Going for the (Taxation) Gold

Rio 2016As we all sit back in our easy chair to enjoy the summer Olympics, Uncle Sam is getting ready to rake in the taxes.   That’s right, each Olympian is awarded a cash payout in addition to the medal.  Well, the Internal Revenue Service treats all the winnings the same way they do our paychecks, by taxing it as income.  The cash is considered “earned income abroad” equal to $25,000 for gold, $15,000 for silver and $10,000 for bronze plus the value of the medal itself. [Read more…]

Prevent Tax-Time Surprises

canstockphoto0201034No one usually wants to get a surprise when filing their tax return.  Summer is a good time to take a look at your withholding to make sure you don’t get blind-sided next tax season.  There are many life events that can have an impact on your taxes, meaning the amount you get back or worst, the amount you owe.   Loggins Kern & McCombs can assist you with making the right withholding decisions based on your specific tax situation.  If you have experienced or expect to experience any of the following events before the end of the year, contact our office to avoid any surprises.

  • Start a New Job
  • Become Self-Employed
  • Get Married
  • Birth of Child
  • Adoption
  • New Home

Unlimited Representation Before the IRS

IRS Auditor - SliderIf you receive an IRS notice or are selected for an audit, then one of your rights as a taxpayer is to have unlimited representation by a credentialed tax practitioner to act on your behalf.   New for 2016 is the addition of the word “unlimited“.  This means that professionals who fall under this category can represent you regardless of whether or not they prepared your tax return.  A Certified Public Accountant (CPA) is an example of one of those tax practitioners.  Loggins Kern & McCombs has been a certified tax practitioner for over thirty years and represented many clients before the Internal Revenue Service.  [Read more…]

October Deadline

Clock - Deadline 1For those you who filed an extension on your 2014 individual tax return, the deadline to file is right around the corner.  According to the IRS, about a quarter of the 13 million taxpayers who filed an extension have yet to file their return. The October 15th deadline is only a couple of weeks away so we encourage you to get your tax documents to us as soon as possible to allow adequate preparation time.

If you  need to make an appointment, call our office today at 770-478-7424.  You may not realize it, but you don’t “have” to come into the office for an appointment.  We have many clients who send their documents in the mail with a follow-up phone consultation if necessary.  When mailing tax-related documents to our office, it is best to do so in a way that can be tracked through the post office or other shipping service (UPS or FedEx).  We also have clients who scan and email their support documents which is a viable and time-saving option.  The countdown is on – We hope to hear from you soon!

 

Tips for Taxpayers Who Missed the Tax Deadline

If you missed the April 15 tax filing deadline, don’t panic.  Loggins Kern & McCombs can assist with all aspects of your tax preparation needs.  Here are a few tips: [Read more…]

IRS Direct Pay Option

Direct Pay ButtonThe Internal Revenue Service offers a web-based system — IRS Direct Pay — on IRS.gov, which lets taxpayers pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration. [Read more…]

5 Tips to Help You Pay Your Tax Bill

If you get a tax bill from the IRS, don’t ignore it. A delay may cost you more in the long run. The longer you wait the more interest and penalties you may have to pay. Here are five tips to help you avoid those extra charges: [Read more…]

New IRS Regulations – Required Form 3115

Form-3115-ThumbnailIn September of 2013, the IRS issued final regulations that help to distinguish capital expenditures from supplies, repairs, maintenance, and other deductible expenses.  Although the final regulations are more taxpayer-favorable than the temporary regulations, they still require a significant investment in time and talent to assure compliance. Virtually every business must comply with these new rules for its first tax year beginning on or after January 1, 2014, but they may be applied to tax years beginning on or after January 1, 2012. [Read more…]

Tax Season Hours Begin at LKM

IRS - It's Tax SeasonLoggins Kern & McCombs began extended tax season hours today. [Read more…]

Congress Passes Extender Package

Flag-&-Gavel-ThumbnailCongress has approved the Tax Increase Prevention Act of 2014.  This new law retroactively extends “tax extenders” which had expired at the end of 2013.  This allows taxpayers to claim the popular but temporary incentives on their 2014 returns which will be filed in 2015.  These incentives affect individual and business returns in the following areas: [Read more…]