The idea is to make it easier for businesses to pay their municipal net profits taxes.
Posts By: Zinner & Co. Tax Department
The Ultimate Cheat Sheet for Ohio’s Sales Tax Holiday
Zinner & Co. Tax Department Ohio business owners , Taxes - IndividualFor many parents, the idea of getting their kids ready for back-to-school conjures up both a welcome relief and a financial frenzy. According to NEAToday.org, in 2016, parents spent $200, on average, per elementary student and $330 and $375 per middle and high school student, respectively. That is a lot of paper and pencils!
7 Mid-year Tax Tips Everyone Should Consider
Zinner & Co. Tax Department Taxes - Planning, Rules and Returns , Taxes - IndividualThinking about income taxes should not just be an end-of-year or pre-April-15-panic occurrence. The well-informed taxpayer will think about these seven mid-year tax tips that could help save on his next income tax filing, as well as yours.
WASHINGTON – The Internal Revenue Service issued a warning that tax-related scams continue across the nation even thou
gh the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.
“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid these and other tricky financial scams by taking a few minutes to review the tell-tale signs of these schemes.”
Common Cents: Can you deduct summer travel with business expenses?
Zinner & Co. Tax Department business travel expenseDeductibility of local travel If you are self-employed and your residence is your principal place of business, you can deduct expenses you incur in traveling from your residence to any other work location.
Why Your 401(K) Plan May Not Be the “End-All Be-All” For Your Retirement
Zinner & Co. Tax Department Brett W. Neate , Taxes - Planning, Rules and Returns , Retirement Planning & IRAsSince their inception via the Revenue Act of 1978, 401(k) plans have been great tools to help workers save for retirement. While a 401(k) plan has many advantages, there are also some drawbacks to them that one should consider when creating a comprehensive retirement-strategy.
The advantages of a 401(k)
The basic concept of a 401(k) plan is to allow workers to make pre-tax contributions to the plan from their paychecks. As a result, money contributed is not included in their taxable income for that year.
Oops. What you need to know if you discover an error after you have filed your income tax return.
Zinner & Co. Tax Department Taxes - Individual , IRS , Matt SzydlowskiIf you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules.
In these instances, there's no need to amend your return. However, do file an amended return if there's a change in your filing status, income, deductions, or credits. Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF), Form 1040EZ (PDF), Form 1040NR (PDF), Form 1040NR-EZ (PDF), or to change amounts previously adjusted by the IRS.
You can also use Form 1040X to make a claim for a carryback due to a loss or unused credit; however, you may also be able to use Form 1045 (PDF), Application for Tentative Refund, instead of Form 1040X. Also, if the Form 8938 (PDF), Statement of Specified Foreign Financial Assets, applies to you, file it with an annual return or an amended return. See the Form 8938 Instructions for more information.
Learn more about income tax planning from the Zinner & Co. tax team
I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…
Zinner & Co. Tax Department Taxes - Individual , income tax , IRSI pay all the taxes owed, and not a penny more” – Mitt Romney
For many taxpayers, the dread of gathering information, preparing a tax return, and filing it is tedious and time consuming. However, just as the sun shines brightest after a rain, cheers and smiles replace the angst of prep when the tax refund check makes its way to the bank account.
“I’m going to … take a trip, buy a TV, go shopping…” After all, a common thought when receiving the refund is “it’s my money AND it is a refund! I should live a little.”
4 Ways to Spot IRS Debt Collection Scammers
Zinner & Co. Tax Department fraud , Brett W. Neate , IRSExtracted in part from https://www.irs.gov/uac/newsroom/irs-alerts-taxpayers-with-limited-english-proficiency-of-ongoing-phone-scams-urges-caution-before-paying-unexpected-tax-bills
How private debt collection works
The IRS reminds people to be on the lookout for scam artists trying to dupe taxpayers as the private debt collection program begins.
Starting this month, a new program will transfer some long-standing tax bills over to private firms. The only outside agencies authorized to contact taxpayers about their unpaid tax accounts will be one of four firms authorized under the new private debt collection program. Even then, any affected taxpayer will be notified first by the IRS, not the private collection firm.
IRS Offers Last-Minute Filing Tips
Zinner & Co. Tax Department Brett W. Neate , Taxes - Individual , IRSFrom IRS.gov
IR-2017-80, April 12, 2017
WASHINGTON — With the April 18 deadline fast approaching, the Internal Revenue Service today offered taxpayers still working on their 2016 taxes a number of tips.
The IRS encourages taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. And best of all, there is a free option for everyone. Whether filing electronically or on paper, be sure to keep a copy of your tax return.
In addition, the IRS offers these last-minute tips:
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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