2012 Filing Season Opens with Tax Questions and Answers
|
|
- Shannon Wells
- 5 years ago
- Views:
Transcription
1 Media Relations Office Georgia, South Carolina, Mississippi Media Contact: For Release: ATL Public Contact: Filing Season Opens with Tax Questions and Answers ATLANTA The Internal Revenue Service kicked off the 2012 tax filing season with new and expanded services, and reinstated deductions to help taxpayers. The agency also encouraged taxpayers and tax practitioners to take a fresh look at the many benefits of e-filing. Georgia experience another record breaking year with more than 3.7 million e-filed returns, said IRS Spokesman Mark Green. Everyone is eligible to Free File! It s safe, easy, fast and accurate. I strongly recommend that taxpayers try it, Green said. Other highlights taxpayers should watch for as they file tax returns for 2012: The IRS began accepting most simple returns on Jan. 30. However, some filers claiming certain credits will have to wait until March to file their taxes because of delays in updating the IRS systems after the tax law changes made by congress under the American Taxpayer Relief Act. The credits include residential energy credits, and general business credits. What s new? Reinstated deductions: Several set to expire were reinstated or extended for two years through 2013 including: State and local sales tax itemized deduction; Two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit Qualified tuition and fees adjustment/deduction up to $4,000; Teacher/educator expense adjustment/deduction up to $250; Home energy credit - for qualified windows, insulation, water heaters, heating & air conditioners, etc. purchases. The one time credit is $500. Qualified charitable distribution exclusion of up to $100,000 gifted from an IRA by taxpayers who are age 70½ or older. Saver s credit income limits increased: Contributions to IRAs and retirement plans such as 401(k)s might qualify for a tax credit up to $1,000; up to $2,000 if married filing jointly. The credit is for individuals with incomes up to $28,750, head of household up to $43,125 and married filing jointly with incomes to $57,500. Use Form 8880 to claim the credit.
2 Key items for 2013 (not for 2012 taxes): The standard mileage rate for business use of a car, van, pick-up or panel truck is 56.5 cents a mile for business miles driven. (For 2012 its 55.5 cents per mile) The 2 percent cut in the Social Security payroll tax was not extended for 2013; Social security and Medicare tax for The employee tax rate for social security is 6.2%. Previously, the employee tax rate for social security was 4.2%. The maximum capital gains tax rises from 15 percent to 20 percent for those taxed at 39.6 percent; A simplified option is available to claim home office deduction of $1,500 per year Qualified home mortgage canceled debt exclusion was extended one year through IRS Questions and Answers Q: When should I get my Form W-2 and what should I do if it s late or wrong? A: Employers are required to provide or send 2012 W-2s to employees (current and former) by Jan. 31. Contact your employer if you have not received your Form W-2(s) by early February. Call the IRS at if you still have not received it by Feb. 15. Q: What if I think identity theft has affected my tax records? A: Call the Federal Trade Commission at IDTHEFT ( ). Go online to the IRS Identity Theft and Your Tax Records web page or contact the IRS Identity Protection Specialized Unit at for guidance. Hours are 8 a.m. to 8 p.m. Monday to Friday. Q: How do I know whether to itemize deductions? A: Nearly two out of three taxpayers take the standard deduction rather than itemizing deductions such as mortgage interest, charitable contributions and state and local taxes. As a general rule, you want to itemize deductions (on Schedule A) if the total amount of deductible expenses is greater than the standard deduction given to you based on your filing status. Some of the expenses you can include if you itemize are medical expenses that are greater than 7.5 percent of your adjusted gross income, mortgage interest and points, charitable contributions, casualty losses that are usually greater than 10 percent of your adjusted gross income plus $100, unreimbursed job expenses and miscellaneous deductions that are greater than 2 percent of your adjusted gross income. Q: What can I do to avoid being audited? A: A percentage of returns filed are selected randomly for audit, so there is no certain way to avoid being audited. Most tax returns are accepted just as they re filed. Each one goes through a computerized screening. If there are discrepancies, you might receive correspondence from the IRS asking you to verify, correct, or explain information on your return. Many issues can be dealt with through correspondence alone. The best way to avoid an audit is simply to report all of your taxable income and claim only the credits and deductions you are entitled to by the tax law.
