News & Tips
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GOT YOUR LAST PAY STUB BUT NO W-2 YET?
Many W-2 Forms are available on-line...
check with your employer!
COME BY...WE CAN PROVIDE YOU WITH AN ESTIMATION OF YOUR REFUND BASED UPON YOUR LAST PAY STUB!
Public Law 115-97, Tax Cuts and Jobs Act brought many changes to the way personal and business tax return are prepared. Employees who may need to change withholding allowances, now have access to a withholding calculator housed on the IRS.gov website. Now you can check whether or not you should change your withholding allowance by simply following this link:
You can also find the updated Form W-4 or open here:
Record keeping makes good sense, especially when it comes to your taxes! This is a great time to get your personal files in order. Days are longer, schedules are often less busy, and the tax year has not yet ended. Click below for more on keeping good records.
Wedding season is in full swing! Congratulations! You have tied the knot and cut the cake. Now its time to think about tax filing. How should you proceed? Although the tax filing deadline seems far away, it will be here before you know it. Here are five simple steps to make your first joint income tax return less stressful.
Business Owners, shareholders, partners! Don't be caught late on filing required tax information documents such as 1099-Misc, W-2 forms, Quarterly reports or your business tax returns. Employers, notices for health insurance coverage must be timely filed to ensure employees receive documented proof of coverage and as importantly, IRS receives record of the coverage. Penalties for late filing are steep and are readily assessed by IRS in this tight economic climate! Received a notice from IRS?...don't ignore it! Contact our office early to find out what you are required to do and by when!
Schedule Your Appointment Early and Bring the Documents You Need to Get the Credits and/or Refund You Deserve!
You should bring certain documents to substantiate your income, deductions/credits, dependents, etc.
These documents include:
- Valid driver's license or photo identification (self & spouse, if applicable).
- Social Security cards for all persons listed on the return.
- Dates of birth for all persons listed on the return.
- Birth Certificates for all dependent children
- All income statements: Forms W-2, 1099, Social Security, Unemployment, or other benefits statements, self-employment records and any documents showing taxes withheld.
- Dependent child care information: payee's name, address and SSN or TIN.
- Proof of account at financial institution for direct debit or deposit (i.e. cancelled/voided check or bank statement).
- Prior year tax return (non-AccuTaxPro new clients).
- Copy of Form 1098-T for Education Credit for taxpayer and/or qualifying dependent listed on your return. YOU MUST HAVE THIS FORM!
- Any other pertinent documents or papers.
IDENTITY THEFT - Identity theft has changed the way we handle client information and changed IRS's methodology handling taxpayer information. Affected taxpayers are provided an IP PIN numbers in order to file current returns. If you are a victim of identity theft, you should have received a letter assigning your IP PIN number for clearance to file your return. If your PIN is lost, go-online to IRS.gov where you will be prompted through a series of questions in order to retrieve a new number. More than 1,000,000 taxpayers are believed to have been victims of identity theft! It is important to protect your personal information so that you do not fall victim to identity theft.
1.Shred personal documents before disposing them;
2.protect PIN numbers and passwords;
3.whenever possible, swipe your own credit/debit cards rather than passing them to a clerk for swiping, but if you must, watch the clerk closely to ensure they are not recording information from your card;
4. protect your social security number;
5.be on guard using the internet; and safeguard your purse and wallet.
6. Advise your college age students not to divulge information such as social security numbers and tax data to individuals they do not know but who approach them about getting a "large" refund. We recommend your college student have his/her return prepared by mom and/or dad's tax-preparer, if possible.
If you believe your identity has or may have been compromised, alert local authorities immediately, then contact IRS at 1-800-908-4490.
EARNED INCOME TAX CREDITS
The Internal Revenue Service has imposed strict guidelines for verifying and substantiating taxpayer deductions, expanding the Tax Preparer's duty to exercise "Due Diligence" with regard to taxpayer deductions, income, and claims for credits reported on tax returns. Earned Income Credit recipients, in particular, must signature Form 8867, Tax Preparer Due Diligence Checklist and a copy of it attached and filed with the tax return. Our office has been ahead the game on this requirement for several years requiring clientele to sign the form and retaining it on file in our office. IRS now requires those signed forms to be mailed or electronically filed with the taxpayers tax return. This new requirement is part of the ongoing effort by IRS to prevent fraud and errors in processing the Earned Income Credit. You may have heard in recent news reports of IRS's effort to thwart tax fraud returns and identity thieves. Tax Returns which include earned income credit will be delayed in refund processing this year! So prepare yourself for some delay if your refund includes earned income credit or child tax credits.
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