INDIVIDUAL TAXES

At Accounting Plus we provide individual tax preparation with free e-filing. Our work is guaranteed, so we will pay any penalties caused by our error. Our fees start at $65.00 and increase based on complexity of the return. No appointment is necessary–just download and complete the Individual Tax Checklist below and bring it–and your records–to our office in Loveland!

 SUMMER 2014 INDIVIDUAL TAX TIPS

HOT TOPIC: ANNUITY vs. IRA

To learn more about non-cash contribution charitable limits, click this link:

NON-CASH CONTRIBUTIONS

HEALTH INSURANCE UPDATE:

DID YOU KNOW?

Beginning with tax returns filed for the year 2014, compliance with the new health care law will be achieved, in part, through the preparation and filing of income tax returns. Tax preparers will be required to report whether taxpayers have insurance and the effective date of insurance.  If you do not have insurance, the federally mandated penalties will be deducted from your refund or added to your taxes owed.  We anticipate tax preparation fees will increase to meet this additional reporting requirement.

For businesses, there is a very specific and rather complicated math calculation to determine whether  insurance is required to be provided under the new law.  Employers with 50 full time employees must provide insurance.  For purposes of the calculation, part time employees may be included as full time employees.  Please see us to determine whether you are considered to have 50 full time employees under this law.  The penalties for failing to comply are substantial.

To check on your federal refund, click this link:
Where’s My Refund?

Do you always owe Ohio? If you update your state withholding you may eliminate this issue. Don’t change the number of exemptions, just have a little extra taken out each paycheck. All you need to do is submit a completed IT-4 to your employer. Check with your tax preparer/accountant to make sure this is the best option for your situation.

IT-4 OHIO WITH HOLDING

ALERT: EIC DUE DILIGENCE
Form 8867 is a three page form signed by the taxpayer and the preparer and filed with your tax return. Your answers to the questions proves your eligibility to claim the EIC. 

Here are a few worksheets to help you get organized for the 2012 tax season!

INDIVIDUAL TAX CHECKLIST (short version)

INDIVIDUAL TAX CHECKLIST (detailed version)

SSI RULES EXPLAINED

SSI TAXABLE BENEFIT WORKSHEET

Quick Tip: If you owe the IRS and do not have the money to pay, you still need to submit your tax return on time with some money, then submit a completed IRS Installment Agreement for approval. If the amount owed is relatively small, no Installment Agreement is necessary.

IRS INSTALLMENT AGREEMENT

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