3 Q: Can a student file a return claiming a personal exemption if the parents list the student on their return as a dependent? A: No. A student may not claim a personal exemption on his/her own return if the parent qualifies to claim them as a dependent. Generally, the parents may claim a student as a dependent if the child: did not provide more than half of his/her support; is under age 24 at the end of the year and a full-time student; lived with the parents for more than half the year; does not file a joint return, and is a U.S. citizen, national or resident, or is a resident of Canada or Mexico. Q: What income is considered taxable or nontaxable? A: Generally, you must include in gross income everything you receive in payment for personal services such as wages, salaries, commissions, fees and tips. Other items considered taxable income include: fringe benefits, stock options, unemployment compensation including unemployment insurance benefits and benefits paid by a state (may also be subject to Social Security and Medicare taxes), canceled debts and all other items, unless specifically excluded by law, including income in a form other than cash (barter). Some common items that are not taxable income are: adoption expense reimbursements for qualifying expenses, child support payments, gifts, bequests and inheritances, workers compensation benefits, public assistance benefits based upon need (food stamps, Medicare), meals and lodging for the convenience of your employer, compensatory damages awarded for physical injury or physical sickness, welfare benefits, cash rebates from a dealer or manufacturer, work training programs, disaster relief grants and payments and disaster mitigation payments, mortgage assistance payments, payments to reduce cost of winter energy and tax exempt interest from municipal bonds and tax exempt bond mutual funds (must be reported on line 8b of Form 1040 or 1040A.) Q: Are donations to an individual or family deductible? A: No. When people give money to directly help a specific individual or family, it is considered a gift rather than a charitable donation and is not deductible. An organization or fund formed to assist a particular individual or family will not qualify as a charitable organization and therefore donations to these organizations or funds are not deductible as a charitable contribution. Q: How does an employee deduct business expenses? A: It depends whether your employer reimburses you for business-related expenses. If you are reimbursed under an accountable reimbursement plan, it should not be included in your wages on Form W-2, and you should not deduct the expenses. If you are not reimbursed under an accountable plan, your expenses exceed the reimbursement you received under an accountable plan, or you are not reimbursed at all, you may use Form 2106 or Form 2106-EZ to deduct allowable business expenses. These expenses are generally subject to the 2 percent of adjusted gross income limit.
4 Q: Are work clothes and uniforms deductible? A: Maybe. You can generally deduct the cost and upkeep of work clothes if: the clothing must be worn as a condition of employment, and the clothes are not suitable for everyday wear. Examples of workers who may qualify: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes and transportation workers (air, bus, rail, etc.). Q: Is there a tax on inheritances? A: Normally there is not. Property you receive as a gift, bequest or inheritance is not included in your income. If property you receive in this way later produces income, however, such as interest, dividends or rents, then that income is taxable to you. If you inherited a pension or an individual retirement arrangement (IRA), you may have to include part of the inherited amount in your income. If you inherited a pension, see Survivors and Beneficiaries in Publication 575. If you inherited an IRA, see What If You Inherit an IRA? in Publication 590. This year s general filing requirements are: $9,750 (single), $11,200 (single 65 or older); $12,500 (head of household), $13,950 (head of household, 65 or over); $19,500 (married filing jointly), $20,650 (married filing jointly with one 65 or older), $21,800 (married filing jointly with both over 65); $3,800 (married filing separately) and $15,700 (qualifying widow or widower), $16,850 (qualifying widow or widower and 65 or older). Sometimes it is a good idea to file even though not required by law to do so because the filer might be eligible for a refund. The only way to claim a federal tax refund is to file a federal tax return. If you worked during the year, for example, and had federal income tax withheld from your wages or made estimated tax payments, that potential refund can only be claimed by filing a federal tax return. By law, unclaimed refunds are forfeited to the U.S. Treasury after three years. For example LAST YEAR, (Unclaimed refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for In Georgia, more than $30 million in unclaimed refunds awaits nearly 36,000 individuals). Filing extension You can get a six-month extension to Oct. 15 by filling out Form 4868 by April 15. However, you will owe interest on any taxes not paid by April 15. Standard deductions $5,950 for singles and married individuals filing separately. $8,700 for head of household. $11,900 for married filing jointly and qualifying widow(ers). Additional deductions for those over 65 or blind: $1,450 for single or head of household and $1,150 for married/qualifying widow(er).
