Category Archives: Personal Taxes

IRS IP PIN notice contains wrong tax year for filing

Last week, the IRS announced there was an error in the Identity Protection PIN letters that stated the IP PINs were for 2014 and not 2015. Below is the content of the IRS statement, which can be accessed here. Identity … Continue reading

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Posted in Personal Taxes | 1 Comment

IRS Eases New Reporting Requirements for Small Businesses

I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 … Continue reading

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Posted in Business taxes, Personal Taxes | 3 Comments

Scam Alert! “IP PIN” Emails

SCAM alert! Just got this one from a client. This is an email with a Word document attached, supposedly providing them a new Identity Protection PIN. While the IRS does provide some taxpayers an Identity Protection PIN (IP PIN) if … Continue reading

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Posted in Personal Taxes, Scams | 1 Comment

TurboTax in the News Again for Potential Fraud Concerns

Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some Minnesota taxpayers have recently found that when they log … Continue reading

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Standard mileage rates for 2015 announced

The IRS announced that standard mileage rates for use of a vehicle will increase slightly. With gas prices dropping considerably in the last few months, this is great news for business owners. For business use of a car, van, pickup … Continue reading

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Posted in Business taxes, Personal Taxes | 1 Comment

IRS Offers Tips for Year-end Charitable Contributions

In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions and general substantiation requirements that they should keep in mind. Rules for clothing and household items. To be deductible, clothing … Continue reading

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Are You Concerned About Filing for an Extension?

Are you filing for an extension?  Has time run out to meet the April 15th initial deadline? It’s OK. Really, it is. For some reason, taxpayers get very worried if they, or their preparer, need to file for an extension … Continue reading

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IRS Reminder: April 1 is Key Date for Taxpayers with IRAs and Qualified Plans

In a news release, IRS has reminded taxpayers who turned 70 1/2 during 2013 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans (i.e., 401(k), 403(b), and 457 … Continue reading

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Maximizing Qualified Tuition Program Contributions

Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to … Continue reading

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Do you have Cancellation of Debt Income?

Cancellation of Debt (COD) is settlement of a debt for less than the amount owed. It can be in the form of credit card debt, auto loans, mortgages, home equity lines, etc.  When you have debt that was cancelled, the … Continue reading

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Posted in Personal Taxes | Tagged | 1 Comment

Navigating IRA Contribution Limits

Are you wondering if you can make a contribution to your IRA to help save on taxes? Not every one is eligible to deduct an IRA contribution on their return and the rules concerning IRA contribution limits can be confusing, … Continue reading

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Something to do before it’s too late

Do you use mileage to calculate business usage of your vehicle? It’s always a good idea to document your odometer at the end of each year. This will help you determine the total number of miles driven during the year … Continue reading

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Posted in Business taxes, Personal Taxes | 2 Comments

IRS Releases 2014 Mileage Rates

The IRS announced that 2014 mileage rates for use of a vehicle for business, medical and moving purposes will decrease by one-half cent beginning in January. The new rates beginning January 1, 2014 will be: 56 cents per mile for … Continue reading

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Posted in Business taxes, Personal Taxes | 1 Comment

Energy Costs Rise as Tax Incentives Fade

With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal … Continue reading

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IRS Encourages Taxpayers to Limit Use of “Where’s My Refund”

The IRS is experiencing very high demand on their “Where’s My Refund” tool. The following is their statement as published on their website.  We’re curious to hear if you’ve already filed your return and how long it’s taken to receive … Continue reading

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