Tax Information for Individuals

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 in 2015? Or did you lose money on investments? … [Read more...]

Plan Now for Next Year’s Taxes

Seven Great Ways to Be Ready for Next Year's Tax Season. Most people stop thinking about taxes after they file their tax return. But, there's no better time to start tax planning than right now. And, it's never too early to set up a smart record keeping system. Here are six tips to help you start to plan for next year's taxes: 1. Take action when life changes occur. … [Read more...]

The 2016 Tax Season by the Numbers

135.6 million The number of tax returns the IRS has received as of April 18. 17 million Procrastinators who waited until the last 24 hours before the due date to file.    Why do people wait until the last minute to file their taxes? $268.3 Billion The amount of tax over-paid by Americans through 2016, resulting in 97 million refunds. $2,763 The average tax … [Read more...]

You’re Late! What to Do if You Haven’t Filed Your Taxes

Tax day has come and gone, and there are still some people who haven’t filed their returns or extensions. There is one important thing to know if you haven’t filed your taxes yet – file them as soon as possible, EVEN IF YOU CAN’T PAY ALL THE TAX YOU OWE. The IRS can apply two different penalties for late filers/payers. The first is a failure-to-file penalty for not … [Read more...]

Can’t Get Your Taxes Done by April 18?

If you panic when you think about April 18, it’s probably due to one of two reasons: 1. You don’t have enough time to get your taxes done and filed on time, or 2. You don’t have enough money to pay the taxes you owe. If either of these applies to you, the most important thing to remember is, DON’T PANIC. And don’t ignore it. The worst thing you can do is not file … [Read more...]

Standard or Itemized: Choose the Tax Deduction Method That’s Best for You

  Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both methods. Usually, the bigger the deduction, the lower the tax you have to pay. You should file your tax return using the method that allows you to … [Read more...]

Above-the-Line Tax Deductions

There are a series of income adjustments you can take on the bottom of page 1 of your Form 1040 or Form 1040A. These adjustments, which reduce the taxable income you’ll declare, are known as above-the-line deductions—you enter them just above the last line on the page, where you report your adjusted gross income (AGI). Above-the-line deductions offer two key advantages. … [Read more...]

Capital Gains and Losses – What you Need to Know at Tax Time

When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 important facts you should know about capital gains and losses: Capital Assets.  Capital assets include property such as your home or car, as well as investment property, such as stocks and … [Read more...]