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

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…]

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…]

Affordable Care Act – Individuals

RS_Affordable_Care_Act_for_Health_Insurance_Market_PlaceNew IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption

Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get an exemption, is available on IRS.gov/aca.

The Affordable Care Act calls for each individual to have qualifying health insurance coverage for each month of the year, have an exemption, or make an individual shared responsibility payment when filing his or her federal income tax return.

You may be exempt if you:

  • Have no affordable coverage options because the minimum amount you must pay for the annual premiums is more than eight percent of your household income,
  • Have a gap in coverage for less than three consecutive months, or
  • Qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage or belonging to a group explicitly exempt from the requirement.

affordable-care-act-calculatorOn IRS.gov/ACA, you can find a comprehensive list of the coverage exemptions.

How you get an exemption depends upon the type of exemption. You can obtain some exemptions only from the Marketplace in the area where you live, others only from the IRS when you file your income tax return, and others from either the Marketplace or the IRS.

Health-Insurance-Marketplace-stacked-logo-600x172Additional information about exemptions is available on the Individual Shared Responsibility Provision web page on IRS.gov. The page includes a link to a chart that shows the types of exemptions available and how to claim them. For additional information about how to get exemptions that may be granted by the Marketplace, visit HealthCare.gov/exemptions.

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Five Ways to Spot a Phone Scam

Tax ScamsThe IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re due a refund. The refund is a fake lure so you’ll give them your banking or other private financial information. [Read more…]

Back-to-School Tax Credits

canstockphoto3690161Are you, a spouse or dependent enrolled in college? If so, here’s a quick tip: some of the costs you pay for higher education can save you money at tax time.

Here are several important facts you should know about education tax credits: [Read more…]

Everything You Wanted to Know about Amended Returns

Mistakes canstockphoto19458158

Should you file an amended return?

Did you discover that you made a mistake after you filed your federal tax return?

You can make it right by having Loggins Kern & McCombs file an amended tax return for you. Here are a few tips to keep in mind about filing an amended tax return.

 

 

[Read more…]

Safeguard Tax Returns

IRS - Disaster PlanningSome natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare: [Read more…]