Tax Tips & News: taxes (2)

Will Inflation Affect Your 2014 Taxes?

4 minutes read

Everyone know the old adage ‘The only things certain in life are death and taxes”. As it turns out, inflation may have to be included in this saying. Inflation decreases the value of money as time goes on, ultimately making the dollar of today worth more than the dollar of the future. It influences how much we spend on everyday items, how much we make, and how much things like houses and cars cost. It even helps dictate what we owe the government come April...

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Do I Qualify for the Earned Income Tax Credit (EITC)?

4 minutes read

Although the Earned Income Tax Credit (EITC) can sound daunting and confusing for taxpayers and tax professionals alike, there are ways to navigate the murky waters of this credit to maximize its benefits. This tool can be important for low- and middle-income families and singles looking to save money where they can. Breaking down this tax credit isn’t difficult once you understand what it is and how to file for it.

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Volunteer IRS Sites Prepare 50% of Tax Returns Incorrectly

3 minutes read

In a follow up to a report by the Treasury Inspector General for Tax Administration (TIGTA), free income tax preparation sites have made no significant gains in increasing the accuracy of the tax returns they prepare. The new report states that Volunteer Income Tax Assistance sites (VITA) who prepare income tax returns for low/moderate-income, elderly, disabled and limited-English-proficient taxpayers are still filing approximately 50% of...

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Government Shutdown Delays Tax Filing Season

2 minutes read

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Taxpayers: Protect Yourself From Identity Theft

4 minutes read

Identity theft has become a huge problem for the IRS. Last year alone, there were nearly 650,000 cases of Identity Theft reported to the IRS. Some believe the skyrocketing amount of cases are a direct result that the IRS now requires all tax returns to be filed electronically. The IRS has implemented “digital safeguards” this year to intercept returns which they deem have a high probability of identity theft, and have deployed a task force of 3,000...

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IRS To Process Depreciation & Education Credits This Week

2 minutes read

The IRS has announced that as of February 10th, they will begin accepting tax returns with form 4562 (Depreciation & Amortization) attached. Furthermore, as of February 14th, tax returns with form 8863 (Education Credits) will be accepted for processing by the IRS as well.  The tax filing season this year was delayed until January 30th this year, however many taxpayer’s returns were delayed even further due to the IRS’ refusal to process forms...

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IRS: Can’t Claim Education Credits Until Mid-February

2 minutes read

Please read the following brief from the IRS.  Form 8863 (education credits) will not be accepted by the IRS until Mid-February.  An exact date has not yet been offered.  Any return that is Electronically filed with Form 8863 before the acceptance date will be rejected.  Any return that is mailed to the IRS will not be processed until education credits have been approved.  If you would like more information, please contact an R&G Brenner professional toll free (888) APRIL-15, or by clicking here.

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IRS: Get Refund Info Every 24 Hours

0 minute read

The IRS Released the following video.  Please watch for some valuable Tax Refund procedure information.  Highlights include:

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What To Expect If You Filed Your Taxes Late

6 minutes read

This year, your federal income tax return was due on Tuesday, April 17. That’s because the usual deadline, April 15, fell on a Sunday, and a federal holiday, Emancipation Day, fell on April 16. If you didn’t file your return on time despite the extra two days, here’s what to expect. 

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5 Tips For Amending Your Tax Return

4 minutes read

The April 17th deadline has come and gone, however if you made a mistake or omission, you’ll need to file an amended return.  The following are 5 tips to consider when filing your 1040x.

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