Money Saving Tax Tips

Quick tax facts about the IRS from Penrosecpa, to get more of these timely tax tips sign up here. The IRS Now Has the Power To Revoke Your Passport? The passport provision is now official!  The law says the State Department can revoke, deny or limit passports for anyone the IRS certifies as having a seriously... Continue reading→

It is hard to believe that 2015 is almost over!.  Although the year is almost over, there are still some tax planning that can be done that will help to lower your taxes if you take action before December 31.  In addition, by implementing these year-end tax planning tips now, you will be one step closer... Continue reading→

Small businesses that pay at least half of the health insurance premiums for their employees may be eligible for a tax credit. The Small Business Health Care Tax Credit provides a federal tax credit of up to 50% of employer-paid health insurance premiums. As with all tax credits, however, there are rules and limitations. Qualifying... Continue reading→

While there is a lot of pride involved in being a homeowner, there are also some added financial bonuses. Owning your home allows you to make multiple tax deductions, depending on your situation. Some are one-time deductions, while others are ongoing ones. Now you can look at being a homeowner as both an emotional and... Continue reading→

Whenever someone asks me if they can deduct medical expenses, my standard answer is “Yes, but….” The “yes” part is easy: expenses for doctors, dentists, hospitals, prescription medications and so forth are tax deductible. And the “but” part? There’s a limit on how much can be deducted. We can only deduct the amount of medical... Continue reading→

Creditors record canceled debts on a form 1099-C, which is then sent to the debtor and the IRS.  Most people are in for a surprise when they receive a 1099-C, not knowing that the canceled debt on this form must often be included as income on their tax return resulting in a big tax bill. ... Continue reading→

Being your own boss, setting your own hours, enjoying the full fruits of your labor without interference —- that’s the self-employed dream! The self-employment tax is a great example of one of the trade-offs that comes with working for yourself.  If you get a regular paycheck from an employer, you will notice the deductions labeled... Continue reading→

Picking the right installment agreement to pay off your federal tax debts A monthly payment plan is generally the easiest way to set up an arrangement to pay off any taxes owed to the Internal Revenue Service. There’s four different types of installment agreements offered by the IRS. The important thing is knowing which installment... Continue reading→

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 15th to October 15th. Businesses can also request an... Continue reading→

We recently learned that many of the 1095-A forms sent out to individuals who purchased health insurance through HealthCare.gov, the federal health insurance exchange are incorrect.  The problem is that the Centers for Medicare and Medicaid Services issued incorrect Forms 1095-A to 800,000 people in 37 states who enrolled in health insurance through HealthCare.gov.  The... Continue reading→