The IRS recently issued Tax Tip 2015-65: Top 10 Tips to Know if You Get a Letter from the IRS. In it, they outline what you should do when you receive a notice. Some examples include: Don’t panic. You often can take care of a notice simply by responding to it. Each notice has specific […]
Health Insurance Marketplace Statements
If you or anyone in your household purchased health insurance through the Health Insurance Marketplace in 2014, you will be receiving a Form 1095-A. You will need this form to prepare your tax return. What do you need to know about Form 1095-A? You will receive this form from your Marketplace, not the IRS. You should be […]
Vehicle Donations to Charitable Organizations
Are you preparing to donate a vehicle to a charitable organization for a tax deduction? Here is some basic information on what you need to know: Select a charity that is a 501(c)(3) organization Determine the value of your vehicle The maximum amount you can deduct is the fair market value. A used car guide […]
SIMPLE IRA Plan Checklist
A SIMPLE IRA is a great way for small employers to contribute towards their employees’ and their own retirement savings. Many small employers choose to offer a SIMPLE IRA because it is easy to set up and operate. To help employers stay in compliance with SIMPLE IRA rules, the IRS recently released an updated SIMPLE […]
IRS Phone Scam Warning
The IRS has re-issued its warning regarding phone scams. The IRS is still receiving reports that taxpayers are receiving unsolicited calls from individuals claiming to be from the IRS. These calls typically involve a person threatening the taxpayer and demanding immediate payment. The IRS does not contact taxpayers via phone calls out of the blue. […]
IRS Taxpayer Bill of Rights
The IRS has adopted a Taxpayer Bill of Rights that makes it easier to understand what your rights are when dealing with the IRS. The Taxpayer Bill of Rights has been broken down into ten rights. They are: The Right to Be Informed The Right to Quality Service The Right to Pay No More than […]
Where’s My Refund?
Have you ever wondered when you will receive your income tax refund? Both the IRS and State of Michigan have a way to check the status of your refund. These sites tell you if you return has been accepted, if your refund has been approved, and if your refund has been sent. To check the […]
Identity Theft Prevention
In the wake of recent security breaches at a major U.S. retailer, identity theft has become a real issue and fear that many Americans face. It is a good time to remind ourselves what we can do to help prevent ourselves from becoming a victim of identity theft. The IRS has provided some basic tips […]
IRS Phone Scam Warning
The IRS is currently warning taxpayers regarding a phone scam occurring nationwide. In this scam, a taxpayer is informed of the amount of money he or she owes to the government and is then given a couple of choices to pay off the debt immediately to avoid jail time or loss of a driver’s license […]
Home Office Deduction
The IRS has announced a new option for claiming the home office deduction beginning in 2013 with a less detailed form. This option places a $1,500 cap ($5 per square foot with a 300 square foot maximum) on the deduction and does not allow depreciation for the portion of the home used for business purposes. However, […]