January 31, 2014
With tax season here, you might be wondering just how likely you are to hear from the IRS after you file by means of an audit notice. While the chances you will be audited are relatively low if you file a straightforward personal tax return, the more complex your tax situation becomes (reporting business income or graduating to a high-income tax bracket, for example), the more likely it is that you will be audited.
As you look to file your taxes this year, it pays to be aware of some red flags that can draw extra IRS attention including the following:
While you should definitely take advantage of every tax deduction you are legally entitled to, sometimes it can be difficult to ascertain which deductions are applicable to your specific situation—that’s where our office can help you. Now is the time to contact us to have your return professionally prepared to reduce your chances of being audited for the red flags noted above. But, if you do receive an audit notice, don’t worry, our tax experts can also help you prepare an appropriate response.
What do accountants do with themselves after tax season? Actually, the same thing they do during busy season: They work hard for their clients. The only difference is that instead of cranking out tax returns, they help clients work through other aspects of their financial health—including issues revealed during the yearly tax return process.
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit.
Spend it? Save it? Invest it? Share it? Here are a few ideas for putting your tax refund to work for you: