Accounting Advocate for Individuals and Businesses

Rockin' tax tips

TAX TIP #122-MISSING FORM W-2? IRS CAN HELP

Most people get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year If you haven’t received your form by mid-February, here’s what you should do: Contact your Employer. Ask your employer (or former employer) for a copy. Be sure they have your co... Read more

TAX TIP #121-HOW TO DETERMINE IF YOU CAN CLAIM THE PREMIUM TAX CREDIT

The premium tax credit is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace. Claiming the premium tax credit may increase your refund or lower the amount of tax that you would otherwise owe. If you did not get advance credit payments in 2015, you can claim the full benefit of t... Read more

TAX TIP #120-TEN GREAT WAYS TO USE IRS.GOV

No matter when you need tax help or information, start by visiting IRS.gov. A variety of tools and services are only a click away on our website. Here are ten great ways to use IRS.gov: Get Answers to Your Tax Questions. The Interactive Tax Assistant cov... Read more

TAX TIP #119-CONTRIBUTE TO RETIREMENT ACCOUNTS

If you haven’t already funded your retirement account for 2015, do so by April 18, 2016. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 17, 2016, you can wait until then to put 2015 contributions into those accounts. To start t... Read more

TAX TIP #118-HOME OFFICE TAX DEDUCTION

The eligibility rules for claiming a home office deduction have been loosened to allow more filers to claim this break. People who have no fixed location for their businesses can claim a home office deduction if they use the space for administrative or management activities, even if they don’t meet clients there. Doctors, for example, who consult at variou... Read more

TAX TIP #117-TAX SAVING IDEAS FOR YOUR 2015 TAX RETURN

Though it’s true that most money-saving options to defer income or accelerate deductions become much more limited after December 31, there is still a lot you can do. Make an Estimated Tax Payment If you didn’t pay enough to the IRS during the year, you may have a big tax bill staring you in the face. Plus, you might owe significant interest ... Read more