Nobody likes paying taxes, but just like eating our veggies, it’s a necessity and something we all grow used to in time. While the regular ins and outs of tax season may be somewhat stressful, an unexpected letter from the IRS can be panic-inducing. Fortunately, there’s no need to panic! The vast majority of IRS notices are easily resolved with a quick response and, as always, we’re here to help. Here are a few tips for the next time you receive that unexpected envelope from your buddies at the IRS.
College Tax Credits for 2015 and Years Ahead
Ah, school days. With each new school year comes new excitement (or perhaps butterflies) for students, and new expenses for Mom and Dad. With this school year off to a great start, now is the best time to check if you or your kids qualify for either of two college tax credits or other education-related tax benefits to help your family save when it comes time to file those 2015 federal income tax returns. Here’s the low-down.
With the heat of August upon us and April still months away, there’s plenty of time to prepare for tax season. For small business owners, careful tax preparation can go a long way toward protecting your bottom line. We know that navigating the waters of tax deductions and deferments can be overwhelming, so we’ve made it our goal to help our small business owner friends by providing tips to help you save. While this post is focused on those who own their own practice, other medical professionals can also benefit!
During these hot summer months, tax season can (perhaps thankfully) seem miles away. But the truth is, it’s never too early to start thinking about your potential benefits and how to save your family money come tax day. This week we’re talking to you, military families. If you or a family member serve in the military, you may be eligible for a wealth of tax benefits and it’s our goal to help you save. For a complete list of tax benefits available to you or your family, be sure to check out the IRS’s Armed Forces’ Tax Guide. In the meantime, check out our interview on OKC Fox 25 and keep these tips in mind when it comes to your taxes.
Given several new factors that could affect refunds in 2017, the Internal Revenue Service is encouraging taxpayers to give themselves a mid-season tax withholding checkup. Taking a closer look at the taxes that are being withheld, can help ensure that you’re withholding the right amount, either for tax refund purposes or to avoid unexpected tax bills next year. Here are a few quick insider tips.
Taxes can be frustrating – especially when you receive an unexpected penalty or change. Fortunately, there’s something you can do about it. If you’re a considering an IRS appeal, it’s essential to first do your homework so you can be prepared to make your case (and know whether you have a case to begin with). Here are a few tips to get you started – and remember, we’re always here to help.
Sometimes our clients don’t need us to set up a resolution for them because they’ve already done the work themselves. Later on they may find that their balance doesn’t seem to be decreasing, and is actually getting higher! This is due to penalties and interest from the IRS. When you run in to this problem, we can still help! If this is your first time in trouble with the IRS you may qualify for a First-Time Abatement (FTA). These are extremely useful in getting rid of that extra money being added to your tax debt, especially when you’ve been faithfully paying your monthly bill to the IRS!
In 2012, Kansas underwent the most massive string of tax cuts ever enacted by any state – a model that had many in other states turning green with envy. In reality, however, such tremendous cuts have proven a detriment to the state’s economy, with schools and other public services still struggling to recover from the recession ¬– and many organizations falling into deeper decline. So before you run to the hills to plead for tax cuts, remember to keep it reasonable.
If you’re age 70 or up, you’ve experienced firsthand how each new year brings its own unique set of challenges and rewards. For seniors, life can feel like a roller coaster complete with everything from new health challenges to watching your grandkids grow and thrive. As a senior, you’ll also be met with new tax questions and concerns – and that’s where we come in. This week we complete our “taxes through the ages” series with tax tips for folks over 70.