Tax Return Issues to Keep in Mind for 2015: How Life Changes Affect Your Taxes

Taxes and healthcare plans often go hand in hand, and for good reason. The big talker here, especially with a tax return, is this is about money. Moolah. Dough. Presidential flashcards. That’s just the fact of life. But when we’re talking about, well, life — quality of life, per se — it makes perfect sense. The key to understanding this isn’t just to be prepared for any issues in your life that might occur, but also to let the IRS know immediately as you prepare your tax return, especially after reading this press release about the issue.

Your Health Coverage Credit May Change

The reason why it might change is the fact that you will undoubtedly go through changes in your life as you get older — as you get diseases, as you go to the doctor to find out that you have a dislocated shoulder, for example — that will affect your health insurance. You know what that does? It’ll affect your premium tax credit, so be aware of that.

What you need to do is report any changes to your healthcare exchange, receiving those advance adjusted credit payments ahead of time and preventing you from being saddled with those unexpected expenses for something you couldn’t control. What does this do for you? Simply put, it’ll prevent you from getting a smaller refund off your tax return, or even owing any money to the IRS at all. Take advantage, especially since you took the time to file that convenient 2-hour tax return already.

Some Life Changes That Could Affect Your Tax Credit

You shouldn’t just take a good look at your health either. There are plenty of other things that could happen, affecting your taxes. Again, the key point here is to let the IRS know immediately. Don’t wait. Don’t sit on your butt. Take action the way a doctor would pull the stethoscope out and check your heartbeat.
Some issues to report would include:
  • A New Birth
  • An Adoption
  • A New Marriage
  • An Unfortunate Divorce
  • Moving to a New House
  • Changing Jobs or Professions
  • A Drastic Difference in Your Income
It’s all basic observance. Preparation. Tax preparation, of course, as this press release does state about making it even more convenient to file your tax return.

That Way, You Can Let Your Speedy Tax Return Reap You Benefits

That’s one certain way to start off the new year with a bang, right? Good or bad, whatever changes happen to you, just remember: it might be an adjustment, but thanks to taxes, credits and a great place called the IRS, you just might come out on top with a bit more money for your refund. Cheers.
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Anymore Issues for 2015 Tax Returns? What About That Awesome FSA Rollover?

Professionals in the workplace see a great benefit, particularly when involving taxes, and if you’re strategic about it, you can come out on top. The benefit, of course, I’m talking about is the “FSA,” or flexible spending account typically used for out-of-pocket medical costs.

This Is What You Need to Do With an FSA Regarding Your Tax Return

What you have to understand is that FSA is technically part of your income. If you don’t “put it away somewhere,” it legally can be counted as taxable, possibly affecting your return (perhaps positively, perhaps negatively).
The key benefit with the FSA is its flexibility. You can do what you want with it, when you want with it, before the IRS ever gets your tax return. Additionally, there’s one awesome extra with the FSA that you shouldn’t forget about:

“Roll Them Over” Into the Next Year

What does that mean? Simply put, there may be a chance that you might not use all of what’s on the FSA in any given year. Back in 2013, the IRS and United States Treasury made it possible for employees to carry over as much as $500 to the next benefit year. The added benefit, though, was a bit too late for 2014, but guess what: you get this for 2015. Take advantage of these tax benefits as well as this notice of something spectacularly easy, leading you to a nice 2015 tax refund.

Speak With a Tax Professional About Your 2-Hour Tax Return

Yes, those 2-hour tax returns and reviews make their waves and get people to turn their heads. It’s all about convenience. In addition, with that fantastic convenience, you get the possibility of carrying over an FSA and putting more money in your pocket.
You can’t beat that.
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The Last 2015 Tax Return and Refund Issues You’ll Ever Consider: Old and New Tax Scams to Worry About

You might’ve read something about the IRS wanting to regulate certain tax preparers, and if that’s the case, you’re most likely wondering why. It can’t be that hard, this thing called ‘taxes.’ They’re just numbers! I dare you to try it. Try it. Try looking at all your figures, your annual income, and figure out this thing called ‘tax brackets,’ breaks and all that other lingo and jargon many certified public accountants would know (but not you).

