- 11 – Employers: Employees are required to report to you tips of $20 or more earned during September.
- 17 – File Form 5500 if you timely requested an extension on Form 5558.
- 17 – Individuals: File Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension.
Start Planning Now to Cut Your Spring Tax Bill
While everyone else is focused on back to school, we are already thinking about next spring.
That’s because now is the ideal time to plan how to file tax forms come tax season. By working with TaxRevo this far in advance, you may be able to reduce the amount you have to pay, with only four months left in the year. (Can you believe that already?)
Put those golf clubs back in the closet!
When creating financial plans for clients, one of the first things we ask about is when he or she plans to retire. Surprisingly, far too many aren’t sure. Often, the decision is not just about money. Age, health, lifestyle, family and job satisfaction are all factors in determining whether or not to hold back on retirement.
You can get business cards from your local printer. You can get a business address at the UPS Store. But you're not really in business until you file the right paperwork with state and federal authorities and begin selling. That is the hardest part.
Success comes with education, adequate cash flow and careful planning with TaxRevo. With the right professional guidance, it can be quite simple for a new entrepreneur to establish the groundwork for starting a small business.
The Internal Revenue Service launched a new web page designed to help taxpayers involved in the sharing economy quickly locate resources they need to help them meet their tax obligations.
An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation places and perform many other activities. (Think Uber and AirBnb.com)
The sharing economy is a special focal point for tax professionals during this summer's IRS Nationwide Tax Forums. The Forums, which continue at various locations through mid-September, feature sessions with tax experts discussing the implications of the sharing economy for taxpayers.
Here are a few key points people involved in the sharing economy should keep in mind:
- Taxes. Income received is generally taxable, even if the recipient does not receive a Form 1099, W-2 or some other income statement. This is true if the sharing economy activity is only part-time or a sideline business and even if the recipient is paid in cash. On the other hand, depending upon the circumstances, some or all business expenses may be deductible.
- Deductions. There are some simplified options available for deducting many business expenses for those who qualify. For example, an Uber driver can qualify to claim the standard mileage rate, currently 54 cents a mile for 2016.
Ever wonder just how many pages are in the federal tax code?
The magic number is: 74,608.
The federal tax code is 187 times longer than it was a century ago, according to Wolters Kluwer, CCH, which has analyzed it since 1913.
- 12 – Employers: Employees are required to report to you tips of $20 or more earned during August.
- 15 – Pay the third installment of your 2016 estimated tax – use Form 1040-ES.
- 15 – Partnerships: File Form 1065 if you timely requested a 5-month extension.
Four Moves to Make this Summer to Cut Your Taxes
To save you from scrambling to make last-minute deductions during tax season, TaxRevo has been busy this summer identifying what you can do now to lower the income taxes you’ll pay in 2016.
- Maximize 401(k) contributions. Slashing your taxable income throughout the year is one of the most proven methods of lowering your tax bill.
- Donate to charities. Making more charitable donations reduces next year’s income tax.
An employee at a New Jersey tax prep business has pleaded guilty to helping prepare fraudulent tax returns using names and Social Security numbers stolen from two-dozen people.
Darlene Covington, 32, prepared taxes at KCJ Financial Corp. in Irvington. According to prosecutors, she used personal identification information, such as names and Social Security numbers, for 24 people to prepare fraudulent tax returns without their knowledge or consent.