5 Free filing Taxpayers whose income is $57,000 or less can access free federal tax preparation software and file returns online for free through a partnership between the IRS and the Free File Alliance using the IRS website, There is no income limit for taxpayers to use Free File Fillable Forms, which are online versions of paper forms. Refunds The IRS said it issued refunds last year to more than 90 percent of e-filers who opted for direct deposit within 21 days. They expect the same this year. For paper filers, you will generally see a refund within six weeks. If you file electronically, but opt for a paper check, it should be issued within three weeks from when the IRS processes the return. Refunds from paper-filed amended returns will generally be issued within 8-12 weeks. To check on the status of your refund, go to and find Where s My Refund? or call the Refund Hotline at IRS forms, publications With the decrease in the number of people who still file paper returns, the availability of paper forms is scarcer. Some area libraries may get a limited number of packets, though the latest word is they won t arrive for about three to four weeks. Call before you go. It is advised to go online at home or at a library to print out the forms at Post offices no longer receive IRS packets, postal officials said. Forms can be ordered at
This is a list of items you should gather for the Income Tax Preparation
This is a list of items you should gather for the Income Tax Preparation 1. Social Security Card(s) - Your Social Security number, which is your taxpayer identification number, is printed on your Social
More informationWHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro
WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro Here is the inflation-adjusted and COLA numbers for tax year 2016. Many items have not changed from 2015 - THE STANDARD
More informationPreparing 2018 Individual Income Tax Returns
Preparing 2018 Individual Income Tax Returns Published and Distributed by The CPE Store, Inc. www.cpestore.com Module 1 Chapters 1-4 Chapter 1 Filing Information... 1 Learning Objectives... 1 Introduction...
More informationOverview of the Tax Cuts and Jobs Act
Overview of the Tax Cuts and Jobs Act Changes to the tax laws affecting individuals for this filing season. Basics for Individuals and Families As part of our client and community outreach we have prepared
More informationMARCUS HILTON CPA. Relevant 2017 Tax Changes And Income Tax Questionnaire
MARCUS HILTON CPA 4226A WHITE PLAINS ROAD 2 ND Floor BRONX, NEW YORK 10466 Tel (718) 554-0640 Fax (718) 554-0642 E-mail: info@marcushiltoncpa.com Web: www.marcushiltoncpa.com Relevant 2017 Tax Changes
More informationTax Essentials. Presented by: Barry H. Franklin, CPA
Tax Essentials Presented by: Barry H. Franklin, CPA 770-492-8700 barry@franklincpafirm.com www.franklincpafirm.com Objectives 2 R E S O U R C E S F O R YO U C U R R E N T TA X U P D AT E 4 S I M P L E
More informationTax News The Annual Newsletter for the Clients of Steven P Namenye CPA PC Items impacting preparation of your 2018 tax returns - January 2019
Tax News 2018 The Annual Newsletter for the Clients of Steven P Namenye CPA PC Items impacting preparation of your 2018 tax returns - January 2019 Greetings! To our clients and friends... Happy New Year!
More information2017 City of GraylinG individual income tax returns (Resident and Nonresident)
CITY OF GRAYLING 2017 City of GraylinG individual income tax returns (Resident and Nonresident) This booklet contains the following forms and instructions: GR-1040 Individual Income Tax Return GR-1040ES
More informationPreparing 2016 Individual Income Tax Returns
Preparing 2016 Individual Income Tax Returns Published and Distributed by The CPE Store, Inc. www.cpestore.com Module 1 Chapters 1-4 Chapter 1 Filing Information... 1 Learning Objectives... 1 Introduction...
More informationHere are the numbers for :
Page 1 of 7 Here are the numbers for 2017-2018: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 127,200 $ 128,400 Tax Rate (Employee)
More informationIncome Tax Organizer Instructions
Income Tax Organizer Instructions Our Tax Organizer is designed to help you gather the proper tax information required to prepare your tax return. Please fill out completely all areas that pertain to you.
More informationWhy Keep Records? Kinds of Records To Keep
Why Keep Records? There are many reasons to keep records. In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan. Good records will help you: Identify sources
More informationPaying Your Income Taxes
Paying Your Income Taxes Advanced Level Taxes they re a part of everyday life. Perhaps you ve overheard a significant adult in your life talk about taxes, sometimes accompanied by a groan. For many people,
More informationChapter 6. Paying Taxes Pearson Education, Inc. All rights reserved
Chapter 6 Paying Taxes 2010 Pearson Education, Inc. All rights reserved Learning Objectives Describe the basic principles of taxation and the major categories of taxes. Explain payroll taxes Describe the
More informationTax Deductions lost in Tax Law Highlights (for 2018 changes see page 4)
Income Tax Preparation Services 19401 E 40 Hwy, Suite 170 Independence MO 64055 Phone: 816-795-9882 Fax: 816-795-9883 Email: DLPENCE@GMAIL.COM Website: www.taxesbydebbie.com 2017 Tax Law Highlights (for
More informationBrackets (seven) - Taxable Income Single Filers. Between $9,525 and $38,700. Between $2,550 and $9,150. Between $157,500 and $200,000
Individual Taxes (Which Would Expire After 2025) Brackets (seven) - Taxable Income Single Filers Up to $9,525 Between $9,525 and $38,700 Between $38,700 and $82,500 Between $200,000 and $500,000 Above
More informationMARCUS HILTON CPA. Relevant 2018 Tax Changes And Income Tax Questionnaire
MARCUS HILTON CPA 4226A WHITE PLAINS ROAD 2 ND Floor BRONX, NEW YORK 10466 Tel (718) 554-0640 Fax (718) 554-0642 E-mail: info@marcushiltoncpa.com Web: www.marcushiltoncpa.com Relevant 2018 Tax Changes
More informationTAX ORGANIZER Page 3
TAX ORGANIZER Page Basic Taxpayer Information Taxpayer Spouse Taxpayer Spouse First Name Initial Last Name Social Security No. Check if Date of Occupation Dependent Presidential Birth Disabled Blind of
More informationANDES, ERNST & BLACKMER INCOME TAX E. US 40 Hwy Ste 170 Independence, MO Fax: WEBSITE: aebtax.
ANDES, ERNST & BLACKMER INCOME TAX 19401 E. US 40 Hwy Ste 170 Independence, MO 64055 816-795-9882 Fax: 816-795-9883 WEBSITE: aebtax.com Tax year 2017 We hope you have all had a wonderful summer and Holiday
More informationGENERAL INSTRUCTIONS - ALL FILERS
GENERAL INSTRUCTIONS - ALL FILERS WHO MUST FILE A RETURN Everyone who has income that is subject to City tax must file a return. You do not have to file a return if your total income subject to tax is
More informationTax Changes for 2016: A Checklist
Tax Changes for 2016: A Checklist Welcome, 2016! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts
More informationPERSONAL INFORMATION ORGANIZER Please complete this Organizer before your appointment.
1. PERSONAL INFORMATION PERSONAL INFORMATION ORGANIZER Name SSN or ITIN Date of Birth Date of Death Occupation Blind Disabled Taxpayer Spouse Street Address Apt. City or town State Zip Code County Foreign
More information2009 Filing Requirements for Most Taxpayers
The following is a summary of 2009 tax information. Many of the most common tax deductions are explained below. Some credit s and deductions are phased out, or disallowed depending on the amount of your
More informationTAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University Tax Planning
1 TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2014 - Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively uniform
More informationIndividual Tax Deductions
Individual Tax Deductions What you need to know for 2017 filings. A review of the most often used deductions for individuals, including which ones ARE (temporarily) going away. Disclaimer Presentations,
More informationIndividual Income Tax Organizer 2016
MICHAEL R. ANLIKER, CPA, P.C. 5348 Twin Hickory Rd. Glen Allen, VA 23059 TELEPHONE: (804) 237-6044 FAX: (804) 237-6064 www.anlikerfinancial.com Individual Income Tax Organizer 2016 This Tax Organizer is
More informationKey Provisions of 2017 Tax Reform
Key Provisions of 2017 Tax Reform The final provisions of the 2017 tax reform bill are finally here. The goal of this publication is to briefly highlight some of the key changes and planning issues of
More informationGross Income Exclusions and Adjustments to Income
CCH Essentials of Federal Income Taxation Gross Income Exclusions and Adjustments to Income 2001, CCH INCORPORATED 4025 West Peterson Ave. Chicago, IL 60646-6085 http://tax.cchgroup.com Gross Income Exclusions
More informationFederal Individual Income Tax Terms: An Explanation Mark P. Keightley Specialist in Economics. May 31, 2017
Federal Individual Income Tax Terms: An Explanation Mark P. Keightley Specialist in Economics May 31, 2017 Congressional Research Service 7-5700 www.crs.gov RL30110 Summary Described in this report are
More informationPortney & Company Certified Public Accountants & Business Consultants Portney Consulting, LLC Portney Management Group, LLC
Portney & Company Certified Public Accountants & Business Consultants Portney Consulting, LLC Portney Management Group, LLC 70 Grand Avenue, River Edge, New Jersey 07661 www.portney.com ~ Info@portney.com
More information10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 24% 82, ,500 24% 84, ,725
INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 Single 24% 82,501 157,500 24% 84,201 160,725 32%
More information2016 TAX ORGANIZER. This tax organizer has been prepared for your use in gathering the information needed for your 2016 tax return.
F R O M 2016 TAX ORGANIZER T O This tax organizer has been prepared for your use in gathering the information needed for your 2016 tax return. To save you time, selected information from your 2015 tax
More informationHappy Holidays required
Happy Holidays With tax season upon us, we are sending you information that we hope will help you prepare for a smoother tax preparation experience. We are including a taxpayer information checklist for
More informationIncome Tax Organizer Instructions
Income Tax Organizer Instructions Our Tax Organizer is designed to help you gather the proper tax information required to prepare your tax return. Please fill out completely all areas that pertain to you.
