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Ten Tips for Amending Your Tax Return

Ten Tips for Amending Your Tax Return

by | 26 Dec |

If you have come to the realization that you forgot to include an item of income, deduction, credit, etc. from the tax return that you have already filed, you may still have time to make a correction by amending your tax return. 

Worried_woman_with_laptop.jpgGenerally speaking, you have three years to correct (or “amend”) your Form 1040, by filing Form 1040X.  If you also file a state tax return, you may (or may not) also have to file an amended return as well.



According to the IRS, you can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these tips can help.

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Does the Sept. 30 IRA Beneficiary Deadline Apply to You?

Does the Sept. 30 IRA Beneficiary Deadline Apply to You?

by | 26 Dec |

September 30 marks another key date on the calendar regarding action needed to properly manage your own or an inherited IRA.  

If a loved one has passed, the final determination of who the “designated beneficiaries” of a that individual’s IRA are must be completed by September 30 of the year following that person’s death. Woman_at_sunset.jpg

Related read: Important Considerations for Non-Spouse Beneficiaries

This determination is required for purposes of calculating the Required Minimum Distributions (“RMD”) from a decedent’s IRA. A “designated beneficiary,” (a term defined in the Internal Revenue Code) is one who is set to receive IRA assets when the account owner dies and to any trusts that may list specific requirements.
 

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Relief from a Tax Penalty You May Not Have Even Known About

Relief from a Tax Penalty You May Not Have Even Known About

by | 26 Dec | ,

Did you know that small businesses that fail to file their annual retirement plan returns can face hefty fines of up to $15,000 per return? Our tax team has helped small businesses plan and prepare their annual plan returns. 

Fortunately, the Internal Revenue Service recognizes that some businesses may not even realize that this requirement applies to them. As a result, a tax penalty relief program allows them to pay $500 per return for late filings, up to a maximum of $1,500. The relief is aimed at small businesses whose plans cover a 100% owner or partners in a business partnership, and their spouses.

The U.S. Department of Labor also has a relief program for businesses that have employees. If you’re not sure whether the requirements—or the relief programs—apply to you, be sure to contact us. We can offer advice on how to remain in compliance with critical regulations and minimize your tax outlays. 


How the 65th Day of the New Year Could Help You Save on your Taxes

How the 65th Day of the New Year Could Help You Save on your Taxes

by | 26 Dec | ,

The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant.  Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them.  In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.65 Days into the new year... another reaseon to celebrate1.png

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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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