Tax tips | AccountingWEB

Tax tips


10 Things You Always Wanted to Know About Late Tax Season Filing

Here is some timely information from the AICPA that you can pass along to habitually late clients and April walk-ins.

The 5 Biggest Tax Mistakes Small Businesses Make – and How to Avoid Them

For small business owners, bad tax habits can cause a lot of problems. Break those habits and avoid these pitfalls.

5 Tax Tips Newlyweds Should Consider

Summer wedding season is underway, but have you considered some of the tax issues that go along with tying the knot? If not, the IRS has provided the following five basic tips that can help keep those issues to a minimum.

Still Haven’t Filed Your Taxes? Then Consider These 10 Tips

Get organized, don't wait until the last minute to prepare your return, and ask questions are among the top tips for taxpayers who haven't yet filed their individual income tax returns, according to the American Institute of CPAs.

Single Out Charitable Volunteers for Tax Breaks

Do some of your clients serve on the boards of private foundations or work in the trenches for public charities? Volunteers are entitled to deduct their unreimbursed expenses incurred on behalf of qualified charitable organizations.

IRS Reports Traffic Delay for Refund Inquiries

In an unusual posting, the IRS has alerted taxpayers and professional practitioners that the Where's My Refund? feature and other related applications may not be available due to the extra-high volume of inquiries.

Five Good Reasons to Obtain a Filing Extension

As you're nearing the tax return finish line, you probably have some clients who are stragglers or haven't "checked in" yet. Fortunately, you can still rely on the automatic tax filing extension to bail procrastinators out of a jam. Here's some valuable information to pass along to your clients.

Tax Tip: Expand the Reach of Dependent Care Credit

This is the tenth and final article in our series of tax return tips for 2011 returns. It's not unusual for both parents of young children to work during the day while someone watches the kids. But the parents may be able to claim a dependent care credit to offset part of the cost.

Tax Tip: How Do You Spell Tax Relief? C-a-s-u-a-l-t-y Loss

This is the ninth article in our series of tax return tips for 2011 returns. Last year was a violent year across the country due of a flurry of natural disasters. If insurance proceeds didn't make your clients whole, they may be entitled to limited tax relief on their 2011 returns.

Tax Tip: Add on Medical Expenses for a Nondependent

This is the eighth article in our series of tax return tips for 2011 returns. It's often difficult for taxpayers to qualify for medical expense deductions - but not impossible. Although the annual threshold is daunting, clients often overlook or ignore deductible expenses that can help pad their total.
Education & Careers

Tax Tip: Spell Out Tax Rules for Business Education

This is the seventh article in our tax return tips for 2011 returns. Did any of your clients go "back to school" in 2011? They may be entitled to a tax deduction for their unreimbursed education costs as employee business expenses. But the tax rules aren't exactly back and white - there's plenty of "gray area."

Tax Tip: A Party at Home? That's (Deductible) Entertainment!

This is the sixth article in our series of tax return tips for 2011 returns. The days of the three-martini lunch are long gone, but savvy taxpayers can still savor plenty of tax treats for entertaining their top customers. In fact, some clients may be entitled to write-offs for hosting get-togethers at their own homes.

Tax Tip: Dish Out Tax Rewards to Charitable Volunteers

Do you have clients who work hard for nonprofit organizations? Although taxpayers can't deduct the value of their "blood, sweat, and tears," they can still write off certain expenses that aren't reimbursed as charitable contributions.

Tax Tip: Generate Energy Credits for Clients

Are you clients "going green?" Besides doing their small part to save the planet, taxpayers can claim a residential energy credit for installing qualified energy-saving devices in the home. The main energy credit technically expired on January 1, 2012, but can still be claimed on a 2011 return.

Tax Tip: Lock in Mortgage Interest Deductions for Points

This is the second article in our series of tax return tips for 2011 returns. Although mortgage interest rates are at historic lows, it may be possible to obtain an even more favorable rate by agreeing to pay one or more "points" to the lender. What are the tax implications?

Tax Tip: Choose the 'Biggest and Best' State Tax Deduction

Are your clients better off deducting income tax or sales tax on a 2011 return? It depends on the situation. An itemizer on a 2011 return can deduct annual state and local income taxes or, as an alternative, sales tax paid during the year. But it's either one or the other.

Tax Tip: How to Secure an 'Extra' Dependency Exemption

Why should clients use your tax return preparation services instead of finding a tax software program online? Even in this era of do-it-yourself technology, you can provide valuable insights that individual taxpayers simply can't get from standard software.

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