- Avoid Phishing Scams:
- Protect Personal Data:
- Use Strong Passwords:
- Use Security Software:
- Back Up Files:
If you made your home more energy efficient in 2016, you may qualify for a tax credit this year! We received this great article from the IRS and we wanted to share some main points that stood out. For this, and many more publications, visit the IRS.gov website.
Non-Business Energy Property Credit
Residential Energy Efficient Property Credit:
For Residential Energy Credits, use Form 5695.
Business Resource Partners offers more than just bookkeeping services. We provide tax preparation and filing for both personal and business tax returns. We have a specialized team who is here to help!
We have extended our business hours this tax season and we are ready to work around your busy schedule!
Call us at (321) 236-2771 or visit 310 Almond Street Clermont, FL 34711.
With tax season already upon us, it is important to know who is preparing your taxes and what their qualifications are. They are responsible for your information and it is important to be conscious of the potential threats presented this time of year.
So, what are some things to consider?
Attorneys, Certified Public Accountants (CPAs), Enrolled Agents, Annual Filing Season Program Participants, Enrolled Retirement Plan Agents, and Enrolled Actuaries.
For more information on this, visit this page which breaks down each qualification and can help you better determine your needs this year.
As always, if you need any help with Tax Preparation and filing, Business Resource Partners is always here to help! We have our Accountant Michael, our Enrolled Agent Mythili, and our owner Lorrie who is a participant in the Annual Filing Season Program. Our front desk ladies Stephanie and Andrea would be happy to schedule appointments for your needs.Please contact us at (352) 236-2771 or visit us at 310 Almond Street Clermont FL, 34711.
The IRS has unclaimed federal income tax refunds totaling more than $1 Billion for roughly 1 million taxpayers who did not file a 2013 income tax return.
If you or someone you know did not file for taxes in 2013, you may be afraid to do so now for fear that you’ll be penalized or in legal trouble. Did you know there is no penalty for filing late if you are due a refund? You can still file a 2013 tax return with the IRS no later than this year’s Tuesday, April 18th deadline. There are an estimated 66,900 individuals who may be due 2013 refunds in Florida, totaling about $67,758.
The law usually provides most tax payers with a three-year window of opportunity for claiming a refund. The unclaimed money becomes property of the U.S Treasury if the tax payer does not file a return within the three years. If you are filing a 2013 tax return this year, make sure you properly address mail and postmark the tax return by the April 18th date.
If you have not filed taxes for 2014 & 2015, your check for your 2013 refund may be held. The refund will be allocated to any debts such as a state tax agency, money owed to the IRS, child support, or student loans.
You could lose more than just a refund for the year of 2013 if you do not file your taxes. Low or moderate income workers may be eligible for Earned Income Tax Credit (EITC). In 2013, this credit was worth as much as $6,044.
If you have questions about how to get forms for prior year’s tax returns, visit the Forms and Publications page on the IRS website. These forms are available to you at no charge.
If you are missing any forms such as W-2, 1098, 1099, or 5498 for the years 2013-2015, you should contact your employer, bank, or other payer. If you are unable to get these forms from a previous employer, you can use the IRS’s tool for Getting Your Transcript Online and obtain your Wage & Income Transcript. You may also file Form 4506-T to request a transcript of your 2013 income and use the information to file your tax return
If you need to file your 2013 or later tax returns, Business Resource Partners will gladly provide this service for you! Please call our office and schedule your appointment with our tax professionals at (321) 236-2771 or visit us at 310 Almond Street Clermont, FL 34711.
We found an awesome article written by Steve Nicastro, a staff writer at NerdWallet. We wanted to share his useful information with you for this, and future tax seasons. For his full article, visit Nerdwallet.com
If you fail to claim your small business tax deductions, you could be losing out on a good amount of money. Deductions are a legal way of reducing the amount of income from your business that is subject to tax.
How can I make sure I’m always on top of this?
Keep a record! Always save receipts, invoices, and any other documents. You can deduct salaries and wages, mortgage interest and taxes, office supplies, repairs and insurance, and depreciation of property. Here are 5 commonly missed deductions.
If you have a room in your home that you regularly use as a place of business to deal with patients, clients, or customers, you may be able to claim a home office deduction on your income taxes. If you are also using the room as a place for guests to stay, this could disqualify you. For more information about this, visit Home Office Deduction.
Depending on how profitable your business was, you may be able to carry back the loss 2 years for a refund, or carry it forward up to 20 years to offset your future taxable income. This, however, has many moving parts and it is best to consult a tax professional to look at your specific circumstance. For more on this, the IRS provides comparison methods.
You may deduct up to $5,000 in start-up costs, and $5,000 in organizational costs. However, both deductions phase out when your total start-up expenses reach $50,000. If you exceed the $50,000, no first-year deduction is allowed and you will need to amortize you costs over the next 180 months of operation.
The IRS defines a bad debt as one that was acquired in your business and became partly or completely worthless. This can include loans to clients, suppliers, employees, distributors, and debts of an insolvent partner. They become bad debts only after you’ve tried to collect the amount due over a reasonable period and have taken the correct steps to do so.
Expenses that are necessary and directly related to your business such as fees paid to your accountant and lawyers are deductible. However, legal fees that are paid to acquire business assets are not deductible.
Business Resource Partners understand these and countless other tax prep necessities. Our tax professionals are happy to assist you now, and in the future with your business and tax needs.
Call us at (321) 236-2771 or visit 310 Almond Street Clermont FL, 34711.