Estimated Tax Payment Reminder

Estimated Tax Payment Reminder

Your quarterly estimated tax payment is due soon.

First Quarter 2017 taxes due by April 18, 2017.

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

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Tax Tips – Uber, Lyft, and Other Ride-Share Drivers

Tax Tips – Uber, Lyft, and Other Ride-Share Drivers

Ride-Sharing Services

Instead of sitting at home watching TV reruns during their down time, some of people are making extra cash by offering their services in the shared economy. One of the most popular methods is to become a driver for a company like Uber or Lyft. Essentially, you operate your own vehicle like a taxi cab, picking up and dropping off fares, utilizing a schedule that’s convenient for your lifestyle.

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March 15 Filing Deadline for Partnerships and S Corp Returns

March 15 Filing Deadline for Partnerships and S Corp Returns

The filing deadline for calendar year partnerships and S corporations is March 15, 2017. These returns must be filed (e-filed or postmarked) by midnight (local time) on March 15, 2017. Fiscal year returns will be due the 15th day of the 3rd month following the year end. Both partnership and S corporation returns are allowed a six month extension, if

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Missing a W2 Form?

Missing a W2 Form?

What to Do if You’re Missing a W2

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. You need it to file an accurate tax return. You cannot use your last pay stub to file taxes.

If you haven’t received your form by the end of February, here’s what you should do:

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What Deduction Should You Take – Itemized or Standard?

What Deduction Should You Take – Itemized or Standard?

Itemize or Choose the Standard Deduction

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

Itemizing your deductions is best whenever your deductions are greater than the standard deduction. For example, many homeowners choose to itemize because mortgage-interest payments along with local property taxes and uninsured medical expenses often add to be more than the standard deduction.

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Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns

Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns

Where’s My Refund for Held Up Tax Returns

Where’s My Refund?” will be updated on Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Before Feb. 18, some taxpayers may see a projected date or an intermittent message that the IRS is processing their return.

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February Challenge – Tax Filing Time!

February Challenge – Tax Filing Time!

Get Your Taxes Done in 3 Simple Steps

We all know filing taxes isn’t fun for most of us.  That’s why TACCT Taxes is here to provide your tax preparation needs. It’s not complicated to get prepared for your tax appointment. In fact, you can be ready to go in three simple steps!

For February, I challenge you to get prepared for your tax appointment.  Get started now with these 3 Steps:

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Tax Documents You’ll Need to File Your Tax Return

Tax Documents You’ll Need to File Your Tax Return

Tax Documents Due Date

By law, employers have until January 31st (or the next business day if it’s a weekend or holiday) to send you their annual tax statements such as W2s, 1099-INT etc.

Many taxpayers have opted to receive their documents electronically, so check your email for notifications that the statements are available or just check your online account for the documents.

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Do I need a driver’s license number to file a return?

Do I need a driver’s license number to file a return?

Federal Requirements

You do not need a driver’s license number to file a federal return. Some states may request your driver’s license number for state tax returns because they have the ability to match state records and help confirm your identity. This is one more layer of protection against identity thieves. State tax software will prompt you for your driver’s license number if it is requested by the state. This step is not required in order to file your taxes, for most states, but could help speed up the processing of your return and will not affect your returns submission. 

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Fourth Quarter Estimated Taxes Due Jan 17th

Fourth Quarter Estimated Taxes Due Jan 17th

What are Estimated Taxes?

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

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Adjusting Your Income Tax Withholdings to Receive More Money During the Year

Adjusting Your Income Tax Withholdings to Receive More Money During the Year

Change Withholding

Check your year-to-date withholding and consider changing the taxes withheld if you are expecting a large refund.

This is especially important if you are claiming the earned income tax credit, or EITC, or the additional child tax credit. Why? The IRS is now required by law to hold all refunds on those returns until Feb. 15. The new law was put

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Delayed Refunds for Tax Year 2016 Due to IRS Identity Theft Precautions

Delayed Refunds for Tax Year 2016 Due to IRS Identity Theft Precautions

Refunds for Returns with EITC or ACTC Delayed

The PATH Act of 2015 requires the IRS to hold 2016 refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund even the portion not associated with the EITC and ACTC until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 if there are no processing issues with the tax return and the taxpayer chose direct deposit.

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Low to Middle Income Taxpayer Saver’s (Retirement) Credit

Low to Middle Income Taxpayer Saver’s (Retirement) Credit

Retirement Savings Contributions Credit

As the tax filing season approaches, the Internal Revenue Service reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

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