By:  Isaac M O’Bannon, Managing Editor CPA Practice Advisor While millions of American taxpayers wait for their W-2, 1099 and other important tax documents to arrive in the mail, their thoughts turn to the often-dreaded prospect of filing their 2014 tax returns. With all the annual changes to the tax rules and its complexity, it’s… Read More

At long last, Congress granted a reprieve for most of the expired tax provisions that had remained in limbo this year, but the late-breaking tax relief is only temporary. The new legislation – the Tax Increase Prevention Act of 2014 – restores these tax breaks retroactive to January 1, 2014. However the provisions expire again… Read More

More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and… Read More

By Kayleigh Kulp Published March 26, 2012 FOXBusiness When trying to find a professional tax preparer, consumers face an alphabet soup of choices. Most people turn to the two well-known groups of licensed tax professionals: certified public accountants (CPA) and enrolled agents (EA). No matter the acronym after their name, the first step in your… Read More

Alimony is deductible by the person making the payments.  The receiving ex-spouse must report alimony as income on his or her tax return. Unfortunately, in a recent Treasury Department audit of tax returns, 47% of those that claimed to pay alimony did not have a matching tax return from someone that added the payment back… Read More

With new tax laws beginning in 2014, a number of taxpayers who were not traditionally required to file a tax return may now need to do so.  Here are three new situations in 2014 that may require you to file a tax return. You have no medical insurance.  Beginning in 2014, if you are not… Read More

Minimizing your taxes requires a year round effort. The following events will have an impact on your tax liability. In most cases, proper tax planning can minimize any negative tax consequences. Whenever a situation on this list occurs, call your EA.   Buying, selling or exchanging any real property (land or building), including converting your… Read More

Tax Season 2014 has come and gone and now it’s time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions. Certain Life Events Have you recently had a birth, adoption or death in your family? Have you gotten married, divorced,… Read More

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes. Income Tax Estimated Taxes Self-Employment Tax Employment Taxes Excise Tax Income Tax All businesses except partnerships must file an annual income tax return.  Partnerships file an information return. … Read More

Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum: Name change.  The names and Social Security numbers on your tax return must match your Social… Read More