Do I Need To File a Tax Return? Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file [...]
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 [...]
Tax Tips for Deducting Gifts to Charity The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more [...]
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 [...]
Medicare Update 2016 Social Security beneficiaries will not have a benefit increase in 2016. Inflation has declined over the past year, fueled primarily by a large drop in the price of gasoline during that period. This means the Social Security wage base will remain flat for 2016 (staying at $118,500). By law, if beneficiaries [...]
What is Reasonable Compensation for a shareholder-employee of an S Corporation? The IRS requires that S corporations “pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee.” Fox Peterson can help you determine what your compensation should be [...]
October Due Dates October is traditionally chock-full of scary activities such as horror-fests of books and movies, Halloween — and various tax due dates. Though it's still September, those due dates are creeping up faster than you think. Fortunately, acting now can save the day. Here's what you need to know. Individual income tax [...]
Disappearing “Service” at the IRS Don’t expect much in the way of service from the IRS this filing season. Budget cuts have forced the agency to pare back on services that filers have relied upon in the past. Folks who call the IRS don’t have a great chance of speaking to a person, even [...]
[section_dd][column_dd span='12'][text_dd]If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about e tax [...]
Moving Expense Deduction If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same job in a new location. In order to deduct your moving [...]
