by Karla Dennis | Jul 17, 2013 | Blog
Today, many people make the most of the mortgage tax deduction on their federal earnings tax. This deduction is utilized when a family itemizes their deductions rather than use the standard amount. This line item can save you quite a bit in the end. Homeowners will get a statement from their mortgage company that tells them the total amount that they have paid in interest and taxes throughout the year. When you take advantage of this deduction on your tax return, you typically end up receiving a decent portion of this amount back. read...
by Karla Dennis | Jul 17, 2013 | Blog
What should you do if you recognize there’s a mistake on your tax return after it is already filed? First, don’t panic; it happens so often that there is a procedure for it. You are going to need to do this filing once again, but don’t get lazy and simply let it go, figuring nobody will notice. With regards to the mistake, you could get red-flagged for an audit or discover yourself to be under suspicion of filing a falsified claim. Just get IRS Form 1040X and start from the beginning. read...
by Karla Dennis | Jul 17, 2013 | Blog
For many taxpayers, it is time to wrap up the chore of filling out federal income tax returns and paying whatever is owed towards the U.S. Treasury. But this year, lots of people are eligible for additional time to pay without getting hit by a stiff penalty. First, some background: usually, the official deadline to file and pay is Tuesday, April 17. (It’s generally April 15, but that falls on a Sunday this year, and April 16 can at times be a vacation in Washington, D.C.) People who can’t meet the April 17 deadline can ask the Internal Revenue Service to get a six-month filing extension. That will let them have until Oct. 15 to file. read...
by Karla Dennis | Jul 16, 2013 | Blog
Have you failed to qualify for the Section 199 “manufacturing” deduction in the past? It’s worth a second look. Initially, the Section 199 deduction was limited to 3% of the lesser of a taxpayer’s qualified production activity income (QPAI) or taxable income. The maximum deduction percentage was then doubled to 6%. It’s been increased to 9% for 2010 and thereafter. QPAI is equal to domestic production gross receipts (DPGR) from qualified activities (see below) minus expenses. Expenses include the cost of goods sold allocable to the receipts, allocable direct and indirect costs and a ratable portion of other costs. read...
by Karla Dennis | Jul 16, 2013 | Blog
Getting recommendations is usually a helpful method to find a reputable accountant that can provide you with a quality tax resolution services review. Referrals can be particularly crucial to tax relief for a corporation or an individual. It is recommended that you ask other people if they have worked with any quality experts within the area. Word of mouth usually provides you with respectable advice given that you can consider an accountant based on the experiences that earlier clients have had with them. read...
