September 14, 2017

End of the Year Tax Planning: 5 Last Minute Ideas

By Kristen Coyner, MSA   Your April 18, 2016 tax bill is still the stuff of nightmares. It was a good year, but that check to the Treasury Department really dampened your outlook about it. This year is looking good too, but even with estimated tax payments, it looks like the 2017 tax return isn’t going to be much better. Is it too late to mitigate the damage? Even though the leaves are turning and there’s a chill in the […]
August 31, 2017

Do You Really Need a Tax Accountant?

These days, anyone with an internet connection and a QWERTY keyboard can file their own income taxes. The number of online providers offering low cost, simple tax preparation is astounding. And for many of us, those services are perfectly adequate and a wise cost-saving measure. However, sometimes taxpayers find themselves in a situation where they need to call on a professional to do the heavy lifting. When this happens, some might turn to same day tax preparation from one of […]
February 8, 2017

Health Care Information Forms for 2016

The IRS has posted the following information about forms 1095-A, 1095-B and 1095-C: Because of the health care law, you might receive some new forms this winter providing you with information about the health coverage you had or were offered in 2015.  The information below is intended to help individuals understand these new forms, including who should expect to receive them and what to do with them. The Basics 1. Will I receive any new health care tax forms in […]
February 8, 2017

Document Retention-What should you really keep?

As you prepare your current tax paperwork, it’s an opportunity to go through the piles of paper and files you’ve saved for years. Here’s some guidelines on what to keep. To start, we advise you to keep originals of all legal documents, loan satisfactions, and notarized documents indefinitely. Most of the rest can be scanned and saved digitally. Income Tax Returns: Keep all federal and state income tax returns and the supporting documents for at least three years. If your […]
February 8, 2017

What is an Enrolled Agent?

Most people have heard about Certified Public Accountants, or CPAs. But there is another designation of highly specialized tax expert that the IRS authorizes: The Enrolled Agent. Enrolled Agents, or EAs, are licensed by the federal government to represent taxpayers before the IRS. The profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons to represent citizens in their dealings with the United States Treasury Department. EAs are tax […]