IRS does not call you! Phone Calls from IRS is a new Scam

The new scam is that you get a very official sounding phone call from the Internal Revenue Service or the Untied State Treasury of America.  Please do not talk or give any information to the person on the other side of the phone. The best thing is to hang up or write the number down […]

4 Simple reasons to participate in your company’s 401K

1.  If your company matches a percentage to your 401K contribution, it is actually just like you got a raise. For example, if your company matches 3% of your salary to your  401K contribution, and lets say you make $40,000 a year, you are going to get an extra $1,200. 2.  Your contribution to your […]

Is my Scholarship taxable?

Scholarships  received by a student toward a degreed education is tax free for qualified expenses such as tuition, fees, books, supplies and equipment. The room and board and travelling expenses are taxable and should be included in the 1040 tax return.  The scholarships received for a non-degreed education is all taxable. For more information please refer to […]

Send your kids to day camp and save on taxes

The IRS allows the cost of day camp and babysitters for your kids to be deducted from your taxes. This saving is in the form of a tax credit and it allows you to use 35% of all eligible child care expenses up to  $6000 for two or more children. This credit is 35% of […]

Are you reaching the age of retirement?

Workers born in 1943 to 1954 can retire with full benefits at the age of 66 years. Workers born in 1960 and after have to wait until they are 67 years old. You may request to receive your benefits at age 62. However, your benefit will be reduced by almost 20%. If you retire at […]

Meals and Entertainment Receipts for IRS

What type of receipts you need to keep for IRS for your Meals and Entertainment? Make sure that you keep the detailed and itemized receipt of the restaurants instead of your credit card receipts. Also keep the itemized receipt of your hotel bill while travelling for your business instead of just your credit card receipts.

Six most common Tax documents

Six most common documents needed for preparing your Tax Return 1. W-2 form from your current employer and W-2 forms from all the other employers that you might have had in 2017. 2. 1099-Misc forms issued to you as an independent contractor. 3. 1099 Interest and 1099- Div from any bank or broker for accounts […]

How to avoid paying late tax filing penalties

File your tax returns before the Tax Return Deadlines September 15th is the deadline for filing your business tax returns. This date applies to all Corporations, S Corporations and LLC’s. October 15th is the last date for filing your personal tax returns. This date is for the individual tax return extensions. Please visit us at […]