More informationCHANGES IN TAX LAWS AND SPECIAL TAX ISSUES THAT MAY AFFECT YOU
CHANGES IN TAX LAWS AND SPECIAL TAX ISSUES THAT MAY AFFECT YOU 12/31/17 Recent changes in federal tax laws will impact many federal tax returns prepared in 2018 in one way or another. FILING REQUIRMENTS
More informationChapter 3. Objective 1 Identify the Major Taxes Paid by People in Our Society Planning Your Tax Strategy. Chapter Objectives
Chapter 3 Taxes in Your Financial Plan McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Taxes in Your Financial Plan Chapter Objectives 1. Identify the major taxes
More informationTAX ORGANIZER. If you answer 'Yes' to any of the General Business and Investment questions, please provide detailed information with your answer.
TAX ORGANIZER Enclosed is your Tax Organizer for tax year 2011. Your Organizer contains several sections that include common expenses and deductions that many taxpayers overlook. Please review these sections
More informationTax Organizer For 2017 Income Tax Return
Tax Organizer For 2017 Income Tax Return Prepared For: and, Prepared By: Carol A Reithmiller, CPA, PLLC 11020 S Tryon St #406 Charlotte, NC 28273 This Tax Organizer can be used to help identify information
More informationBusiness and Personal Finance Unit 4 Chapter Glencoe/McGraw-Hill
0 Chapter 12 Planning Your Tax Strategy What You ll Learn Section 12.1 Discuss the importance of tax planning. Identify your taxable income. Explain deductions and tax credits. Explain the W-4 form. Section
More informationHere are the numbers for :
Page 1 of 7 Here are the numbers for 2018-2019: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 128,400 $ 132,900 Tax Rate (Employee)
More informationTax Return Questionnaire Tax Year
Tax Return Questionnaire - 2015 Tax Year - Page 1 of 9..Fold here-then flip pages up Tax Return Questionnaire - 2015 Tax Year Name and Address: Taxpayer: Address: Social Security Number: Occupation Spouse:
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2017 www.cordascocpa.com 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this
More informationTax Return Questionnaire Tax Year
Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire
More informationLAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR Presented by: James J. Holtzman, CFP, CPA
LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR 2015 Presented by: James J. Holtzman, CFP, CPA JAMES J. HOLTZMAN, CFP, CPA James J. Holtzman, CFP, CPA is a Wealth Advisor and Shareholder with Legend Financial
More informationVolunteer Income Tax Assistance Part 3. Income
Volunteer Income Tax Assistance Part 3 Income Gross Income The Tax Return Get to know the 1040 page one and two Who NEEDS to file? Consider their age, filing status, and income: Filing Status Gross Income
More informationSponsored by University Student Financial Services PERSONAL TAXES. Jodi R. Kessler, LLM Tax Manager Harvard University
Sponsored by University Student Financial Services PERSONAL TAXES Jodi R. Kessler, LLM Tax Manager Harvard University 1 DISCLAIMER Federal income tax; states may differ Information is specific to US citizens
More informationCity of Detroit City of Detroit. Forms and Instructions. Filing Due Date: April 18, 2016
City of Detroit 2015 City of Detroit aa aa Income Tax Returns Forms and Instructions Starting with tax year 2015, the Michigan Department of Treasury will begin processing City of Detroit Individual Income
More information2010 INDIVIDUAL INCOME TAX ORGANIZER
Alan Mehdiani, CPA 18375 Ventura Blvd, #791 Tarzana, CA 91356 www.mehdianicpa.com T: (818) 900-2001 F: (206) 222-2876 E: Alan@MehdianiCPA.com Use this checklist to help you gather the materials needed
More informationChapter. Federal Income Tax. 7.1 Our Tax System 7.2 Filing Tax Returns South-Western, Cengage Learning
Chapter 7 Federal Income Tax 7.1 Our Tax System 7.2 Filing Tax Returns 2010 South-Western, Cengage Learning Lesson 7.1 Our Tax System GOALS Why do we pay taxes? What are the different types of taxes? Describe
More informationTax Reform Legislation: Changes, Impacts, Planning Considerations
The following information and opinions are provided courtesy of Wells Fargo Bank N.A. Wealth Planning Update Tax Reform Legislation:, s, JANUARY 2018 Jay Messing, CFA, CFP Sr. Director of Planning Wells
More informationSCHEDULE C AUDIT RISKS
7/15/2017 SCHEDULE C AUDIT RISKS C. FORREST DAVIS, E.A. A LOOK AT TAX RETURNS (2014) 148.6M individual returns 63.7M Form 1040A and EZ 84.9M Form 1040 27.6M Schedule C or C-EZ 22.6M Schedule C 5.0M Sch
More informationWHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro
WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro Here is the inflation-adjusted and COLA numbers for tax year 2016. Many items have not changed from 2015 - THE STANDARD
More informationANDES, ERNST & BLACKMER INCOME TAX E. US 40 Hwy Ste 170 Independence, MO Fax:
December 10, 2013 ANDES, ERNST & BLACKMER INCOME TAX 19401 E. US 40 Hwy Ste 170 Independence, MO 64055 816-795-9882 Fax: 816-795-9883 We hope you have all had a wonderful summer, and are enjoying this
More informationDeLeon & Stang, CPAs and Advisors
Dear Clients and Friends: This year-end tax planning letter is intended only to serve as a general guideline. Of course, your personal circumstances may require in-depth examination. We would be glad to
More information2011 Tax Guide. What You Need to Know About the New Rules
2011 Tax Guide What You Need to Know About the New Rules Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You
More informationItemized Deductions. Pub 4012 Tab F Pub 4491 Lessons 20 & 21
Itemized Deductions Pub 4012 Tab F Pub 4491 Lessons 20 & 21 Deductions May claim larger of Standard deduction Increased if at least 65 or blind OR Itemized deductions If itemized deductions are entered,
More informationIncome Tax Accounting
Western Technical College 10101165 Income Tax Accounting Course Outcome Summary Course Information Description Career Cluster Instructional Level Introductory course emphasizing the preparation of individual
More informationYou Spouse 1 Single. name here.. G 5 Qualifying widow(er) with dependent child
' Form 1040 U.S. Individual Income Tax Return 2014 IRS Use Only ' Do not write or staple in this space. For the year Jan 1 - Dec 31, 2014, or other tax year beginning, 2014, ending, 20 See separate instructions.
More informationNATIONAL SOCIETY OF TAX PROFESSIONALS TAX CUTS AND JOBS ACT H.R.1 COMPARISON OF HOUSE AND SENATE BILLS AS OF DECEMBER 6, 2017
NATIONAL SOCIETY OF TAX PROFESSIONALS TAX CUTS AND JOBS ACT H.R.1 COMPARISON OF HOUSE AND SENATE BILLS AS OF DECEMBER 6, 2017 PROVISION: HOUSE BILL SENATE BILL 1. Individual Tax Rates 12%, 25%, 35%, 39.6%.
More informationKey Facts You Need to Know About: Income Definitions for Marketplace and Medicaid Coverage
Updated September 20, 2017 Key Facts You Need to Know About: Income Definitions for Marketplace and Medicaid Coverage Health reform provides opportunities for millions of Americans to get affordable health
More informationKey Facts You Need to Know About: Income Definitions for Marketplace and Medicaid Coverage
October 15, 2014 Key Facts You Need to Know About: Income Definitions for Marketplace and Medicaid Coverage Health reform provides new opportunities for millions of Americans to get affordable health coverage.
More information10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 28% 91, ,650 24% 82, ,500
INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 Single 28% 91,901 191,650 24% 82,501 157,500 33%
More informationWEALTH CARE KIT SM. Income Tax Planning. A website built by the National Endowment for Financial Education dedicated to your financial well-being.
WEALTH CARE KIT SM Income Tax Planning A website built by the dedicated to your financial well-being. As the joke goes, figuring out your taxes is pretty easy just add up how much money you made last year
More informationTax Return Questionnaire Tax Year
Tax Return Questionnaire - 2018 Tax Year - Page 1 of 18 Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money and help
More informationINVOICE. PN 501 E 38th Erie, PA Phone: (207) Date: 12/07/2017 Invoice Number: Service Description
INVOICE PN 501 E 38th Erie, PA 16546 Phone: (207)590-6223 Email: pasha@gmail.com Date: 12/07/2017 Invoice Number: 1004 Client: Pavel Nayda, Service Description Amount 12/07/17 08:41 PM December 7, 2017
More informationTAX CUTS AND JOB ACT OF 2017 Highlights
2017 TAX CUTS AND JOB ACT OF 2017 Highlights UPDATED January 9, 2018 www.cordascocpa.com TAX CUTS AND JOBS ACT OF 2017 INTRODUCTION After months of intense negotiations, the President signed the Tax Cuts
More informationRobert A Cowen Certified Public Accountant year end Tax planning for individuals
Robert A Cowen Certified Public Accountant 2017 year end Tax planning for individuals The end of the year is just a month away. It is good time to start to think about year-end planning. If you have been
More informationYear-End Tax Planning Letter
Year-End Tax Planning Letter 2014 The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with
More information2016 TAX ORGANIZER. This tax organizer has been prepared for your use in gathering the information needed for your 2016 tax return.
