Are Itemized Deductions Worth the Effort?
Knowing the difference between the standard and itemized deduction might save you a lot of time and trouble, and some taxes to boot.
Author Archive for: Keller & Owens
Entries by Keller & Owens
Making an IRA Change Could Be Tax-Smart
Did you convert all or part of a retirement account to a Roth during 2014? And do you now wish you hadn’t? Here’s some good news: You have until October 15, 2015, to change your mind, even if you already filed your federal income tax return.
Moving Expense Deduction
WASHINGTON – IRS Summertime Tax Tip 2015-20 – If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same job in a new location. In order […]
Accurate Inventory Numbers are Crucial for your Business
For many companies, inventory is a significant dollar amount on the company’s financial statements. So it’s crucial that recorded inventory balances reflect actual values.
Tax Tips for Students with Summer Jobs
WASHINGTON – IRS Special Edition Tax Tip 2015-13 – Students often get a job in the summer. If it’s your first job it gives you a chance to learn about work and paying tax. The tax you pay supports your home town, your state and our nation. Here are some tips students should know about […]
Include a Few Tax Items in Your Summer Wedding Checklist
WASHINGTON – IRS Summertime Tax Tip 2015-14 – If you’re preparing for summer nuptials, make sure you do some tax planning as well. A few steps taken now can make tax time easier next year. Here are some tips from the IRS to help keep tax issues that may arise from your marriage to a […]
Don’t Let the IRS Become Your Pen Pal
Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to the following details will reduce the likelihood that you will become pen pals with the […]
Your Social Security Benefits May Be Taxable
Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return.
What You Should Know if You Changed Your Name
WASHINGTON – IRS Tax Tip 2015-22 – Did you change your name last year? If you did, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name:
IRS to Parents: Don’t Miss Out on the Tax Savers
WASHINGTON – IRS Tax Tip 2015-14 – Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: