Taxes-Individual
● How to Choose a Tax Preparer
See the "About Us" tab and the "Why a CPA" page for information on how to protect yourself from fraud by using a reputable, licensed, tax professional.
● Received a 1099-MISC? What To Do Next --
You've received a 1099-MISC with money indicated in box 7 - Nonemployee compensation. What's this and what do you do with it?
See this LinkedIn article of mine for what it means and what to do next. (1.31.2017 - © 2017 R. Kulzick)
● 2017 Tax Season Begins January 23; 1040 Returns Due April 18, 2017 --
- Also ITINs not used on a tax return in the past 3 years expire at the end of this year as do any with a middle number of 78 or 79.
- Time to start getting your paperwork in order for 2017 tax year filing.
- Businesses, information and many other types of tax filings are due earlier - some due dates have been changed from last year. (12.12.2016)
● Time Again to Consider Tax Saving Moves Prior to Year-end --
Here are 8 tips that could reduce your individual income taxes for 2016.
Contact us if you have a business - while there is still time to save on your business and self-employment taxes (10.30.2016)
● 5 things to do by New Year's Eve to lower your tax bill --
Here are a few things individuals can do now to lower their 2016 tax bill. Not every suggestion is a good idea for everyone.
It's important to stay in touch with your tax professional throughout the year for tips that could be more tailored to your specific situation.
If you have a business, are self-employed or a freelancer, there are many other ways to reduce your tax bill - check the business section of our web site for more information. (12.01.2016)
● Temporary job? Freelancer? Summer Job? Take Care of Taxes Now to Avoid Later Problems --
If you are working at a temporary job, a freelance job, a project job, your first summer job, or other non-permanent employment, taxes can be more complicated for you. The time to avoid problems is now, not at tax filing time.
This LinkedIn post from us explains the importance of understanding your exact tax position in advance and links to a Wall Street Journal article with further tips on staying out of tax trouble. Check with us to discuss the specifics of your particular situation as they can vary significantly. (7.23.2016 - © 2016 R. Kulzick)
● I'm a Freelancer - How Do I File My Taxes?
This LinkedIn post from us explains how a freelancer files their taxes, depending on their employment status: employee or independent contractor. There are many facts and circumstances that can impact the appropriate way to report your income and receive all the deductions you are entitled to under the tax law. Contact a professional - we can help. (3.15.2016 - © 2016 R. Kulzick)
● Is Your Tax Return Audit Bait?
The IRS continues to ramp up audits on returns with income over $1,000,000. Small businesses and a number of other audit triggers also receive heightened attention for possible audit. Some of the many possible audit triggers are discussed in this article from the Wall Street Journal. Your best defense is to use a qualified professional to prepare your returns. (4.01.2016)
● Five Tax Tips on Estimated Tax Payments
You've filed your tax return for last year, but April 15th is also the date when your first quarterly estimated tax payment is due for this year.
The IRS explains when you may be required to make estimated tax payments.
Additional estimated payments are generally due on June 15th, September 15th, and January 15th each year. (4.08.2016)
● Cruise Through Tax Season With These 7 Year-Round Habits
Some year-round habits that will help you get through tax season next year. (2.29.2016)
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Time to Start Thinking About Taxes It's that time of year again for both individuals and businesses to start thinking about filing their taxes. My article on LinkedIn discusses the various types of professionals who are licensed to assist in that process. Also shows how to verify their licenses. (1.26.2016 - © 2016 R. Kulzick)
The IRS lays out the general rules for claiming a deduction for medical expenses on your 2015 taxes. Check with us for how they might apply in your particular situation. (3.04.2016)
Major and minor tax breaks for homeowners are spelled out. Many have significant restrictions - check with us if you need more information. (3.07.2016)
Keith Jones, CPA offers some ideas for possible deductions that are often overlooked. Florida residents (and those from other states without a state personal income tax) should pay particular attention to sales tax deductions. Remember you CANNOT deduct sales tax on both the new car and the "standard amount". It is either all sales tax actually paid (including the new car) OR the standard amount. (3.03.2016)
Permanently extended - 2015 and on - PATH Act
- Deduction for state and local sales taxes
- IRA transfers to charity if 70-1/2 or older
- American Opportunity tax credit
- Educator expenses above-the-line
- Refundable Child tax credit
- Earned Income tax credit
- Parity for employer-provided mass transit benefits with parking
- Higher charitable deduction limits for conservation
- Exclusion of gain on small business stock
Extended temporarily 2015 and 2016 ONLY - PATH act
- Tuition and fees above-the-line
- Exclusion of discharge of debt on principal residence
- Mortgage insurance premiums
- Home energy credit
- Fuel cell vehicle credit
- Electric plug-in motorcycle credit with greater limitations
NOTE - THERE ARE MANY LIMITATIONS AND REQUIREMENTS IN ORDER TO OBTAIN THE VARIOUS TAX PREFERENCES - THIS IS ONLY A BRIEF LISTING - SEE YOUR TAX PROFESSIONAL FOR FURTHER INFORMATION AS TO HOW THEY MAY APPLY TO YOUR SPECIFIC BUSINESS. SOME ITEMS MAY PHASE OUT OR CHANGE IN AMOUNT. (12.18.2015)
● Renting Out Your Home? Here Are Some Tax Rules --
Renting out your home (or part of it), including through AirBnB and similar services can generate taxable income, but also some tax deductions.
Our article on LinkedIn explains some of the do's and dont's regarding home rental - It's a complicated subject with many tax traps for the unwary.
For regular property rentals (not of your home) see additional information under the business section of the web site. (12.12.2016 - © 2016 R. Kulzick).
● Is It a Business or a Hobby? The IRS Wants to Know --
Why does it even matter – they both have costs and usually some type of revenue? Because for income tax purposes, how the entity is handled (business or hobby) is vastly different – both qualitative (what you can deduct) and quantitative (what happens when there’s a loss, for example).
Our article on LinkedIn explains the complexities of deducting a business or a hobby on your return. (9.12.2016 - © 2016 R. Kulzick).
● Foreign owners of single-member US LLCs now forced to report to tax authority --
The US Treasury Department has issued final regulations requiring foreign owners of single-member US limited liability companies (LLCs) to report their interests to the Internal Revenue Service (IRS), starting on 1 January 2017. (12.19.2016)
● As ITIN Numbers Expire, IRS Says To Renew Now To Avoid Refund Delays --
Time is running out for many ITIN holders who need to file a federal income tax return in 2017 and want to avoid a long wait for a refund, warns the Internal Revenue Service (IRS). (12.21.2016)
● 5 Common Misconceptions About the EB5 Immigrant Investor Program