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…]

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…]

Need Help in Choosing a Tax Preparer?

Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it.

Here are ten tips to keep in mind when choosing a tax preparer: [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.

Tax Season Hours Begin

Get Ready 150 x 150Starting January 9th, Loggins Kern & McCombs extended tax season hours.  Our office will be open Monday through Thursday from 8:00 a.m. until 6:30 p.m.; Friday 8:00 a.m. until 5:00 p.m.; and Saturday 8:00 a.m. until 1:30 p.m.

Tax Tips for Year-End Giving

Charity - canstockphoto16357066Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.

Some of these changes include the following:

Special Tax-Free Charitable Distributions for Certain IRA Owners

This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. [Read more…]

Who Should File a 2012 Tax Return?

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If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you’ve determined that you don’t need to file a tax return this year, you may still want to file. Here are five reasons why:

  1. Federal Income Tax Withheld.  If your employer withheld federal income tax from your pay, if you made estimated tax payments, or if you had a prior year overpayment applied to this year’s tax, you could be due a refund. File a return to claim any excess tax you paid during the year.
  2. Earned Income Tax Credit.  If you worked but earned less than $50,270 last year, you may qualify for EITC. EITC is a refundable tax credit; which means if you qualify you could receive EITC as a tax refund. Families with qualifying children may qualify to get up to $5,891 dollars. You can’t get the credit unless you file a return and claim it. Use the EITC Assistant to find out if you qualify.
  3. Additional Child Tax Credit.  If you have at least one qualifying child and you don’t get the full amount of the Child Tax Credit, you may qualify for this additional refundable credit. You must file and use new Schedule 8812, Child Tax Credit, to claim the credit.
  4. American Opportunity Credit.  If you or someone you support is a student, you might be eligible for this credit. Students in their first four years of postsecondary education may qualify for as much as $2,500 through this partially refundable credit. Even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student. You must file Form 8863, Education Credits, and submit it with your tax return to claim the credit.
  5. Health Coverage Tax Credit.  If you’re receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation, you may be eligible for a 2012 Health Coverage Tax Credit. Spouses and dependents may also be eligible. If you’re eligible, you can receive a 72.5 percent tax credit on payments you made for qualified health insurance premiums.

Still confused? Feel free to give us a call at 770-478-7424 whether or not you are in the Atlanta area.

IRS plans Jan 30th Tax Season Opening for 1040 Filers

IRS - 2012Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.

The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.

The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension.

“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”

The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

[Read more…]

Beyond the Fiscal Cliff — Tax Seminar in Fayetteville, GA

Ben TeachingWe are pleased to announce a seminar entitled “Beyond the Fiscal Cliff” presented by Ben Loggins, CPA, open to the public regarding the new tax laws that were recently passed by Congress.

This seminar will be held on Thursday, January 17, 2013 from 7:00 – 8:30pm at Grace Christian Academy in Fayetteville.  Refreshments will be served.  Grace Christian Academy is located at 355 McDonough Rd in Fayetteville.

There will be a nominal $10 per person charge to reserve your spot with all net proceeds donated to the school.

Please contact Pam at our office at 770-478-7424 to reserve your spot.

Seminar Topics include:

  • The new Healthcare regulations on Medicare surtax
  • How to avoid the Individual Mandate Penalty
  • Employer Mandate strategies
  • A Discussion of the Affordable Care Act
  • Extenders Bill
  • 2013 Planning Strategies
  • Ideas to implement to lower your total tax liability
  • How to redirect your tax dollars to help Grace

If you are unable to make this seminar, it will also be presented in Jonesboro on January 10th from 8:00 – 10:00am.