Tax Day is Monday, April 18, 2016

Tax Day is NOT April 15th this Year “April 15th” is infamous. Simply speaking this date brings about anxiety in most people. Because traditionally, the deadline for filing your Income Tax Return is April 15th every year. In 1913, Congress declared the first official “Tax Day” to be March 1, 1914. It was pushed back to March 15th in 1918, and was changed to the current April 15th in 1955. However, in some years we are granted a few extra … Continued

Do I have to pay the ACA Penalty for not having health insurance?

For many taxpayers without health insurance, the 2015 tax year is going to sting a lot more than 2014. The sting is the result of a significant increase in the Affordable Care Act (ACA) penalty for not having health insurance. Fortunately however, there are a lot more options to avoid the ACA penalty than many people realize. What is the “ACA Penalty?”  The proper name for the ACA Penalty is the “Individual Shared Responsibility Payment.” This penalty is the mechanism … Continued

Can I take the Home Office Deduction?

Chances are, if you are asking this question, you probably don’t qualify to take the “Home Office Deduction.” Income Tax Deduction: Business Use of Your Home The deduction for the business use of your home, commonly referred to as the “Home Office Deduction,” has long been thought to be one of the biggest triggers for an audit from the IRS. Much debate and many statistician hours have been devoted to determining whether this is in fact on the IRS’ “list” … Continued

Nascar Race for the Chase

Tax Breaks for Tracks Today marks the end of the season for the NASCAR Sprint Cup Chase. For those of you who are not race fans, today is akin to the Super Bowl or the World Series of racing. Today’s race – the Ford EcoBoost 400 – is truly an event to experience; and for race fans, today’s experience at the Homestead-Miami Speedway will be much like those of children at an amusement park.  The beginning of the 2013 race … Continued

Only Robots Remain to Help Taxpayers

IRS Automation Works Against Taxpayers Filing with Extension Government Shutdown Means No Help for Taxpayers Facing an October 15th Filing Deadline With the government shutdown, no personnel at the IRS call centers leaves Taxpayers with only robotic automated answers to very general filing questions.  More than 12 million individuals requested an extension for filing their 2012 Federal Income Tax Returns this year. When the government shutdown took effect on October 1st, according to the IRS, “many” taxpayers had not yet filed their 2012 tax returns. The deadline for … Continued

IRS Attempts to “Bag” Tea Party

IRS officials Admit Targeting Conservative Groups  On Friday, the Internal Revenue Service apologized for “mistakes” made in the past few years in its flagging conservative groups’ applications for tax-exempt status. Lois Lerner, the director of tax-exempt organizations for the IRS admitted publicly on Friday to using terms such as “tea party” and “patriot” to flag tax-exempt status applications for additional scrutiny. Although Lerner insisted that the keywords were used as a shortcut for picking applications for further review, both the … Continued

Making a Mad Rush to the Post Office with Your Tax Return?

Will you be in the mad rush to the post office this afternoon with your income tax return? Helpful information from the United States Post Office is available here: [url href=”https://www.usps.com/taxes/” title=”Post Office Tax Filing Info” ]Post Office Tax Filing Info[/url]. Area Post Office Hours on Tax Day Make sure you are not headed in the wrong direction to get your return in that big blue box! Below is a list of area post offices and their extended hours today: Pensacola  … Continued

Only 5 Days Left to Meet IRS Tax Filing Deadline

Can’t Complete Your Return by April 15th? Midnight, April 15th, 2013 is fast approaching. Much too fast for many taxpayers. If you are one of the 20% to 25% of Americans that submit your returns during the final two weeks of tax season, you are far more likely to fall into the 5% to 7% who will file an extension. If you are anticipating filing an extension rather than a return by April 15th, keep the following in mind. 1. … Continued

Business Tax Returns Now Being Accepted

Many Businesses Can Begin Filing Tax Returns Today The IRS announced that at 9:00 a.m. EST today, they will begin accepting and processing 2012 tax returns, both electronic and paper filings, for businesses who file the following forms: Form 1120 filed by corporations, Form 1120S filed by S corporations, Form 1065 filed by partnerships,  Form 990 filed by exempt organizations, and Form 720 Quarterly Excise Tax Return [for most users]. Some Businesses Must Still Wait For The IRS’ Nod Businesses … Continued

IRS More Social Than Ever

Most people would not use the words “social” and “IRS” in the same sentence. However, the IRS is literally becoming more social – at least in their efforts to beef up an online presence in such a technologically connected world. The IRS has revamped its website, gone viral on YouTube, is tweeting to the taxpayer flock on Twitter, rolled out Tumblr, and created an App for that.  IRS Website Revamp According to the IRS, 340 million visits to their website … Continued