Posts Tagged ‘taxpayer’
Tips to Help Taxpayers with January 31 Tax Season Opening
We are again suggesting some tips to help taxpayers with the January 31 tax season opening. The IRS will begin processing most individual income tax returns on Jan. 31 after updating forms and completing programming and testing of its processing systems. The IRS anticipated many of the tax law changes made by Congress under the…
Read MoreUnderpayment of Taxes – Personal Returns – How to Avoid Penalties – Dreaded “Spiky Income”
Underpayment of Taxes – Personal Returns – How to Avoid Penalties – Dreaded “Spiky Income” By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP One of the most frustrating issues taxpayers confront as they attempt to deal with their taxes is to determine the required amount and due dates for estimated tax…
Read MoreFive Tips for Recently Married or Divorced Taxpayers with a Name Change
Here are five tips for recently married or divorced taxpayers with a name change. If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the…
Read More10 Things Every Taxpayer Needs to Know About the Pension Law
10 Things Every Taxpayer Needs to Know About the Pension Law The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of…
Read MoreThe Roth Way to Riches
The Roth Way to Riches By Roy Lewis With all the recent tax-code changes, it seems a number of taxpayers have forgotten the Roth IRA. That’s a shame, because it’s far more than an ordinary retirement savings account. Roth IRAs are tax-favored accounts to which qualified taxpayers can make non-deductible, after-tax contributions. Those contributions can…
Read MoreTaxpayers May Claim Deductions for Vacation Homes
Taxpayers May Claim Deductions for Vacation Homes Updated: 3/22/13 Taxpayers are allowed to claim deductions for their primary residence and one vacation or second home. In the case of the main residence, tax breaks are usually limited to mortgage interest and property tax deductions. However, there are more deductions available when you own a second…
Read MoreFinally Some Good News Regarding Taxpayers’ Refunds
Finally Some Good News Regarding Taxpayers’ Refunds Remember the outcry about smaller tax refunds during the first few weeks of the tax season? Numerous reports detailed how so many taxpayers were shocked and upset about the size of their refunds. Even worse, some taxpayers were getting an additional tax bill. The complaints against President Trump’s…
Read MoreLast-Minute Tax Tips for High Net Worth Taxpayers
Last-Minute Tax Tips for High Net Worth Taxpayers If you’re one of those taxpayers that like to wait till April to file his or her taxes, then there are still some new things you should know about before you file. That’s especially true if you’re a high net worth individual or an investor. By now,…
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