F R O M 2016 TAX ORGANIZER T O This tax organizer has been prepared for your use in gathering the information needed for your 2016 tax return. To save you time, selected information from your 2015 tax
More informationROBERT C. ROWLAND, CPA 4380 N. Campbell Ave., Suite 204 Tucson, AZ (520) Fax rowlandtax.
INCOME TAX ORGANIZER TAX YEAR 2017 PAGE 1 ROBERT C. ROWLAND, CPA 4380 N. Campbell Ave., Suite 204 Tucson, AZ 85718 (520) 319-0077 Fax 319-0076 robert@rowlandtax.com rowlandtax.com We are in St. Philips
More informationTax Update for 2018 and 2019
Tax Update for 2018 and 2019 Individual Tax Changes Business Tax Changes Depreciation Changes Inflation Adjustments IRS Mileage Rates Affordable Care Act Partnership Audit Rules The following is a summary
More information2018 Tax Planning & Reference Guide
2018 Tax Planning & Reference Guide The 2018 Tax Planning & Reference Guide is designed to be a reference only and is not intended to provide tax advice. Please consult your professional tax advisor prior
More informationPersonal Income Tax Questionnaire Taxpayer Social Security No. Occupation Birth Date. Spouse Social Security No. Occupation Birth Date
Taxpayer Social Security No. Occupation Birth Date Spouse Social Security No. Occupation Birth Date Address County Home Phone ( ) City, State, Zip Bus. Phone ( ) E-mail Address Fax Number ( ) If we have
More informationJOYNER, KIRKHAM, KEEL & ROBERTSON, P.C INDIVIDUAL TAX ORGANIZER
Please provide a copy of your 2013 federal and state tax returns, and complete pages 1 through 3. Other pages: complete only those sections that apply to you. Your Name SS# Occupation Birth Date Spouse
More informationTax Organizer For 2016 Income Tax Return
Tax Organizer For 2016 Income Tax Return Prepared For: Sample Client, Prepared By: Delano Sherley & Associates, Inc 8240 Beckett Park Dr. Ste. A West Chester, OH 45069 This Tax Organizer can be used to
More information2016 Federal Income Tax Planning
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com 2016 Federal Income Tax Planning March 06,
More informationTax Law Reminders & LowTax Tips Rev
Tax Law Reminders & LowTax Tips Rev 1-21-19 The most frequently encountered missing information that delays our tax preparation is the cost basis for securities that have been sold. Please check with your
More informationINDIVIDUAL DETAILED ORGANIZER
INDIVIDUAL DETAILED ORGANIZER This organizer will assist you in gathering the information needed to prepare your individual tax returns. We strongly suggest you go through all sections of the organizer
More informationItemized Deductions Tax Computation. Pub 4012 Tab F Pub 4491 Part 5 Lessons 20 & 21
Itemized Deductions Tax Computation Pub 4012 Tab F Pub 4491 Part 5 Lessons 20 & 21 Deductions May claim larger of Standard deduction Increased if at least 65 or blind -OR- Itemized deductions If itemized
More informationIncome Tax Guide and Client Organizer
Income Tax Guide and Client Organizer Income Tax Guide and Client Organizer Tax Year For My income tax appointment is: date day of week time PROVIDED BY: This booklet is provided to assist you in assembling
More informationTAX PRIMER FOR PARENTS COMPLETING A PFS
FOR PARENTS Use this primer to get an understanding of which few tax forms will be most helpful to you as you complete your PFS. This primer doesn t provide an overview of every possible tax form you might
More information2016 Year End Tax Planning For Individuals
Dear Client, Hard as it is to believe, another year is rapidly drawing to a close. Therefore, now is a good time to review possible steps to take to minimize your 2016 potential tax liability. December
More information2018 TAX ORGANIZER. This tax organizer has been prepared for your use in gathering the information needed for your 2018 tax return.
F R O M 2018 TAX ORGANIZER T O This tax organizer has been prepared for your use in gathering the information needed for your 2018 tax return. To save you time, selected information from your 2017 tax
More informationSection 7.5: FORM 1040 AND SCHEDULES A AND B OBJECTIVES
Section 7.5: FORM 1040 AND SCHEDULES A AND B OBJECTIVES File Form 1040 with itemized deductions. Understand the difference between a tax credit and a tax deduction. Key Terms voluntary compliance Form
More informationBausch & Associates, Inc 101 Devant Street, Suite 802, Fayetteville, GA
Bausch & Associates, Inc 101 Devant Street, Suite 802, Fayetteville, GA 30214 770-460-5518 Information for Preparation of Individual Tax Returns This list is to provide a guideline for items that we will
More informationSocial Security Card(s) or Numbers for all family members listed on return.
