No paperwork means no deduction

Did you give contributions to qualified charities during 2014? Be sure to get a receipt.

March Tips...

• March 2 is the deadline for payers to file 2014 information returns, such as 1099s, with the IRS.

TIPS for the Month

If you paid a household worker $1,900 or more in 2014, you may have payroll tax obligations.

The IRS is again warning taxpayers not to fall for tax scams which proliferate during tax season.

Reverse mortgages - Answers to some Questions

A reverse mortgage is a loan against your property. But, instead of you making payments to the lender as you do on a regular mortgage, the lender is paying you. The repayment of this mortgage takes place after you no longer live in your home. Here are some answers to common questions about reverse mortgages.

1. How can a reverse mortgage benefit me?

In this issue:

• Is a Reverse Mortgage the Solution?
• IRS Announces Annual Scams
• Tax Breaks for Education
• Common Missing Tax Return Items

This month:

• March 8th: Daylight Savings Time Begins
• March 16th: Due Date for 1120, 1120S Corp. Tax Returns

This month's issue outlines the benefits and risks of reverse mortgages, includes a recap of all too common IRS tax scams, reviews some common educational benefits and provides a list of "frequently missing" information that can often hold up filing your tax return.

Alert. 800,000 Form 1095-A's have Errors

Last week the Centers for Medicaid and Medicare Services announced that approximately 800,000 Form 1095-A’s were issued with errors on them. The error could cause you to file an incorrect tax return that claims a higher Premium Tax Credit than you have a right to collect.

Since 2006 there has been a provision in the tax code to incent taxpayers to purchase and install property that make their home more energy efficient. This part of the code does not tend to be in the press much because the Nonbusiness Energy Property Credit has a lifetime limit of $500.

New for tax year 2014 is the requirement to have health insurance. If you do not have qualified health insurance coverage AND you do not fit into one of the limited exemptions you will need to pay a fine, tax, or as the government calls it, an “individual shared responsibility” payment. So how do you prove you have the required health insurance? It is not a simple thing.

[block border="5px solid #aacb24" padding="10px 15px"]Sticking to budgets and diets[/block]

Budgets, like diets, are short lived for most of us. You do a proper job of planning by looking over the past and determining where you need to make changes to meet your goals. And, you live by your plan for a few days, maybe even a few weeks. But, then all the detail of keeping track of what comes and goes gets to be more than you are willing to put up with.

[block type="rounded" color="#FFF" background="#000000"]Going into business with a franchise[/block]

Have you ever wanted to be your own boss, but didn't want to start a business from scratch? If so, buying a franchise might be the right choice for you.

When you purchase a successful franchise,

IRS Announces Change In Implementation Of Tangible Property Regs For Small Businesses

The IRS has reacted to the complaints of the small business community and today issued Revenue Procedure 2015-20 outlining a simplified procedure for small businesses to comply with the final tangible property regulations. The simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season.

Elect S corporation status by March 16

If you own a small business, you have until March 16, 2015, to choose S corporation status for this year. In order to become an S corporation, you'll need the unanimous approval of all shareholders.

Unless you have spent the last twelve months in a bubble,

Warning: Watch out for aggressive phone scams again this tax season

The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning taxpayers about one particular category of tax scams that has proven to be very widespread, very aggressive, and very relentless.

Tax Season Reminders

1. Recent law increased Section 179 deduction
   Did you purchase and begin using new or second-hand business equipment during 2014?

IRS service will decline by ACA and budget cuts

IRS Commissioner John Koskinen has informed taxpayers that the Agency's level of service to taxpayers is likely to decline,

New ABLE accounts are now available

The Tax Increase Prevention Act of 2014 that was signed last December mainly affected the year 2014 as it extended for that year only some 50 tax breaks

Oops. I Wish I Knew That

Here are five tax topics that seem innocent but can cause problems if not handled correctly.

In this issue:

• There is still time for Retirement Funding
• Maximizing Your Refund Power
• So You Think You are Hip
• The Benefits of a Sole Proprietor

The Month of February:

• Receive all 1099s and W-2s
• Set up Tax Appointment
• Rebalance Investment Portfolios
• February 14th: Valentines Day
• February 16th: Presidents Day

Every new business needs a record system

Many small start-up businesses are off and running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. Money has been paid out for equipment and supplies, some by check and some by cash out of pocket or from sales receipts.