Accounting Advocate for Individuals and Businesses

Rockin' tax tips

TAX TIP #128-STILL TIME TO MAKE YOUR IRA CONTRIBUTION FOR THE 2015 TAX YEAR

Here are five things you should know about the AMT: Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½... Read more

TAX TIP #127-FIVE THINGS YOU SHOULD KNOW ABOUT THE ALTERNATIVE MINIMUM TAX (AMT)

You may not know about the Alternative Minimum Tax because you’ve never had to pay it before. However, your income may have changed and you may have to pay it this year. The AMT is an income tax imposed at nearly a flat rate on an adjusted amount of taxable income above a certain threshold. If you have a higher income, you may be subject to the AMT. Her... Read more

TAX TIP #126-TAX SAVINGS FROM HIGHER EDUCATION COSTS

Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education. The American Opportunity Credit (AOTC) is: ... Read more

TAX TIP #125-CAPITAL GAINS AND LOSSES—9 HELPFUL FACTS TO KNOW

When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home or car, as well as investment propert... Read more

TAX TIP #124-IRS ISSUES NINE OUT OF 10 REFUNDS IN LESS THAN 21 DAYS

The Internal Revenue Service issued a statement on January 28, 2016 reminding taxpayers that it issues 90 percent of refunds in less than 21 days. The best way to check the status of a refund is online through the “Where’s My Refund?” tool at IRS.gov or via the ... Read more

TAX TIP #123-SIX TIPS ON WHETHER TO FILE A 2015 TAX RETURN

Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return: 1. General Filing Rules. Whether you need to file a tax return depends on a few factors. In most cases, the... Read more