Social Security Card(s) or Numbers for all family members listed on return. If you have your Social Security card, bring it with you to the appointment. If you have changed your name (due to marriage,
More informationQ40 Table of Contents
Q40 Table of Contents Tab 1: 2014 Tax Table 2014 Tax Computation Worksheet State Individual Income Tax Quick Reference Chart (2014) General Alabama Alaska Arizona Arkansas California Colorado Connecticut
More informationImportant Changes for 2017
Due Date of Return The due date for filing a 2017 return is Tuesday, April 17, 2018. This is because April 15, 2018 is a Sunday and Emancipation Day, a legal holiday in the District of Columbia, is observed
More informationForm 1040-V. Department of the Treasury. Internal Revenue Service $ 3, Dave Dave Sarah Sarah Terrace Glenview, IL 60001
2006 Form 040-V Department of the Treasury Internal Revenue Service For Privacy Act and Paperwork Reduction Act tice, see separate instructions. DETACH HERE Form 040 (2006) Department of the Treasury Internal
More informationPersonal Information 3
Personal Information 3 Taxpayer: First Name and Initial Last Name Social Security Number Occupation Date of Birth (Mo/Da/Yr) Date of Death (Mo/Da/Yr) Spouse: First Name and Initial Last Name Social Security
More informationBurchett Financial Services
Burchett Financial Services CHECKLIST Again, it is extremely important for you to bring all the following to your appointment: All W-2 s, 1099 s and all other income items such as 1099 INT, 1099 DIV or
More informationTax Determination, Payments, and Reporting Procedures
CCH Essentials of Federal Income Taxation Tax Determination, Payments, and Reporting Procedures 2002, CCH INCORPORATED 4025 West Peterson Ave. Chicago, IL 60646-6085 http://tax.cchgroup.com Taxpayer Filing
More informationTax Law Snapshot for Individuals 2014 Filing Season
Tax Law Snapshot for Individuals 2014 Filing Season (480) 776-3358 1237 S. Val Vista Dr. Suite 206 Mesa, AZ 85204-6401 (480) 323-2474 fax kboudreau@bcsbs.net Taxes Contract Financial Management Financial
More information2017 Income Tax Data-Itemizer
Documents Used to Verify Primary Taxpayer Identity: (select one) Driver's License (complete detail below) State issued identification card (complete detail below) Passport IDENTITY VERIFICATION WORKSHEET
More informationDeSain Financial Services 2018 Tax Questionnaire
Last Name: Last Name: Taxpayer First Name & Middle Initial: Taxpayer Social Security Number: Taxpayer First Name & Middle Initial: Social Security Number: Address: City, State, Zip: Home Phone: Work Phone:
More informationTax Increase Prevention Act of 2014
2014 Tax Increase Prevention Act of 2014 UPDATED December 24, 2014 www.cordascocpa.com TAX INCREASE PREVENTION ACT OF 2014 INTRODUCTION Waiting until the last minute, Congress passed the Tax Increase Prevention
More informationArthur Lander C.P.A., P.C. A professional corporation
A Arthur Lander C.P.A., P.C. A professional corporation 300 N. Washington St. #104 Alexandria, Virginia 22314 phone: (703) 486-0700 fax: (703) 527-7207 YEAR-END TAX PLANNING FOR INDIVIDUALS Once again,
More informationTAX DEDUCTIONS FOR SMALL BUSINESS
TAX DEDUCTIONS FOR SMALL BUSINESS JEAN KRUSE SCORE MENTOR jekcpa@msn.com If you email me, please put SCORE on the subject line ORDINARY & NECESSARY Whether an expense is ordinary and necessary is based
More information2018 INDIVIDUAL TAX ORGANIZER for FORM 1040 and 1040-ME. Name: Taxpayer: Spouse: Date of Birth: Taxpayer Spouse Address:
Countinghouse Associates, P.A. www.countinghouseone.com TEL: 207-688-4056 Warren Bell, CPA, 234 Hodsdon Road, Pownal, ME 04069 email: wbell@maine.rr.com FAX: 866-682-6963 2018 INDIVIDUAL TAX ORGANIZER
More informationTax Organizer For 2017 Income Tax Return
Tax Organizer For 2017 Income Tax Return Prepared For:,,, Prepared By: Strategic Tax & Accounting LLC 3650 Canton Road Marietta, GA 30066 This Tax Organizer can be used to help identify information needed
More information