Money Saving Tax Tips

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→

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→