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…]

Identity Theft & Tax Returns

Identity TheftIdentity theft remains a top priority for the Internal Revenue Service in 2014. Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS. This year, the IRS continues to take new steps and strong actions to protect taxpayers and help victims of identity theft and refund fraud. [Read more…]

8 Facts about IRS Penalties

Tax DayMany taxpayers file by the tax day deadline of April 15th.  For those who didn’t file and/or pay by the deadline, then you need to understand which penalties and interest may apply to you.  First, if you’re due a refund there’s no penalty if you file a late tax return. However, if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties. [Read more…]

There’s an Updated App for That

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The latest version of the IRS2Go app is now available.  This version has a brand new look and feel with new added feature.  “The new version of IRS2Go provides taxpayers another way to quickly get information and help around the clock,” said IRS Commissioner John Koskinen. “The IRS is focused on providing taxpayers with convenient self-service tools like IRS2Go, which provides details on everything from tax refunds to free tax assistance.” [Read more…]

Tax Season Delayed Again!

11.31_10402014 Tax Season Starts January 31st – The Internal Revenue Service announced plans to open the 2014 filing season for individual tax returns on January 31, 2014.  The delay is a result of the government shut-down back in October.  The shutdown came during the peak period for preparing IRS systems for the 2014 filing season.

The April 15th deadline is set by statute and will remain in place. If the shortened tax season hinders you from filing by the April 15th deadline,  Loggins Kern & McCombs can file an extension on your behalf which will extend the deadline to October 15.

Special Tax Benefits for Armed Forces Personnel

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If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return.

Here are ten of those benefits: [Read more…]

Tips for Taxpayers Who Travel for Charity Work

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Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity.

  1. You must volunteer to work for a qualified organization. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Select Check tool to see if the group is qualified. [Read more…]

Tax Tips for Newlyweds

 

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Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds.

  • It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If you’ve changed your name, report the change to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get this form on their website at SSA.gov, by calling 800-772-1213 or by visiting your local SSA office. [Read more…]

Summer Job Tax Information for Students

When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world – and taxes.

Here are six things about summer jobs that the IRS wants students to know.

  1. As a new employee, you’ll need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to figure how much federal income tax to withhold from workers’ paychecks. It is important to complete your W-4 form correctly so your employer withholds the right amount of taxes. You can use the IRS Withholding Calculator tool at IRS.gov to help you fill out the form. [Read more…]

Keep the Child Care Credit in Mind for Summer

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If you are a working parent or look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes. The Child and Dependent Care Tax Credit is available not only while school’s out for summer, but also throughout the year. Here are eight key points the IRS wants you to know about this credit.

1. You must pay for care so you – and your spouse if filing jointly – can work or actively look for work. Your spouse meets this test during any month they are full-time student, or physically or mentally incapable of self-care. [Read more…]