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Six Home Improvements That Can Lower Your Taxes

TaxRevo is committed to helping you reduce your tax liability as much as possible. Homeowners who make upgrades throughout the year can qualify for a variety of tax credits, as can taxpayers who run their businesses out of their homes. 

We came up with six important improvements to that can may give you a significant tax break:

  1. Solar and Other Alternative Energy Sources – The Residential Energy Efficiency Property Credit offers a credit for installation of solar, wind, geothermal and fuel-cell technology.
  2. New Doors, Windows & Installation – The Nonbusiness Energy Property Credit offers a tax break for homeowners who make certain upgrades including insulation, exterior doors and windows.
  3. A New Roof – Just like installing new doors and windows, a new roof can also get you a tax credit.

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It’s 1099 Season. Don’t Wait!

If you own a business — even if you are a sole proprietor — you need to focus on those Form 1099s.

Form 1099 is used to report different types of taxable income. The Form 1099-MISC is most commonly used by employers reporting payments made in the course of a trade or business to others for services.

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TaxRevo Fun Fact

Got federal tax debt of $50,000 or more? The IRS can take away your passport, thanks to a transportation bill passed in December.

The “Revocation or Denial of Passport in Case of Certain Tax Delinquencies” law allows the agency to revoke passport privileges from taxpayers whose tax debt equals $50,000 or more.

If you need some help communicating with the IRS and negotiating your tax liability, we are here to help.

 

Upcoming Tax Calendar for Businesses & Self-Employed

February 2016:

  • 16 – File a new Form W-4 if you claimed exemption from income tax withholding in 2015.
  • 16 – Furnish Form 1099-B, 1099-S and certain 1099-MISC to recipients.
  • 16 – Deposit payroll for Jan if the monthly deposit rule applies.
  • 17 – Begin withholding on employees who claimed exemption form withholding in 2015 but did not file a W-4 to continue withholding exemption in 2016. 

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Message from Joseph (Yossi) Reich, CPA, TaxRevo Manager

It is my pleasure to introduce myself as the new manager of TaxRevo. As we quickly enter tax season, I am eager to begin working with such a rapidly-growing firm and a great group of clients. 

TaxRevo has an incredible niche, a stellar reputation and so many small businesses and individuals who have benefitted from our comprehensive services through our parent firm, Roth & Co of Brooklyn. This is the perfect opportunity for me to further grow TaxRevo as we explore the many new ways we can help you succeed.

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Improve Your Finances in 2016

It’s the start of a new year: the perfect time to re-evaluate your finances. Here at TaxRevo, we have come up with five simple ways to help you become more financially successful in 2016:

• Set financial goals. What do you want to do with your money? A bigger house? Pay off debt? Choosing your most important goals makes it easier to work towards achieving them.

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Tax Dates You Should be Aware of in 2016

Tax season is here and TaxRevo wants you to be prepared. It’s time to start gathering documentation and figuring out when you might want to get started. As always, we’re here. All tax deadlines are important, but there are three in particular that you should keep on your radar.

1. Perhaps the most important tax date: January 19, 2016 – This is the day the IRS begins processing 2015 returns on a first-in, first-out basis. Remember, the earlier you file, the better. When filing early, it is less likely that you will become a victim of identity theft. And, of course, you will get any refund quicker!

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IRS Audits at a 10-Year Low

The odds of a U.S. taxpayer facing an IRS audit fell to the lowest level in more than a decade during the 2015 federal fiscal year, according to preliminary data the nation's tax agency has released.

The audit coverage rate, the percentage of federal tax returns the IRS examined either in person or by mail correspondence, dropped to 0.84 percent, the IRS said. The rate was the lowest since 2004, and the decline marked the third consecutive year with audit coverage below 1 percent.

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Personal Finance Tips for Young Adults

Money management can be very intimidating, especially right after college. Lots of young adults end up in the real world without basic knowledge of personal finance, such as balancing a budget, managing loan payments and paying household bills.

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