Taxes Aren’t Fun, People. And Neither Are These Tax Scams.

Why do you think we try and hire tax guys to do it for us? Why do you think we get in on this service for speedy 2-hour tax returns? Why do you think we end up reading countless bits of material online, such as this one about tax preparation for efficient and accurate returns and refunds in 2015? Taxes may not be fun, but they’re essential, and not just because we could get that hefty direct deposit for Spring vacation purposes.
Because taxes are no joke, it’s pretty easy to get scammed into something without realizing it. We’ve seen it for years. The IRS is quite aware of it. In fact, the agency has an annual list of tax scams that one could call the “Dirty Dozen.” No joke.
“Dirty moviep” by www.movieposter.com. Licensed under Fair use via Wikipedia – http://en.wikipedia.org/wiki/File:Dirty_moviep.jpg#mediaviewer/File:Dirty_moviep.jpg
For this year of 2015, though, know that the idea of the ‘tax scam’ is an evolving beast of mammoth proportions, so it would do you well to always check up with the Internal Revenue Service about what to look out for. The IRS did issue its first warning back in 2014 over a telephone tax scam, but since then, things have gotten worse. Don’t be fooled.
In particular, the new healthcare premium tax credit we’ll be looking at for 2015 is a healthy target for scams. Consult with a tax attorney, as usual, and speak with a professional about it. Whatever you do, never answer the phone and talk to a supposed ‘tax expert’ trying to determine just how much you owe the government.

Be on Your Guard About These 2015 Tax Return Scams

Nobody likes getting swindled. And remember to watch out for enemy targets out there in the battlefield.
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One Tax Deduction You Never Considered for 2015: Teacher Expenses

Yes, this one’s for you, teachers and educators. All the hard work you do in managing the craziness that is a classroom with ADHD-stricken kids, problematic bullies and the occasional honor student pays off tremendously as long as you do remember that the IRS supports you 100%. We all do. Education is key.

It Would Then Make Sense That Tax Return Education Is a Must

So we’re giving you the keys to financial success in the form of a tax deduction you might never have heard about. Tax returns can be a headache for anyone, not just teachers — this, however, can make the payoff that much sweeter than any Granny Smith or Honey Crisp out there. As you, the teacher, consider your convenient 2-hour tax return without hassle, consider this: you can actually write off your expenses for your classroom. That’s right — up to $250 in sweet tax deductions. That includes:
  • Pencils
  • Notebooks
  • Pens
  • Paper
  • Books
  • Crafts
  • Paint
  • Crayons
  • Calculators
The best part is you don’t have to itemize anything. Just know that if you have a receipt, you can verify it, and perhaps scan it for your own records, send it in, and have the IRS approve it (which would be a breeze), then guess what: you’ve effectively deducted up to that amount on your tax return. That’s serious tax preparation, so get started with your 2-hour tax return right now.

You, the Teacher, Don’t Have to Juggle Taxes, But….

Just don’t forget about getting that apple from the student on the first day of school. All the tax returns in the world can’t make up for that!
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Yet Another Tax Deduction You Don’t Want to Miss in 2015: a Different Kind of Charitable Gift

I might be preaching to the choir on this one, but hear me out: you’re not reading fluff about pop topics and relevant issues to connect with the real story at hand (which obviously is the coming tax return for 2015 you’re going to file), and you’re definitely smart enough to not fall for such an SEO blog tactic as this, because I’m doing no such thing.

Trust me: I have something for you here about tax deductions and tax returns you don’t know about regarding charitable gifts. So listen up. This will get interesting (and turn to page 57 for our hymnal today this Sunday).

So You Think You Know Everything There Is to Know About Charitable Gifts?

