Has the IRS questioned something on your tax return? Ignoring it is not the proper course of action. Learn the do's and don'ts of IRS correspondence.
Monday, April 10, 2017
Thursday, April 6, 2017
According to the IRS, nearly one million taxpayers who failed to file a return for 2013 are in danger of losing refunds. Tax law provides a three-year period to claim a refund when no return is filed. That means you'll have to file a tax return for 2013 no later than this year's April tax deadline – April 18 – or the chance to claim the refund is gone for good.
Can't finish your federal income tax return by the April 18 deadline? There's still time to get an automatic six-month extension.
There are four ways to obtain an extension:
1. File a paper copy of Form 4868 with the IRS and enclose your payment of estimated tax due.
2. File for an extension electronically using the IRS e-file system on your computer.
3. Using IRS Direct Pay, you can pay all or part of your estimated income tax due and indicate the payment is for an extension.
4. Have your tax preparer e-file for an extension on your behalf.
Remember that even if you file for an extension, you are still required to pay any taxes you owe by the April 18 filing deadline. An extension gives you more time to file your tax return, but not more time to pay the taxes you owe. You will be charged interest on any taxes you owe and do not pay by the filing deadline. If you are unable to pay on time, contact the IRS to set up a payment agreement.
Special extension rules apply to members of the military serving in combat zones and to certain others who live outside the U.S. Give us a call at (518) 798-3330 so we can discuss whether or not an extension is right for your situation.
Thursday, March 16, 2017
Don't be surprised if you're required to answer additional questions this year if you claim the Child Tax Credit (CTC), Additional Child Tax Credit (ACTC) or American Opportunity Tax Credit (AOTC).
Tuesday, March 14, 2017
A health reimbursement arrangement, or HRA, is a benefit plan you can offer to your employees to reimburse them for medical expenses that are not covered by an insurance plan.
Thursday, March 9, 2017
It's that time of year when you are getting ready to sort out last year's financial records and prepare for this year's recordkeeping. Do you know what you should keep and what can you throw away? Here are some suggestions.
Tuesday, March 7, 2017
Many people think of a "dependent" as a minor child who lives with you. This is true, but it's important to remember dependents can include parents, other relatives and nonrelatives, and even children who don't live with you.