10 Tips for choosing a tax preparer

Filing your taxes is a big deal. You want a good preparer who knows their stuff, especially since you are ultimately responsible for the information that’s reported to the IRS, even if someone else prepares your return. So, here are 10 tips from the IRS for choosing a tax preparer. Check their qualifications. You can …

Keep Reading

How scholarships can help your education tax credits

Many of you may have personally taken an education tax credit on a return at some point or perhaps have taken one for a child. Just as a quick refresher – there are two education tax credits currently available on your federal income tax return: American Opportunity Tax Credit. A potential credit of up to …

Keep Reading

SSA’s No-match letters are going out again

What’s a “no-match” letter, you ask? It’s a letter sent by the Social Security Administration (SSA) to employers who are identified as having at least one name and Social Security Number (SSN) combination reported on Form W2 that does not match SSA records. This notice, commonly referred to as no-match letter, informs the employer that …

Keep Reading

Name change? Don’t forget about the tax impact

When you legally change your name, there are tax consequences you need to address – especially at tax time. Maybe you got married, are going back to your former name after a divorce or adopted a child who’s taking your family name. Whatever, the IRS wants you to remember these important things: Report the change …

Keep Reading

How divorce impacts your tax filing status

Your filing status for federal income tax purposes depends on your marital status under state law on the last day of the calendar year – December 31. Legally separated/divorced If, as of December 31, you are legally separated under a final decree of separate maintenance, or a final divorce decree has been issued, then you …

Keep Reading

IRS revamps EIN process to enhance security

As part of its ongoing security review, the IRS is making a change to the Employer Identification Number process. Starting May 13, only individuals with tax identification numbers may request an EIN as the “responsible party” on the application. This will provide greater security by requiring an individual – instead of entity – to be …

Keep Reading

Sports teams get tax relief on trades

As of this blog, my beloved Colorado Avalanche are squaring off in the second round of the Stanley Cup Playoffs against the San Jose Sharks; my Denver Broncos have just drafted what we all hope is the next QB of the future in Drew Lock; and locally, the Arizona Diamondbacks are exceeding all expectations and …

Keep Reading

Don’t get trapped with the IRA 60 day rollover rule

Deadlines can be very stressful, especially when it comes to taxes. One stress that many people are not aware of is the 60-day deadline for keeping an IRA rollover tax-free. Why you may ask? Because missing the 60 day rollover rule can result in taxable income — and if you’re under age 59½, you may …

Keep Reading

Tax season 2019: overheard in the hallways

In one of the craziest, most surreal tax seasons I can ever remember, I thought it would be interesting to do another episode of Overheard in the Hallways. You know, things you have heard throughout the three months, with no context, that just make you laugh out loud. “I think it must all be taxable …

Keep Reading

5 Tips to determine if your Social Security is taxable

You may not realize the Social Security benefits you received in 2018 may be taxable. You should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of your benefits. You can use this information to help determine if your benefits are taxable. Here are five tips from the IRS to …

Keep Reading