These Situations Could Lead to a Higher Tax Bill This Year
Unless you’ve filed for an extension then the tax deadline is officially upon us. That means you need to get your taxes in pronto, if you still haven’t. While most people hate doing their taxes, they do enjoy the typical reward after the hard work is all done: a nice refund check.
However, there is no guarantee that you will get a refund. In fact, it’s entirely possible that you could end up owing the IRS some money, even if you weren’t expecting to. That’s because there are certain life events and decisions that can end up putting you in the red instead of the black.
For example, if you have started a side business there is a good chance you could end up owing more in taxes than you expected. If you don’t plan ahead and you don’t make any estimated tax payments on that additional income, you will owe some extra money when you report it come tax time.
Getting married or filing for divorce can also impact your tax status greatly. If you change your filing status to married filing jointly, you could end up owing more than you did when you filed as a single. Additionally, when you get divorced you might end up losing some of the deductions you once enjoyed when you were married.
There are several other events in life that could negatively affect your tax bill, including selling your home, withdrawing money from a retirement account, losing your job, winning prize money or receiving an inheritance from someone. The bottom line is, there are several things that can affect your tax bill, so make sure you track everything and be prepared for the worst. As always you can contact us at GROCO for more tax help.
http://www.denverpost.com/2017/04/09/surprise-tax-bill
Tax Saving Strategies For Business Owners
[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…
Credit Default Swaps – Impose A Tax On Bogus Insurance
[vc_row][vc_column][vc_column_text] Credit Default Swaps – Impose A Tax On Bogus Insurance By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Proposal to amend the U.S. Internal Revenue Code: Any Seller, Buyer or Insured Party who enters into a Credit Default Swap (“CDS”) contract insuring U.S. source risks will be subject to an excise…
Income Tax Deferral Strategies for Real Estate Investors
Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…
IRS Clarifies Home Sales Want to Come Clean About Taxes Overseas? The IRS Is Willing to Help
IRS Clarifies Home Sales Want to Come Clean About Taxes Overseas? The IRS Is Willing to Help By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP You know that awful feeling you get when you have done something wrong and you just can’t wait to get it off your chest?…