Five Tax Credits That Can Reduce Your Taxes

By | 2014-03-14T11:25:17+00:00 March 14th, 2014|Blog, Tax Preparation|

Five Tax Credits That Can Reduce Your Taxes Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund. Here are five tax credits you shouldn’t overlook when filing your 2013 federal tax return: 1. The Earned Income Tax

Missing Form W-2? There’s Help!

By | 2014-02-20T10:22:08+00:00 February 20th, 2014|Blog, Tax Preparation|

Form W-2 Missing? IRS Can Help If you worked as an employee last year, your employer must give you a Form W-2, Wage and Tax Statement. This form shows the amount of wages you received for the year and the taxes withheld from those wages. It’s important that you use this form to help make

Important Reminders about Tip Income

By | 2014-02-19T11:00:43+00:00 February 19th, 2014|Blog, Tax Preparation|

If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable.  You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips on your

IRS Warns of Tax-time Scams

By | 2014-01-23T16:06:01+00:00 January 23rd, 2014|Blog, Tax Preparation|

Information released by the IRS at IRS.gov: It’s true: tax scams proliferate during the income tax filing season. This year’s season opens on Jan. 31. The IRS provides the following scam warnings so you can protect yourself and avoid becoming a victim of these crimes: Be vigilant of any unexpected communication purportedly from the IRS

Missouri Use Tax – Are You at Risk?

By | 2012-12-06T15:11:18+00:00 December 6th, 2012|Blog, Tax Preparation|

The State of Missouri imposes a use tax on Missouri businesses and individuals for the privilege of storing, using, or consuming tangible personal property in Missouri. While Missouri has imposed the use tax since the late 1950s, many purchasers are not aware of their responsibilities to report transactions and remit the appropriate tax.  The purpose

Tax Tips for “The Season of Giving”

By | 2012-12-06T14:25:59+00:00 December 6th, 2012|Blog, Tax Preparation|

December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tax tips from the IRS covering everything from charity donations to refund planning: • Contribute

What is the Section 179 Deduction?

By | 2012-11-27T13:38:57+00:00 November 27th, 2012|Blog, Tax Preparation|

Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn't, as you will see below. Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you

2012 Year-End Tax Planning Opportunities

By | 2012-10-31T15:03:51+00:00 October 31st, 2012|Blog, Tax Preparation|

There is still time to reduce your 2012 tax bill and plan ahead for 2013.  Here are several potential tax-saving opportunities to consider: Contribute to an IRA - If you do not participate in an employer pension plan, you may qualify to save for your retirement by starting an IRA instead.  You can contribute up

IRS Releases More Flexible Offer-in-Compromise Terms to Help Taxpayers Make a Fresh Start

By | 2012-07-09T15:04:16+00:00 July 9th, 2012|Blog, Tax Preparation|

Taken directly from "IRS Summertime Tax Tip 2012-02" on IRS.gov The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker. An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that