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Monthly Archives: September 2015

IRS publishes tips for amending returns

If you discover an omission or error made on your already filed tax return, you may need to file an amended return. Here are some IRS tips for amending returns. Use Form 1040X. You must file a paper amended return; … Continue reading

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Will your child have to file a tax return?

Your child may have to file a 2015 income tax return depending on several factors, including the total amount of income he or she received. For instance, if wages are the only source of income, your child can generally earn … Continue reading

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Tax Tip: Consider making tax-free gifts

If you are in a position to give, making annual gifts can be an excellent strategy for reducing both your estate and income tax liability. Doing your gift-giving well before year-end is especially smart if you are giving income-producing property. … Continue reading

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Back to school? Check this tax credit

If you or a member of your family is off to college this fall, you may be eligible for the American Opportunity Tax Credit. Eligible students may take this credit for the first four years of higher education. The credit … Continue reading

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Personal tax returns due by October 15

Even if you have too little income to require a tax return, you must still file to get a refund of any tax you paid in. The statute of limitations the IRS has to examine (audit) your tax returns is … Continue reading

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The true cost of IRS penalties for a small business

Let’s assume for this conversation that your Net Profit is 10% of your Gross Sales. By that logic, to make a $100 profit you have to bring in $1,000 of Gross Sales. By whatever foible, in addition to taxes and … Continue reading

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How to reduce inventory risk in your business

Study the balance sheet of most retail or manufacturing businesses, and you’ll find inventory near the top of the asset list. Accountants define inventory as raw materials, supplies, work in progress, and finished goods. It’s the stuff sitting on shelves, … Continue reading

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IRS gives worker classification criteria

Since independent contractor payments are not subject to payroll taxes, there is a temptation to classify some employees as independent contractors when they should not be. The IRS uses certain criteria to help determine who should be classified as an … Continue reading

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September 15 deadlines

September 15 is the filing deadline for 2014 tax returns for calendar-year corporations that had extensions of the March deadline. September 15 is the filing deadline for 2014 partnership tax returns that had an extension of the April filing deadline. … Continue reading

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Marital status affects your taxes

Your marital status can have a major impact on your taxes. Sometimes changing the date for a wedding or the timing of a divorce can be a major tax saver. If you and your spouse-to-be have similar incomes, you may … Continue reading

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