Tax Information for Individuals

Top 12 Changes in Tax Benefits for 2018

The IRS has announced changes in over 50 tax provisions for 2018. These inflation adjustments apply to tax deductions, exemptions, and tax rate schedules. The top 12 changes that will be of greatest interest to most taxpayers include the following: The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For … [Read more...]

Watch Out for a New Insurance Tax Form Scam

A NEW WARNING FROM THE IRS > > > WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cyber-criminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers … [Read more...]

Six Tips for Filing Extended Tax Returns

Every year, millions of taxpayers file an extension with the IRS for an extra six months to file their taxes. If you filed for an extension, you should have paid any tax you owed by the April deadline, but you have until October 16 to file your complete returns. Monday, October 16 is the extension deadline this year. Here are six things to remember if you haven’t filed … [Read more...]

Tax Relief for Victims of Hurricane Harvey

WASHINGTON –– The IRS announced on Monday that Hurricane Harvey victims in the path of the storm will have extra time to file and pay certain individual and business taxes. Due dates for some returns and payments will be postponed until January 31, 2018 for qualified taxpayers.  The IRS is offering relief to any area designated by the Federal Emergency Management … [Read more...]

New Changes to FAFSA – Start FAFSA Planning Earlier

The new FAFSA schedule that was introduced last year makes summer the time for FAFSA prep. Financial aid applications for the 2018-19 school year can be filed as early as October 1, 2017.  In prior years, students had to wait until January 1 to request financial aid for the coming academic year. Why is this important? Some observers believe that financial aid may be … [Read more...]

Outlining the Trump Tax Plan

As a candidate in 2016, Donald Trump promised significant tax reform. A few months after becoming President, Trump released a one-page outline of his goals in that area. As the year goes on, we will see many discussions and changes to the plan. This is a review of the original outline, showing the major areas that will be addressed.  Taxes on Businesses President Trump … [Read more...]

How to Deal With an IRS Audit – Don’t Go it Alone!

According to the IRS, less than 1% of all individual income tax returns are audited each year. While that is good news for most people, some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that’s where larger amounts of underpaid taxes might be found. The latest numbers from the IRS … [Read more...]

The Home Office Deduction – Simplified

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. Now you can use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction. Regular and Exclusive … [Read more...]

IRS Warns of New Phone Scam

IRS warns of new phone scam involving bogus certified letters; reminds people to remain vigilant against scams and schemes this summer. The IRS has published a warning about new tax scams that are circulating this summer. Most of the scams still involve phone calls from people pretending to be IRS reps, but there are new twists this summer.  Contact Carpenter, Evert and … [Read more...]

Do You Need Professional Tax Help?

Not sure if you need professional tax services? Answer yes or no to these questions to find out if you need professional help: Have you had a major life change this year? Think marriage, divorce, new baby or college. Did you buy or sell a home, or move to a new state this year? Did you receive investment income this year? Or did you lose money on investments? … [Read more...]