Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn't have to be. Here are six tips for a stress-free tax season. Don't Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your [...]
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If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social Security Number. This credit is refundable, which means you may a refund even if you don’t owe any tax. Credit for Other Dependents: This is a [...]
Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same [...]
For our clients who take advantage of our in person consultations: CHECK CASH CREDIT and DEBIT CARDS – We now accept credit cards at our office. PAY NOTHING NOW - Use your refund to pay your tax prep fees. Ask your preparer for details at your first meeting. For our clients who utilize our portal for all transactions, including signing your return: CHECK CREDIT CARD PAYPAL Contact us to arrange for additional invoicing from [...]
With wild fires in the west, hurricanes on the east coast and tornadoes and severe storms in the middle of the country, the U.S. has been hit hard this year. If you are a victim of one of these natural disasters, here are some tips to help you with potential tax issues. Special rules apply to casualty losses suffered in an area that has been declared a disaster by the president and eligible for [...]
Are you looking for tax services near Whitewater, Wisconsin? If you want a Whitewater Tax Return and Preparation service you can trust, choose Fort Tax Service Inc. Fort Tax Service Inc. offers general public tax preparation and accounting services. Serving the area since 1979, we have years of experience assisting taxpayers and small businesses in Fort Atkinson, Whitewater, and surrounding communities. Fort Tax Service can help you with tax preparation, tax planning, bookkeeping, property [...]
The AOTC is a tax credit with a non-refundable and refund-able component to help make college more affordable for eligible students. A non-refundable portion is allowed to the extent it does not exceed the taxpayer’s income tax liability. The refundable portion allows the taxpayer to receive a refund regardless of the tax liability. The AOTC is based on 100% of the first $2,000 of qualified expenses, plus 25% of the next $2,000 of such expenses paid [...]
Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records. Copies of tax returns. Keep copies of your tax returns as part of your tax records. Your tax returns can help you prepare future returns and amended returns. After you die, copies of your tax returns and other records can be helpful to your survivors or the [...]
Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation. If a cancelled debt is excluded from income, it is nontaxable. Cancellation of Debt Cancellation of debt (COD) is settlement of a debt for less than the amount owed. A debt may be cancelled by a lender voluntarily or through bankruptcy or other legal proceedings and may result [...]
Times can get tough. If you find yourself in a difficult situation when it comes to credit card debt, you may be able to make an arrangement with card companies to pay a fraction of the debt owed. The remaining portion of the debt is considered canceled debt or “forgiven debt.” When this occurs, the company will send you Form 1099-C, Cancellation of Debt. You need to be aware that there may be tax [...]