Dont just pay that notice from IRS

I met with a client today who had received a notice from IRS and the state of Maryland that he owed more taxes for 2012 due to unreported income.  The notice referenced some unreported investment income. The taxpayer recognized that he did not report that income and assumed the tax agencies were correct and paid […]

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Problems with TurboTax

We have been  made aware of numerous reports regarding issues with TurboTax and other DIY software packages and filing issues.  The article below illustrates one such example. http://www.forbes.com/sites/kellyphillipserb/2015/02/06/minnesota-stops-accepting-returns-filed-with-turbotax-cites-fraud-concerns/ We have also been made aware that the FREE version of many of the tax programs is no longer free when you have to start filing out […]

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Obamacare and your Tax Return

The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return.  As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return.  Not only could these new laws affect […]

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Tax Provisions Extended?

According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014.  Congress had all  year to revive these tax breaks, but as usual they procrastinated and played the political game.  The good news is that we believe the following […]

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Minimum Wages Increases

New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland.  Use the links below for more information and specifics.  If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml […]

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Tax Updates

Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]

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Simplified Home Office Deduction

For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]

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IRS Phone Scams Warning

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

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Health Insurance Marketplace – Dangers

If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough.  However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change.  […]

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Tax Tips – Deducting Moving Expenses

Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]

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