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Brummet & Olsen, LLP: Six Tips on Making Estimated Tax Payments - IRS Tax Tip 2013-49
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Friday, April 5, 2013. Six Tips on Making Estimated Tax Payments - IRS Tax Tip 2013-49. Some taxpayers may need to make estimated tax payments during the year. The type of income you receive determines whether you must pay estimated taxes. Here are six tips from the IRS about making estimated tax. 3 When figuring the amount of your estimated taxes, you should estimate the amount of income you expect to receive for the year. You should also include any tax deductions and credits that you will be eligi...
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Brummet & Olsen, LLP: 2011-03-06
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Tuesday, March 8, 2011. 10 Tax Mistakes Parents Often Make. Being a parent is a challenging job. At tax time, parents have an additional challenge of deciphering the tax code to properly handle income, deductions, and credits that relate to their children. Our previous blog dealt in depth with education tax issues. This article deals with some overall areas that parents tend to navigate with difficulty. 10 Tax Mistakes Parents Often Make. Excerpt from USNews.com. Luscombe adds that parents themselves nee...
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Brummet & Olsen, LLP: IRS ENTERS FILING SEASON WITH REDUCED ENFORCEMENT AND SERVICE DUE TO BUDGET CUTS
http://brummetandolsen.blogspot.com/2015/01/irs-enters-filing-season-with-reduced.html
Monday, January 19, 2015. IRS ENTERS FILING SEASON WITH REDUCED ENFORCEMENT AND SERVICE DUE TO BUDGET CUTS. Budget cuts impact audits and service. When Congress make changes to the Tax Code late in the year, the IRS must scramble to incorporate these changes into its return processing systems. This year is no different. The Tax Increase Prevention Act of 2014, signed into law by President Obama in December, makes some 500 changes to the Tax Code through language extending the tax extenders, techn...The I...
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Brummet & Olsen, LLP: 2013-03-17
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Friday, March 22, 2013. Retirement plan loans as a source of ready cash—the pros and cons. Although it is generally not considered prudent to withdraw funds from a retirement savings account until retirement, sometimes it may appear that life leaves no other option. However,. When a plan loan is not a taxable distribution. In general, a loan from a qualified employer plan, such as a 401(a) or 401(k) account, must be treated as a taxable distribution. The loan is evidenced by a legally enforceable written...
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Brummet & Olsen, LLP: 2011-04-03
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Saturday, April 9, 2011. What to Do If You Owe Taxes. Many of us already have gotten the bad news - Uncle Sam is going to hand us a bill. About one in four tax returns have a balance due, according to the Internal Revenue Service. And that could be painful. In 2008, the average bill was a whopping $5,000. The good news is that there's still time to plan, and you have a number of options before taxes are due on April 18. Friday, March 18, 2011. Finance, provided by SmartMoney. Circular 230 notification - ...
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Brummet & Olsen, LLP: 2014-02-09
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Monday, February 10, 2014. IRS 2013 Audit Rates Vary Significantly Among Taxpayers. Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit coverage rate at its lowest level since FY 2006. At the same time, the number of IRS employees working audits has decreased. However, enforcement revenue increased. To put the overall percentage in perspective, the IRS received 145,819,388 individual returns in 2013. The a...
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Brummet & Olsen, LLP: How will you use your tax refund? Some wise advice.
http://brummetandolsen.blogspot.com/2013/04/how-will-you-use-your-tax-refund-some.html
Saturday, April 6, 2013. How will you use your tax refund? Reposted from AICPA Insights -. In the News: Using Tax Refunds Wisely. Posted by James Schiavone on Apr 05, 2013 in CPA Profession in the News. Trends and Hot Topics. Do you see your neighbor waiting by the mailbox for their tax refund? Chances are it’s not so they can use it on a fancy vacation or a new spring wardrobe. This year, workers are most likely to save their refund or use the money for day-to-day expenses, according to a recent survey.
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Brummet & Olsen, LLP: 6 Tips on Gambling and Income Taxes: Don't Play the IRS for a Sucker
http://brummetandolsen.blogspot.com/2015/01/6-tips-on-gambling-and-income-taxes.html
Saturday, January 24, 2015. 6 Tips on Gambling and Income Taxes: Don't Play the IRS for a Sucker. Each year we have clients that have received a tax document from a casino documenting their gambling winnings. They always state that they have lost far more than they have won, but the following article highlights the scrutiny this area is under from the IRS. 6 Tips on Gambling and Income Taxes: Don't Play the IRS for a Sucker. By Ken Berry, JD - CPA Practice Advisor Tax Correspondent On Jan 23, 2015. Casin...
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Brummet & Olsen, LLP: 2011-03-13
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Thursday, March 17, 2011. FAQ: What are the rules for claiming dependents on my tax return? You are allowed one dependency exemption deduction for each person you claim as a qualifying dependent on your federal income tax return. The deduction amount for the 2010 tax year is $3,650. If someone else may claim you as a dependent on their return, however, then you cannot claim a personal exemption (also $3,650) for yourself on your return. Additionally, your standard deduction will be limited. The term "dep...
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Brummet & Olsen, LLP: 2013-03-03
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Thursday, March 7, 2013. Debt forgiveness relief was originally granted to taxpayers through the Mortgage Forgiveness Debt Relief Act of 2007, effective for debts discharged after January 1, 2007 and before January 1, 2010. The 2008 Stabilization Act extended this relief to debts discharged before January 1, 2013. Brummet and Olsen, LLP. Links to this post. Wednesday, March 6, 2013. VEHICLE DEPRECIATION AND DEDUCTIONS. Personal vs. business miles. Business use of your car can include traveling from one w...
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