Author: Mike

Revised Publications: 3 out of 5 People Still Need to File

Posted by Mike on

With almost 59 million tax returns filed so far, the IRS estimates that three out of five taxpayers have yet to file their tax returns, according to statistics released today. Are you one of them?

For those of us still working on their taxes, the IRS added three revised publications to IRS.gov just this week. These publications will help businesses and individuals understand how to figure depreciation as well as pension options.

Breakdown:

Publication 946, “How to Depreciate Property” explains how you can recover the cost of business or income-producing property through deductions for depreciation. The publication was updated to reflect the extension of expiring tax provisions in legislation signed into law on Dec. 19.

Publication 4587, “Payroll Deduction IRAs for Small Businesses” explains that individuals saving in a traditional IRA may be able to receive some tax advantages on the money they contribute, and the investments can grow tax-deferred.

Publication 4334, “SIMPLE IRA Plans for Small Businesses” explains how a SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that have 100 or fewer employees (who earned $5,000 or more during the preceding calendar year) and that do not have another retirement plan.

The IRS constantly adds revised tax forms, publications, instructions and tax information to IRS.gov. They encourage taxpayers to frequently visit IRS.gov, including the forms and pubs page for all current forms and publications, updates and changes, and additional information.

#TaxTipTues: Where’s My Refund?

Posted by Mike on

After you answer the most important question: “How much will I get on my refund?”, wondering “Where is my refund?” is not far off.

Finding out the status of your refund is simple.
Visit IRS.gov and select “Where’s my refund” to check the status of your refund. The IRS updates the site every 24 hours.

Note: If you have mailed your tax return in, it can take up to 4 weeks before it will be available to view online.
In order to check the status of your refund, have the following handy:
1.) Social security number
2.) Your filing status
3.) The exact amount you’re expecting back.

It’s that simple. Thanks for reading this week’s #TaxTipTues. Stay in touch with us on Twitter.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. Semaphore assumes no liability for actions taken in reliance upon the information contained herein.

Things to Know about IRS Notices and Letters

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Things to Know about IRS Notices and Letters

Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons.

You’re thinking the same thing we are. What about the trees?

What would Captain Planet do?
What would Captain Planet do?

Here are a few things you need to know in case one shows up in your mailbox.

Never panic. If you’ve received a letter in the mail and haven’t opened it because you’re scared, do not fret. Most times, just answering the notice can take care of it.

If you receive a notice, it is often about a specific issue on your federal return. Each notice has specific instructions about what you need to do or additional information needed.

You have the right to agree or disagree with the notice, but it’s important for you to at least respond if you do not. If you agree with the notice, you usually don’t need to reply unless it gives you other instructions or you need to make a payment.

–Always remember that notices have deadlines in which they need to be answered by.

If you have questions, you should call the phone number that is located in the upper right hand corner of the notice. Having a copy of the tax return and notice in question will help with getting answers when contacting the IRS.

Conclusion
Do not panic! As the IRS says plainly on their website, “You often only need to reply to take care of a notice.” It’s that simple, and we at Semaphore believe in #StressFreeTaxes.

Need more help? Contact us today and get expert advice from one of our tax heroes! Call: 800-289-6973

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. Semaphore assumes no liability for actions taken in reliance upon the information contained herein.

Write Down These Important Tax Deadlines For 2015

Posted by Mike on

Hi! Semaphore here with the first installment of #TaxTipTuesday.
This week, we’re going over some very important tax dates to note if you’re a small business owner or an individual with complicated taxes. The dates are sporadic, so get your iPhone out and get them in your calendar!
(Compiled from information available from the IRS)

February 15, 2015
• End of 2015 open enrollment at the Health Insurance Marketplace.
• This applies to uninsured taxpayers who want to avoid possible penalties on their 2015 tax returns, which are filed in 2016.

March 16, 2015
• Deadline for filing a 2014 corporation or S-corporation return or extension.

April 15, 2015
• Deadline for filing a 2014 personal, partnership, or estates/trusts tax returns or extension.
• The return or extension must be postmarked or transmitted for e-filing by Wednesday, April 15, 2015.
• To avoid late payment penalties and interest, any additional taxes you owe must be paid by this date even if you filed an extension.
• Due date for first installment of 2015 estimated tax payments.

April 20, 2015
• Deadline for resubmitting or paper-filing a rejected federal return that was originally e-filed by the April 15 deadline if you did not file an extension.
• Note: The last day to resubmit a rejected 2014 return is October 20; however the April 20 deadline applies to taxpayers who owe taxes and want to avoid the late-filing penalty.
• Deadline for resubmitting or paper-filing a rejected extension that was originally e-filed by the April 15 deadline.

June 15, 2015
• Deadline for filing a 2014 personal return for U.S. citizens or residents living and working abroad, including military duty.
• Due date for second installment of 2015 estimated tax payments.

September 15, 2015
• Final deadline to file your 2014 corporation, S-corporation, partnership, or estates/trusts tax return if you filed an extension.
• Due date for third installment of 2015 estimated tax payments.

October 15, 2015
• Final deadline to file your 2014 personal tax return if you filed an extension on or before April 15.

October 20, 2015
• Final deadline to resubmit a rejected 2014 return that was originally e-filed on or before October 15.
• If you’re expecting a refund and miss the October 20 e-file cutoff date, you have until April 16, 2018 (October 15, 2018 if you filed an extension) to file a paper return and claim your 2014 refund.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. Semaphore assumes no liability for actions taken in reliance upon the information contained herein.