Financial, Mortgage & Real Estate Q&A Event

Buying a home in the near future? Starting a family? Saving for retirement? There is no time like the present to be prepared for your financial future. Professionals and consumers are welcome to attend at no cost. No salesman, just an informal session to answer your financial questions in a relaxed setting. Join us on August 25th from 6-7:30pm. Be sure to RSVP to the event through our Facebook page invite. We hope to see you there and be able to provide you with answers to some of your financial questions. … [Read more...]

Review Your Taxes in The Summer for Less Surprises Next Spring

Each year many people are surprised to find out they owe more money on their taxes than they originally thought. While others might be excited at the arrival of a larger refund check than they previously planned for. Has this happened to you? You might want to consider staying on top of your tax situation before next Spring arrives. A new job, change in marital status, new baby, new house are all things that can have an effect on your taxes. Visit the to learn how to properly report any change in circumstance you might have. … [Read more...]

How a Name Change Impacts Taxes

You’ve completed your taxes, and you have a nice healthy tax refund awaiting you. You’re just waiting on the IRS to put that check in the mail. But for some reason, your tax return isn’t coming as quickly as it normally does. Why? Did you change your name last year? Believe it or not, that can actually have an effect on how quickly you receive your tax return. If any of your forms have mismatched names, you might not get your tax return as quickly as you normally have in the past. So what should you do if you’ve changed your name? Check out this article on the IRS Website to find out! … [Read more...]

How to File an Amended Tax Return

We all know filing taxes is not the easiest job in the world (that’s why you hire us to help!) Mistakes do happen from time to time, so what do you do when you realize there is an error after you’ve already handed in your returns? Well, there are two options: The first option is plain and simple: do nothing. If it’s related to a mathematical error, the IRS will usually automatically fix it. If you forgot a certain form or schedule, the IRS will usually send you a request for them. The second option is to file an amended tax return if you made an error claiming your filing status, income, deductions or credits on your original return. An Amended U.S. Individual Income Tax Return, … [Read more...]

Affordable Care Act Premium Tax Credit

With the implementation of the Affordable Care Act, also known as “ObamaCare,” health care coverage is now required. This can be a heavy burden when you’re on a tight budget. Luckily, the IRS has allowed for a premium tax credit for those who have moderate incomes and need help paying for their health care coverage. According to the IRS, you generally have to meet these three rules to be eligible for the premium tax credit: Get health insurance coverage through the Health Insurance Marketplace Have a household income between one and four times the federal poverty line Not be eligible for other coverage, including Medicare, Medicaid, or sufficient employer-sponsored coverage Be … [Read more...]

Affordable Care Act Individual Shared Responsibility Payment

Health care coverage is now required under the Affordable Care Act, also known as “Obamacare.” If you do not have coverage, the IRS can charge you with an individual shared responsibility payment when you file your taxes in 2015. In their article on the subject, the IRS lists three reasons why you would have to make a payment: You have not signed up for a qualifying form of health insurance coverage. You had a gap in coverage in 2014. (If it was less than 3 consecutive months, you might qualify for an exemption.) You didn’t qualify for an exemption. The amount you owe will be based on the greater of: 1% of your household income that is above the tax return filing threshold … [Read more...]

Affordable Care Act Tax Exemptions

As of 2014, if you do not have health insurance coverage or have a gap in coverage, you will have to either pay an individual shared responsibility fee or file for an exemption when you file your taxes in 2015. Wondering how to make the right choices for your health care tax provisions? Here are some basics to help you determine if you qualify for an Affordable Care Act tax exemption. According to the IRS, people who qualify include those who: Do not have access to affordable coverage Have a gap of less than three consecutive months without coverage Qualify for one of several other exemptions, including: having a hardship that prevents you from obtaining coverage, … [Read more...]

Don’t Wave a Red Flag to the IRS

Tax time can be stressful: meeting deadlines, finding invoices and receipts, and figuring out how much to write off while avoiding an audit. An accountant can alleviate some of the stress, but not all of it! A colleague of mine published these tips in their newsletter, figured I’d share. Here’s a list of things to avoid if you would prefer NOT to undergo an IRS audit: Eleven Red Flags The IRS Looks For: 1.) Forgetting to claim income that is already being reported to the IRS. 2.) ROUND numbers are always a flag. 3.) Large deductions for travel & entertainment. Computer programs at the IRS establish norms. Taxpayers that are outliers are at a higher risk of audit. In … [Read more...]

How To Avoid Becoming the Victim of a Tax Scam

Ah, summertime. Warm days, rest, relaxation, and…tax scams. Really? Yes! Thieves don’t stop victimizing unsuspecting taxpayers after April 15th. Unfortunately, tax scams happen year round and no one is immune to them. The top three scams listed on the IRS’s "Dirty Dozen" list are identity theft, phone scams, and phishing.  Here is some important information to keep you protected and ready 365 days a year:   1. Identity Theft: Identity thieves steal personal and financial information such as your Social Security number or your banking information to commit fraud and other crimes.  They could also file a phony tax return in your name to claim a fraudulent refund. But you don't need to … [Read more...]

Why You Might Receive a Notice from the IRS

April 15th has come and gone and the last thing you want is to hear from the IRS; however, sometimes the IRS needs to follow up on tax-related issues and they will send notices that you might need to respond to.  Don’t panic! Not all of these letters contain bad news--sometimes you could even be receiving more money for your tax refund! Here are some common reasons why people receive IRS notices: Balance Due You Qualify for Additional Tax Credits A Change to Your Estimated Tax Credit Amount A Change to a Previous Year’s Refunds Overpayments Issues with Direct Deposit Changes to Filing Requirements Confirmation of Tax Return Receipt Address Update Needed To learn … [Read more...]