Money Saving Tax Tips

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→

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→

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→

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→

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→

“How soon can I file my 2015 tax returns?” “What’s the earliest I can file?” “When does tax season start?” These are common questions we hear at the beginning of the year.   Generally speaking, a taxpayer can file a tax return as soon as he/she has all the relevant information and documents needed to prepare an... Continue reading→

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→