Tax Tips for Parents Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $4,000 for each [...]
2015 IRA Contribution Facts Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age [...]
Protect Your Computer Online The Internal Revenue Service, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect yourself against identity theft. Scammers, hackers and identity thieves are looking to steal your personal information – and your money. But there are simple [...]
2015 Tax Organizer The 2015 Fox Peterson tax organizer is now available in two forms. You can A) go to our resources page and fill out the organizer(s) that apply to you and submit them directly to your tax preparer or B) click here to download and print the PDF version. A customized organizer is [...]
2015 is almost behind us and the time to file income taxes is fast approaching. We are looking forward to seeing you again as we assist you with your income tax preparation over the next several months. We have compiled a list of planning tips and suggestions in our year end letter and recommend [...]
Vacation Home Rentals If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your [...]
Additional Medicare Tax Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the amount of certain income that [...]
Late Filing and Late Paying Penalties April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties [...]
Have you found that you made an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips that can help you file. 1. Tax form to amend your return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You [...]
Tax Information regarding the Child and Dependent Care Tax Credit The Child and Dependent Care Tax Credit can reduce the taxes you pay. If you paid someone to care for a person in your household last year while you worked or looked for work, then read on for facts from the IRS about this [...]