Think again. Yes, you know you’ll need some receipts for your tax deductions, itemized and proofed for your tax guy to look and go, “oh, yes, you did donate that playhouse for $10K, which cuts your taxable income down to whatever,” and that does make you feel pretty peachy.
What you didn’t know about your tax return is this: you can actually itemize much more than just monetary donations on your taxes. Pay close attention as you focus on that quick 2-hour tax return, because the simplest stuff could easily apply, resulting in an even bigger refund in your hands (or checking account).

Consider Cupcakes, for Example

Stay with me, choir. Please. Just follow my logic here. What many taxpayers don’t realize is that goods and dollar bills aren’t the only things you can itemize. There’s so much more you can deduct from your tax return that you don’t even realize, such as several out-of-pocket purchases that all by themselves wouldn’t account for anything unless they result in a donation of some kind. Like cupcakes.
Consider a charity fundraiser for church, for example. What if you baked some cupcakes for such a fundraiser? Can you deduct those cupcakes on your tax return? Of course! But how?
Simply put, the ingredients that made those cupcakes can be written off of your taxes, because those ingredients made the cupcakes, which were donations to a fundraiser. Do you follow? It makes perfect sense.

That’s One Sweet Tax Deduction

You’ll never get a toothache as well from this, not like these other issues on your 2015 tax return could do. That’s singing so sweet you could dance in the heavens with your cupcakes and reap the benefits of a beautiful tax refund.
Simply save your receipts for all your groceries, or at least the ones specifically related to what it takes to make any baked goods — or anything donated, for that matter. Whatever funds you use to create or make something that ends up donated can be written off on your taxes. Remember that. Build to that crescendo, wait for it…. Hallelujah.
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One Final Tax Deduction in 2015 to Consider: Self-Employed Social Security?

Sadly, self-employment has had quite the bad rep, for obvious reasons. Tax reasons are included in that mix. Entrepreneurship, although celebrated widely, often doesn’t get the same perks as traditional W-2, and that’s a shame. Thanks to this year of 2015, when filing your tax return, you have a bit of consolation, particularly when dealing with social security, so bear this in mind, because it’s important: you don’t want to miss out on this tax deduction at all.

You Do, in Fact, Get a Benefit for Being Self-Employed on Your Taxes

It’s a small one, but a benefit nevertheless. It should never be such a downfall to be a snazzy, trendy and hip entrepreneur with creativity in mind, expanding industry and developing new innovations to propel corporate America to the next level, so the IRS sees some consolation regarding social security, in that while you have to pay for that tax twice as a self-employed professional, you do get to write off the “employer” portion of those income taxes at 7.65%.
Granted, it’s not as much as the 15.3% you have to pay based on the annual income you’ve generated, but when you consult with the tax guy and get the 2-hour tax return going fast, you might notice some other tax deductions balancing it all out.
In the end, your taxes will work for you, knowing these tax secrets — if you play your cards right and find the benefits offered to entrepreneurial independent contractors that wouldn’t be available on W-2’s.

Playing the Cards Right and Landing the Royal Flush

Yes, consider it like poker. Only there are no bluffs, no guesswork, no gambling, and no risk. With all these tax deductions you’ve learned about, you’ve got the skills necessary to get those two hours in easily for your tax return, Don’t hesitate; get your taxes prepared right here.
The sooner you do it, the closer you are to winning that pot at the center of the table. Winner, winner, chicken DINNER!
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The Benefit of E-Filing for Your 2015 Tax Return and Why Fake Tax Preparers Don’t Use It

Seriously, it’s been on the news lately: there are ‘fake’ tax preparers out there. All they want is your money. They’ll scam you into getting your tax return filed, and instead of the deposit going into your account, it just goes away — never to be seen again. Where did it go? Who knows….

Here’s One Way You Can Determine Whether or Not a Tax Preparer Is Indeed Fake: E-Filing

You might’ve heard of this revolutionary technology. It’s the pride and joy of taxes this 2015 season. Just about every accountant knows about it. Why not this tax preparer? This person who practically looks like a cheesy car salesperson trying to get you to sign on the dotted line for a shiny piece of junk?
The fact is this: if this tax preparer really knew about the developments, legal aspects and other best practices involved with tax law and preparation, that preparer would know that e-filing is the wave of the future:
  • It’s Safe
  • It’s Reliable
  • It’s Efficient
  • It’s Quick
Who wouldn’t want this out of their 2015 tax return?

