Each month Penrose & Associates shares timely money-saving Tax Tips - Sign up for our monthly tax tips guide.
IRS Identifies Five Easy Ways to Spot Suspicious Calls
Did You Know? The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never: Call to demand... Continue reading→
Six Reasons to Hire Your Kid
It is summertime and the kids are out of school so it is a good time to hire them to work for you. The benefits are enormous. Here are six. Your child can develop a work ethic You can teach your child, from a relatively young age, the importance of having a job, having a boss and... Continue reading→
SIX PAYMENT OPTIONS WHEN YOU OWE THE IRS
Do You Owe the IRS and Cannot Pay in Full What are options available if you have a balance due on your tax return, and you do not have enough money to pay in full? Pay as much as you can by the Filing (April 15th) deadline. Even if you cannot pay the IRS in... Continue reading→
Four Traits of Great Leaders
Workplace culture is constantly evolving to meet the needs of new generations of workers as well as new economic demands. In today’s fast-paced, competitive, and mobile world, leaders have more opportunities and greater necessity than ever to engage their workforce. It is now said that leaders have to adapt their leadership style in order to... Continue reading→
Why File an Amendment to Your Tax Return?
You should file an amended tax return if you need to correct any piece of information that will change your tax refund or the amount you owed. You can use an amended return to make corrections to your filing status, dependents, income, deductions, or tax credits. For example, if you need to report additional income... Continue reading→
Why File a Tax Extension
An extension is your way of asking the Internal Revenue Service for additional time to file your tax return. The IRS will automatically grant you an additional six months to file your return. An extension basically extends the filing deadline for personal tax returns from April 18th to October 17th. Businesses can also request an extension,... Continue reading→
Is Head of Household Status Possible for Two People at the Same Address?
Can two people, who both live at the same address, each qualify for the head of household filing status (HOH)? This seemingly simple question has a very complex answer. In order to answer the question, it’s important to keep in mind the criteria to be eligible for head of household status: The taxpayer must be unmarried, The... Continue reading→
Check the status of your refund.
Did You Know? Did you know that the IRS issues more than 9 out of 10 refunds in less than 21 days? However, it’s possible your tax return may require additional review and take longer. The best way to check the status of your refund is online through the “Where’s My Refund?” tool at IRS.gov... Continue reading→
What is Your Filing Status?
You have one and only one filing status. Your filing status is determined in large part by whether you were considered married at the end of the year. What is a Filing Status? A person’s filing status determines which tax rates and which standard deduction amounts apply to a specific tax return. This determination is mostly affected by... Continue reading→
5 New 2016 Tax Law Changes You Need to Know
After the giant ball drops in Times Square to signify a new year, the IRS is notorious for making some adjustments to the federal tax code. Some years have brought significant change, while other years remain very similar to previous years. For tax year 2015, there are some expected changes, but not much is dramatically... Continue reading→