2016 was the first year that the IRS made it mandatory for individuals to provide proof that they had health care coverage or they had to apply through the Marketplace for an exemption certificate. Forms 1095’s were sent out earlier this year which provided the necessary information when you filed your individual tax return indicating […]
The final days of the 2016 tax season are upon us, and that means if you haven’t already filed your taxes you have just a few more days left. Sandy Furuya, Senior Accounting Manager at [Wamhoff Accounting Services], answers last minute questions you may have. What is the deadline this year to file taxes? While […]
Last year, nearly 10 million taxpayers fell victim to tax-related identity theft in which someone uses a stolen Social Security number to file a tax return claiming a fraudulent refund. Most taxpayers don’t even know this has occurred until their return is rejected, or the IRS sends a letter that they have identified a suspicious […]
After much deliberation, Congress passed the Protecting Americans from Tax Hikes (PATH) Act on December 18, 2015, which includes many permanent extensions taxpayers are very happy about. Sandy Furuya, Senior Accounting Manager at [Wamhoff Accounting Services], reviews the highlights. Child tax credit The child tax credit of $1000 was made permanent. This was previously set […]
It’s never too early to start thinking about ways to reduce your 2016 tax liability. Planning early in the year is a must! Contribute to your retirement plan until it hurts! Depending upon what type of employer sponsored plan you have you can you have the opportunity to contribute a large amount to the plan: […]
Announced late Tuesday night (December 15), congressional leaders unveiled a widespread deal on tax extenders, making some tax law provisions permanent and temporarily extending others. After a congressional vote, the new law has been enacted. Titled “The Protecting Americans from Tax Hikes Act of 2015” (aka PATH), the Act renews and makes permanent dozen of […]