Category Archives: Tax Filing

Income changes? Check your advance payments of the premium tax credit

Did you choose to reduce your monthly health insurance premium by having advance payments of your federal income tax credit sent to your insurance company?  If you’re getting married this summer, having a baby, or changing jobs, you need to estimate the impact of those events on the advance payments.  Otherwise you may end up with a surprise in the… (more…)

Nonprofits: Heed this May deadline

May 16, 2016, is the deadline for filing annual information returns for nonprofit organizations. Missing the due date three years in a row means losing tax-exempt status. The revocation is automatic and has severe consequences, including the possibility of paying income tax. The good news is that filing might be easier than you think. A nonprofit with annual gross receipts… (more…)

Educate your kids about tax filing

According to a recent survey conducted on behalf of a consumer finance information service, nearly 80% of 18-34 year-olds have concerns about filing income tax returns. Of that group, 34% ask families and friends for advice. Do you know a young adult who is anxious about getting this year’s tax return completed correctly? One way you can help ease the… (more…)

You may benefit from two filing extensions

The IRS has extended the time to meet two filing requirements that may benefit you. Asset basis consistency statement. Executors of estates who are required to report the value of assets to beneficiaries now have until June 30, 2016, to file statements with the IRS and the beneficiaries. Work Opportunity Tax Credit. Employers who hired qualified workers in 2015 have… (more…)