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Don’t Miss out on the Electric Vehicle Credit

By Joaquin On August 1, 2016 · Add Comment
Don’t Miss out on the Electric Vehicle Credit Article Highlights: • How the Credit Amount Is Determined • Manufacturer Phaseouts • Credit for Specific Vehicles • Allocation between Business and Personal Use • Non-refundable Limitations If you are considering purchasing a new car or light truck (less than 14,000 pounds), maybe you should consider one [...]
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Scammers Impersonating IRS Agents Called You Yet?

By Joaquin On June 17, 2016 · Add Comment
Scammers Impersonating IRS Agents Called You Yet? Article Highlights: Scams Impersonating IRS Agents Protecting Against Scams Protecting Against ID Theft What To Do If Your ID Has Been Compromised The Treasury Inspector General for Tax Administration (TIGTA) has indicated it is making significant progress in its investigation of the IRS impersonation scams that are sweeping [...]
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June 30 – Deadline For Reporting Foreign Financial Interests

By Joaquin On June 15, 2016 · Add Comment
June 30 – Deadline For Reporting Foreign Financial Interests Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements Every U.S. citizen and resident who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, [...]
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Claimed Premium Tax Credit Last Year? Odds of IRS Correspondence Increased

By Joaquin On May 24, 2016 · Add Comment
Claimed Premium Tax Credit Last Year? Odds of IRS Correspondence Increased Article Highlights: Premium Tax Credit Advance Premium Tax Credit Credit Reconciliation Employer Offer of Affordable Health Insurance Corrected 1095-A Watch Out for Scams Everyone hates to get letters from the IRS, and if you claimed the Premium Tax Credit (PTC) on your tax return [...]
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Employers, Don’t Miss the Work Opportunity Tax Credit

By Joaquin On May 18, 2016 · Add Comment
Employers, Don’t Miss the Work Opportunity Tax Credit Article Highlights: Credit is Elective Credit Amount Work Hours Requirements Targeted Groups Limitations Certification Requirement Through 2019, employers who hire individuals from targeted groups are qualified to claim the work opportunity tax credit (WOTC). The credit is elective, and if claimed it reduces the employer’s wage deduction [...]
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Receiving Cash Tips? The IRS Is Watching

By Joaquin On May 14, 2016 · Add Comment
Receiving Cash Tips? The IRS Is Watching Article Highlights: Collecting Tips Tip Splitting Service Charges Record Keeping Employer Reporting Allocated Tips Anyone who collects tips must include them in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab drivers, beauticians, porters, concierges, etc. [...]
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Did You Forget Something on a Tax Return?

By Joaquin On May 12, 2016 · Add Comment
Did You Forget Something on a Tax Return? Article Highlights: Overlooked Deductions and Credits Amended Tax Documents Overlooked Income Filing Statute of Limitations If you have already filed your tax return and overlooked an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be [...]
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Deducting More Than $250 for Teachers’ Classroom Supplies

By Joaquin On May 9, 2016 · Add Comment
Article Highlights: Above-the-Line Deduction Qualifications Employee Business Expenses Noncash Charitable Contribution Noncash Charitable Documentation Requirements Many devoted teachers spend a significant amount of their own money on classroom supplies. Recognizing this, several years ago, Congress created a special deduction for teachers that would allow them to annually deduct up to $250 on their tax returns [...]
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Most Overlooked Tax Deduction

By Joaquin On May 9, 2016 · Add Comment
Article Highlights: What Is IRD? Why Is There an IRD Deduction? How to Recognize If One Exists What to Do If an IRD Deduction Is Suspected One of the most overlooked tax deductions is what is referred to as the IRD deduction. IRD is the acronym for income in respect of a decedent. So what [...]
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Are You Caring for a Disabled Family Member? Read This.

By Joaquin On April 23, 2016 · Add Comment
Are You Caring for a Disabled Family Member? Read This. Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments 2014 IRS Announcement Exclusion Qualifications Mandatory Exclusion Earned Income Tax Credit Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but [...]
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  • D&J Accounting & Tax Services, Ltd. • 4950 N. Harlem Avenue • Harwood Heights, IL 60706 • T 773-237-7400 F 773-237-2822 mówimy po polsku
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