Filed an extension – now what?
Thursday, April 28th, 2011
You pulled your records together and worked on your tax return, maybe using an “easy-to navigate” software program. But you were left with a nagging feeling that there may be something you missed, so you filed an extension. Now what? We’ve received calls from several people in this situation, asking us if we would take […]
Read More »Tennessee tax deadline postponed
Thursday, April 14th, 2011
The Tennessee Department of Revenue announced yesterday that the filing date for Franchise and Excise tax returns, gift tax returns, and Hall income tax returns has been extended to April 18, 2011, conforming with the federal deadline change. If you make estimated franchise and excise tax payments though, you still must pay them by April […]
Read More »Bad tax preparer leads to audit trouble
Thursday, March 24th, 2011
We recently met with a new client who had been invited to the IRS local office for an examination of two years of her tax returns. She called the tax preparer, who told her she would not need the preparer at the meeting (red flag number one). After the meeting, she called the preparer back […]
Read More »Most-overlooked tax deductions
Wednesday, March 23rd, 2011
Here is a list of some of the most-overlooked tax deductions each year. Overlooking these deductions may cost you money by raising your tax bill, and the IRS seldom complains when you overpay your taxes. Check this list, and then call us to see how you might claim these deductions. State sales taxes. If you […]
Read More »What's taxable? Prizes
Wednesday, March 16th, 2011
What’s taxable? According to the IRS, all receipts from all sources in any form, unless specifically excluded from taxation. Did you win the lottery? Taxable, although you can deduct the cost of the lottery tickets you bought (you saved them as proof, right?) Did you win a TV in a giveaway? Taxable. ‘Tax-exempt’ interest income? […]
Read More »Last-minute filer? Risky!
Tuesday, March 15th, 2011
Studies have shown that people who wait until the last minute to file their tax returns make more errors and miss tax breaks. As you are gathering your records, think back through last year’s events and transactions. Make a list and ask your accountant about them. You may be surprised to find out that they […]
Read More »Business tax form update
Monday, March 14th, 2011
Due to extender provisions in the Tax Relief Act enacted on December 17, 2010, the IRS delayed accepting some business tax forms, as we posted previously. The IRS has recently announced updated information for these tax forms on irs.gov. Form 941 for first quarter 2011 now may be filed. The due date is May 2, […]
Read More »Making Work Pay Credit
Thursday, March 10th, 2011
The Making Work Pay Credit is an income tax credit available to most taxpayers with earned income. We’ve talked to several folks who were unfamiliar with the Making Work Pay Credit, which is available only on your 2010 individual tax return. One of them was surprised when her refund was $400 more than she calculated, […]
Read More »IRS not ready for some 2010 tax returns
Tuesday, February 1st, 2011
The Tax Relief Act extended several tax credits and deductions that expired at the end of 2009. As a result, the IRS has delayed processing of several 2010 tax returns. The delays impact these returns: Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return Form 941 (First Quarter 2011), Employer’s Quarterly Federal Tax […]
Read More »Itemizers may file Feb. 14
Friday, January 21st, 2011
Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. As we explained in a prior post, the late passage of the Tax Relief Act in December gave the IRS too […]
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