Therefore, Pay Close Attention to Whether or Not Your Prospective Tax Preparer Actually Offers the Option to E-File

If not, you just might be dealing with a poser. Lose the poser and get it done right with a quick 2-hour tax return service from the H.O.P.E. Program. We promise you you’re not dealing with a lemon.
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Exceptions to the Rule: Why You May Need to File Your Tax Return (Despite What People Tell You)

So you didn’t make a whole lot of money this past year of 2014. Does that mean you’re completely exempt from filing that 2015 tax return? Don’t be too sure…. Talk to a specialist from H.O.P.E. to Own about it, regarding your expedient 2-hour tax return to find out, but in the meantime, here’s a bit of wisdom for you to hold onto.

It May Not Matter What Your Income Is Regarding Your Tax Return

Surprise, surprise, but you just might be talking to a specialist only to find out that you do, in fact, have to file that 2015 tax return regardless of how much you made. That could be a good thing, or it could just be an eh thing. Not necessarily a bad thing. Here’s the thing, though:
What if you have unreported tip income? What then? Perhaps you’re a waitress, and you’ve collected X amount of tips throughout the year. Did you know that by law you’re required to file your taxes? The same goes for anyone who is self-employed: writers, dancers, lawyers. You have to be clear, though, on the requirement in the sense that you have to have made more than $400 in the past year. If it’s less, no worries — you don’t need to file any 2015 tax return at all.
Additionally, recapture taxes are common, so pay close attention to that one as well. An example of that would be your typical first-time homebuyer credit, something you could be aware of when approaching the prospect of a H.O.P.E. to Own zero-down home with spotty credit, as we can help you with that. There’s more to consider, though, such as:
  • Alternative Minimum Taxes
  • Household Employment Taxes
  • Retirement Plan Taxes
You’ve got a lot to consider.

Again: Simply Talk to the Professionals Today

After all, you don’t have to do this alone. There’s a wealth of information already about your 2015 tax return (and whether or not you actually have to file). Better be safe and sorry and get a consultation in there, just to be sure. You might need to file anyway, and guess what: that may very well be a good thing!
(Especially with all the tax deductions you could still claim….)
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Divorced Couples Living Together: It Does Happen! (For Tax Reasons)

Think about the future here. Let go of the animosity (especially if you have kids!), because sometimes while the pain and tumult of divorce can be overwhelming, sometimes the money issues, especially with the house, can hurt even more! Something you honestly don’t want….

You Might Be Divorcing Your Spouse, But Try Not to Divorce Your Entire Life

Might be asking much, but when it comes to your taxes, you have an option here (as crazy as it may be). You can live in the home together. Promote stability. Be civil. Care. This also keeps all tax obligations amicable and mutual, neither side benefiting or hurting more than it should.
And here’s the bonus: you get more bonus tax advantages when you do eventually sell the home!
Also do keep in mind that just because you also own the home, doesn’t mean you always have to technically live there either. However, your mail will continue to arrive at that house. So make sure the ex-spouse realizes that and doesn’t shred the material every time he/she sees your name.

It’s the Simplest Way to Get Taxes Figured Out About the House

But it’s not for the faint of heart. Talk to a consultant with the Income Tax Planning Network about it some more and see if this may be an option for you. Check out this guide on taxes during a divorce as well for more possibilities. Because, remember: it’s just a house.
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The Flip Side of the Real Estate Property Coin: Can Beachfront Homes Be Bad?

ShareFollow Us!From a certain perspective, contrary to what we’ve said before about beachfront real estate here, it actually might not be such a good idea to get that home by the ocean, for plenty of reasons. Let’s play devil’s advocate here regarding real estate property by the wind and surf. After all, you have to […]

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