How about becoming more energy efficient AND getting a tax deduction? Sounds good, right? Highlights for Biomass Stoves, Air Source Heat Pumps, Central AC, Gas/Propane/Oil Hot Water Boilers, Gas/Propane/Oil Furnaces & Fans, Insulation, Roofs, Non-solar water heaters, and Windows/Doors/Skylights The credit is limited to $500 over a LIFETIME. Yep, unfortunately it has a lifetime limit. You get […]
You can still amend your tax returns from 2013, 2014, and 2015. If you neglected to take a credit or deduction you were entitled to or possibly had a dependent that you could have claimed but didn’t, you can amend your return and get more money. Items sometimes missed on tax returns: Traditional IRA contributions […]
Do you: Owe less than $50,000 in tax, penalties, and interest? File all required returns? If so, you may qualify for an Online Payment Agreement. You can apply here. If you get approved, the fees to set up a payment plan would be: $52 for a direct debit agreement $120 if not a direct debit from […]
The IRS has had huge budget cuts in recent years. They have lost a lot of funding and therefore have had less resources available for auditing. They are usually 2 years behind when they do an audit and most audits are done by mail rather than in person. Right now, if you were to be […]
Another school year has come to an end and now is the time to earn some spending money for next year. Following are some tips for summer employment: You may need to pay federal, state and local taxes. The IRS has a Withholding Calculator to help taxpayers estimate taxes they may owe. Withholding and Estimated Taxes […]
Did you owe the IRS on your 2015 tax return? If so, and you aren’t set up for quarterly estimated tax payments, you may want to consider adjusting the federal income tax amount withheld from your paycheck. The amount your employer withholds for federal income tax is calculated based on withholding for either a single […]
