Four Things to Consider Now for the Upcoming Tax Season
It’s November already. How can that be possible? The more important question is what are you going to do about it? Although it seems like the last tax season just ended a few months ago, the next tax season is just a few weeks away. That means you should already be preparing for your inevitable tax return. So what can you do to start getting ready?
There are many different things to start thinking about if you’re looking to get started on tax preparation right now. One of those things is to consider a Roth IRA. It might be a good idea for some taxpayers to convert their traditional Roth IRA, which is filled with pre-tax money into an after-tax Roth IRA, because those profits can be withdrawn tax-free.
Another thing that could come into play a lot this year is how taxes will affect those in same-sex marriages. Anyone who has filed previous tax returns as a single because their relationship was not recognized in their state can now go back and file amended returns. If you fall into this category then start looking into those past returns now.
Last, but not least, another important item to consider is penalties from Obamacare. For those who did not have health insurance this year the fine has gone up considerably from last year. While it is too late to sign up for insurance for the last 10 months, you can file for a hardship exemption.
The bottom line is it’s time to get ready for taxes. Contact GROCO now for more help with your taxes for the upcoming season. We will get you ready. Click here or call 1-877-CPA-2006.
Need Help With Your Bookkeeping?
An important part of any business is the company’s bookkeeping efforts. The type of bookkeeping system you use is really up to you as long as you keeps a detailed record of all your expenses and income. In almost all cases, there are no special requirements for keeping your records. On the other hand, every…
IRS Finally Says Sorry for Seizing Small Businesses Bank Accounts
Small businesses face a tough battle in general, but when they have the IRS breathing down their necks it makes it that much more difficult to find success. Things are even more difficult when the IRS decides seize some of these business’s bank accounts. At least now the tax agency is apologizing for its actions.…
Lawmakers Vote To Make Three Tax Provisions for Businesses Permanent
Late last year lawmakers in Washington extended a bill that made three important tax provisions for businesses valid through December 31, 2014. That means those provisions were good for last year’s taxes, but expired when the clock struck midnight on January 1, 2015. The extension was welcome news last year for many businesses. Now there…
It’s Time for a Tax Scam Refresher Course
Despite repeated warnings from the media and the IRS alike, thousands of people are conned out of money every tax season by scammers. Make sure you’re not one of them. Here is a list of some of the most common scams the IRS sees this time of year. The list is not all-inclusive, as scammers…