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Tax extenders 2014

January 7, 2015 | By | No Comments

Banks, retailers, commuters and teachers will keep their temporary tax breaks for another year after Congress gave final approval to a massive tax package affecting millions of businesses and individuals.The last-minute bill would extend the expired tax breaks through the end of the year, enabling taxpayers to claim them on their 2014 tax returns. Beyond this year, their fate will once again be uncertain. The package now goes to President Barack Obama, who is expected to sign it.

10 Dec

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Can tax debt be settled for pennies on the dollar as claimed by some?

December 10, 2014 | By | No Comments

Debt

These types of claims and commercials have become so prevalent that both the IRS and the Consumer Financial Protection Bureau are considering oversight of this portion of the financial services industry.

Concerns have developed based on requirements of large “up front” fees and frequent failures to settle debts based on promised terms. BEWARE!!

10 Dec

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How do I fill out a W4 tax form?

December 10, 2014 | By | No Comments

w4

You will fill out a Form W-4 when you begin a new job.  Additionally, each time you experience a life change such as a new address, marriage or a baby’s birth, you need to update your W-4 promptly. 

Do not wait until the end of the year as you may experience an unpleasant surprise in how much you owe in taxes.  If you have problems with the form your HR staff can help you. You can also contact your tax accountant for assistance.

10 Dec

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What is the penalty for failing to pay my taxes?

December 10, 2014 | By | No Comments

taxDeadline

Any portion of the federal tax due and unpaid as of the payment due date and the return is filed after the filing date is subject to a late filing penalty.

The penalty is 5% for each month or part of a month that the tax return is late, up to a maximum penalty of 25%.

If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax.

10 Dec

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How do I get a tax extension & why would I want one?

December 10, 2014 | By | No Comments

Bookkeeping

A tax extension is a way to ask the Internal Revenue Service for more time to file a tax return.  The deadline to file your tax return is normally April 15th.  By filing Form 4868 you can extend the deadline by six months to October 15th.

However, the extension of time to file is not an extension of time to pay.  The payment for your taxes is still due on April 15th.

10 Dec

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Why do my coworkers who make less than me get a larger tax refund?

December 10, 2014 | By | No Comments

tax

Possibilities:

  1.  They have their W4 set up differently.  They may file single and 0 and you file single and 1 meaning more is taken from their paycheck than yours.

  2. If they had a refund from the prior year and had it applied to the current year taxes that would increase their refund this year dramatically.

  3. If they have investments that lost money they are able to write off up to $3,000 against other income decreasing their taxable income and taxes.

There are many possibilities.  Perhaps it is best not to compare your refund with others because their details are not known to you.