Blog

Archive | Tax Information

Outrageous Tax Deductions

The Minnesota Society of CPA’s (MNCPA) released their annual list of outrageous tax deductions.  The MNCPA surveyed member CPA’s for their most outrageous deductions clients tried to claim on their individual tax returns.  Below is the MNCPA list and a few of our own. Questionable dependents: Attempting to claim “Fido” as a dependent is popular amongst clients […]

Continue Reading 0

Tax Season 2015 is now underway

The IRS threw open the doors Tuesday, kicking off the tax season 2015 for individual filers.  The IRS’s Modernized e-File system began accepting individual tax returns on the 20th of this month. The IRS began accepting business returns on the 9th. While IRS commissioner John Koskinen said he was “delighted that the filing season is […]

Continue Reading 0

TAX SEASON 2013/2014 CALENDAR

Dec. 31, 2013 Last trade date to recognize a gain or loss Last day to convert/transfer a Traditional or Roth IRA Last day to take a Required Minimum Distribution (RMD) from a retirement account Last day to gift to a 529 College Savings Plan Last day to make a gift to an individual or charitable […]

Continue Reading 0

IRS Operations during the lapse in appropriations

Due to the current lapse in appropriations, the IRS on Monday released a memo describing the scope of the limited operations they would be offering  until normal government functions are restored.  In the memo, the IRS assured the American taxpayer that the “underlying tax laws remain in effect and all taxpayers should continue to meet […]

Continue Reading 0

Shutdown Gives Tax Scammers New Opportunities to Steal

Scammers are increasingly capitalizing on the fears of taxpayers in order to illegally obtain personal and financial information. These scammers realize that, with an arsenal of collections weapons at their disposal – from liens to bank levies to wage garnishment – the IRS can be pretty intimidating. and effective. Using those same threats, scammers pose […]

Continue Reading 0

Office in Home Deduction

The IRS announced a new simplified formula for calculating the office in the home deduction for self-employed individuals.  You may now deduct $5 per square foot up to a maximum of 300 square feet or $1500 starting on 2013 tax returns.  The IRS believes this will reduce the record keeping burden on small businesses by […]

Continue Reading 0

Tips for Next Year’s Taxes

Hi All, We made it through tax season, with very few folks on extensions.  The next deadline will be October 15th, and then we are home free, until we start all over again next February 2014. Although we are four months into year 2013, it is never too late to think about next year’s taxes.  […]

Continue Reading 0

City of Portland – Portland Arts Tax

On November 6, 2012, Portland voters passed the Arts Education and Access Income Tax (Arts Tax). This new income tax will fund Portland school teachers and art focused non-profit organizations in Portland. The tax would not apply to everybody in Portland- just people who are at least 18 years old and make enough money to not be […]

Continue Reading 0