Category Archives: Tax Tips

2015 Year End Tax Tips to Make Before Dec 31

IRA, or Individual Retirement accounts are important vehicles so that you can save for retirement. If you have an IRA or plan to start one soon, there are some rules key year-end you should know. Here are the best reminders of the IRS about IRA year-end: Learn about the IRA contribution and deduction limits Learn… Read More »

IRS Tax Issues in Foreclosure of Home

A foreclosure is a legal procedure by which mortgaged real estate property is sold by the lender in full or partial satisfaction of a mortgage debt. A short sale is a sale of mortgaged real estate property in which the proceeds from selling the property will fall short of the total balance owed by the borrower.… Read More »

Taxability of Lawsuits, Judgments and Settlements

Generally, payments issued in connection with a claim or lawsuit brought by employees or non-employees are performed by personnel in accounts payable at the request of management or legal counsel. Normally, because of the sensitive or confidential nature of the matter, crucial information on the purpose of the payments isn’t routinely provided to the personnel.… Read More »

IRS Data Thefts and Protecting Client Tax Information for CPAs

IRS Data Thefts and Protecting Client Tax Information for CPAs You and your clients are on the frontlines in defending against identity thieves. You will hear more about our security summit in a minute, but I want you to know we are committed to working in partnership with you and the tax professional’s organizations to protect the integrity of… Read More »

Making an IRS E-services account

Registration for E-services is a multi-step registration process. First, you need to create an IRS E-services account. Go to IRS.gov, and type “TIN matching” as a keyword search. If you’re new to E-services, click on the blue link, “Register to use E-service.” Then complete a short online form by filling in blanks with your name,… Read More »

Picking a Tax Preparer for 2015

Although there is still time before the next 2015 tax season, choosing a tax preparer now allows more time for taxpayers to consider appropriate options for your tax preparation need. You can also find and speak with possible tax preparers and not during tax season when they are busiest. Lastly, this also allows taxpayers to… Read More »

Random Ways to Reduce Taxes Through Deduction and Credits

There are several ways that people can legally reduce their taxes by doing certain behavior the government wishes to reward. Make sure to remember these last minute items when filing taxes in 2015.   Common Tax Deductions for 2015 In short, do things the government incentivizes through the tax code. I’m just going to spout… Read More »

Taxpayers Who Received Identity Verification Letter Should Use IDVerify.irs.gov

The Internal Revenue Service (IRS)  informs taxpayers who receive requests from the IRS to verify your identity website Identification Service IRS Identity,idverify.irs.gov offers the quickest and easiest way completing this task. Taxpayers may receive a letter when the IRS takes taxes suspicious statements with evidence of identity theft, but contain the true name and / or social… Read More »

Free Tax Help for Military Personnel

The IRS provides free assistance to members of the armed forces and their families. VITA has sites help inside and outside military bases to help service members prepare their taxes. This includes VITA sites to help our military abroad. Here are five tips on free tax help for military personnel and more information on how military personnel can… Read More »

Increase Paycheck Withholding to Avoid IRS Penalties

Some individuals with substantial income in addition to salaries may find that the amount of tax withheld from their salaries isn’t enough to cover their required estimated tax payments. This can be a problem because if the correct amount of taxes is not withheld, there could be IRS penalties applied when tax returns are filed.… Read More »