can help you reduce the chances you’ll end up as one of their targets.
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Each year, the Internal Revenue Service (IRS) puts out a list of common tax scams—dubbed the “Dirty Dozen”—to warn taxpayers. Ranging from identity theft to return preparer fraud, the list is intended to remind tax payers to use caution preparing, filing and discussing their annual taxes. Personal and other sensitive information can get into the wrong hands if the proper precautions aren’t taken. It’s wise to periodically review the IRS’ Dirty Dozen to keep...