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Archive for Individual Tax

Tax Credits Can Mean A Refund for Individual Taxpayers

Taxpayers who are not required to file a tax return may want to do so. They might be eligible for a tax refund and don’t even know it. Some taxpayers might qualify for a tax credit that can result in money in their pocket. Taxpayers need to file a 2017 tax return to claim these credits.

Here is information about four tax credits that can mean a refund for eligible taxpayers:

  • Earned Income Tax Credit. A taxpayer who worked and earned less than $53,930 last year could receive the EITC as a tax refund. They must qualify for the credit and may do so with or without a qualifying child. They may be eligible for up to $6,318. Taxpayers can use the 2017 EITC Assistant tool to find out if they qualify.

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Ireland Tax: Should I Form A Company Or Be Self-Employed?

We all know that dealing with your tax affairs is a headache at the best of times. Three recurring questions I continually get asked are:

Do I qualify for the artist’s exemption? Should I form a company or be self-employed? Have I to register for VAT?

Artist’s Exemption

Did you know that your work may qualify for the artist’s exemption up to €50,000 per year?  This gives you as a writer an incentive to be more pro-active in dealing with your tax affairs. Read more

Some Taxpayers Eligible For A Refund And Do Not Even Know It

Taxpayers who are not required to file a tax return may want to do so. They might be eligible for a tax refund and don’t even know it. Some taxpayers might qualify for a tax credit that can result in money in their pocket. Taxpayers need to file a 2017 tax return to claim these credits.

Here is information about four tax credits that can mean a refund for eligible taxpayers:

  • Earned Income Tax Credit. A taxpayer who worked and earned less than $53,930 last year could receive the EITC as a tax refund. They must qualify for the credit, and may do so with or without a qualifying child. They may be eligible for up to $6,318. Taxpayers can use the 2017 EITC Assistant tool to find out if they qualify.

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February 2018 Individual Due Dates

February 2018 Individual Due Dates Read more

Congressional Chief Of Staff Charged With Filing False Security Clearance Form, Imprisoned For Failure To File Taxes

William Byrnes, Tax Advisor

A congressional staffer was charged with filing a false security clearance form, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division, U.S. Attorney Jessie K. Liu for the District of Columbia and Assistant Director in Charge Andrew Vale of the FBI’s Washington Field Office.

He was previously sentenced to prison for willfully failing to file an individual income tax return.

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Don’t Let Not Having A Form 1095 Delay Your Filing

John Stancil

The IRS has extended the due date for ACA related statements 1095-B and 1095-C to be given to individuals. IRS Notice 2016-70 extends the due date for these forms from January 31, 2017 to March 2, 2017. Note that the due date to provide these forms to the IRS has not changed, that date remains February 28, 2017.

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Canadians Selling U.S. Real Estate

Larry Stolberg

As you may be aware of there is a federal tax withholding requirement on the sale of U.S. real estate by non-U.S. persons. This does not exempt the vendor from filing a U.S. tax return to report the sale and paying any tax payable or requesting a refund for excess federal tax withholding.

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For All Who Travel for Work – New Per Diem Rates Published

John Dundon

If you travel for work surely you are in tune with per diem rates for lodging meals and incidental expenses. Did you know that your per diem changes based on where you hang your hat for the day or night? This list below will help you dial in your claims.

The US GSA has the rates detailed by tax year back to 2003 along with interesting break outs. The most important message to be shared is to make sure to substantiate your specific business purpose for each business related travel expense claimed.

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PTIN—News And Where to Get Started

Annette Nellen

A PTIN is a Preparer Tax Identification Number. Paid preparers of most federal returns must have one and include it on the return along with their signature in order to avoid penalties. The IRS can use the PTIN to track returns prepared by particular individuals (years ago they had to use the preparer’s SSN). PTINs are part of a system rolled out in 2010 where the IRS planned to regulate all preparers of individual returns and a few others. The system was found contrary to Section 330 of Title 31.

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Transparency For Individual Taxes

Annette Nellen

Transparency as a principle of good tax policy means taxpayers should understand taxes and how they apply to them. Despite lots of data on a filer’s Form 1040, the one number people focus on is the amount due or refund. Clearly the better number is total federal income tax liability. And better yet, people should also Read more

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