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Tax News

As our country prepares for the November Presidential elections, many have strong leanings toward one candidate or the other, while others are still undecided. In preparation for election season, both candidates – Hillary Clinton and Donald Trump – have recently filled in the details on their originally loosely defined tax plans. Not surprisingly, individuals weighing in on the tax proposals of both Clinton and Trump typically prefer one plan or the other depending on where they fall on the political spectrum. Clinton’s plans tend to appeal to those looking for equality and fairness, while Trump’s plans tout more simplicity and lower rates to spur growth. But what about the specifics? This week we’re examining the tax plans presented by each candidate so we can all be better informed come November. 

At Polston, it’s always our goal to help you stay in the know and savvy when it comes to your taxes – and that includes helping you to protect yourself from thieves and scammers looking to take advantage. The IRS is alerting individuals of a sophisticated new scam involving fake CP2000 notices that are being sent to taxpayers to bill them for unpaid taxes related to the Affordable Care Act. This issue has been reported to the Treasury Inspector General for Tax Administration for investigation, but here are a few key things to look out for so you don’t fall victim: 

Sep 01, 2016

Tax Myth Busters

When preparing your taxes, it can often be hard to keep the facts straight. Everybody knows somebody (or multiple somebodies) who think they know everything about filing taxes. But when questions arise, it’s always best to trust the experts – that’s what we’re here for! This week we’re covering a few of the most popular tax “myths” to help set the records straight. 

If you’ve ever had your identity stolen – be it a stolen credit card or online fraud – you know the stress and panic that can come with trying to recover lost assets and prove that you are in fact you. Tax-related ID theft has recently become a bigger concern than ever. In fact, ID thieves have become so sophisticated that the IRS has recently had to temporarily shut down the tool they use to assist victims of ID theft, because ID thieves have discovered ways to hack into it. Fortunately, there are still steps you can take to protect yourself – or to recover your assets should you become the victim of tax identity theft. 

Nobody likes paying taxes, but just like eating our veggies, it’s a necessity and something we all grow used to in time. While the regular ins and outs of tax season may be somewhat stressful, an unexpected letter from the IRS can be panic-inducing. Fortunately, there’s no need to panic! The vast majority of IRS notices are easily resolved with a quick response and, as always, we’re here to help. Here are a few tips for the next time you receive that unexpected envelope from your buddies at the IRS. 

College Tax Credits for 2015 and Years Ahead

Ah, school days. With each new school year comes new excitement (or perhaps butterflies) for students, and new expenses for Mom and Dad. With this school year off to a great start, now is the best time to check if you or your kids qualify for either of two college tax credits or other education-related tax benefits to help your family save when it comes time to file those 2015 federal income tax returns. Here’s the low-down.

With the heat of August upon us and April still months away, there’s plenty of time to prepare for tax season. For small business owners, careful tax preparation can go a long way toward protecting your bottom line. We know that navigating the waters of tax deductions and deferments can be overwhelming, so we’ve made it our goal to help our small business owner friends by providing tips to help you save. While this post is focused on those who own their own practice, other medical professionals can also benefit!  

During these hot summer months, tax season can (perhaps thankfully) seem miles away. But the truth is, it’s never too early to start thinking about your potential benefits and how to save your family money come tax day. This week we’re talking to you, military families. If you or a family member serve in the military, you may be eligible for a wealth of tax benefits and it’s our goal to help you save. For a complete list of tax benefits available to you or your family, be sure to check out the IRS’s Armed Forces’ Tax Guide. In the meantime, check out our interview on OKC Fox 25 and keep these tips in mind when it comes to your taxes. 

Given several new factors that could affect refunds in 2017, the Internal Revenue Service is encouraging taxpayers to give themselves a mid-season tax withholding checkup. Taking a closer look at the taxes that are being withheld, can help ensure that you’re withholding the right amount, either for tax refund purposes or to avoid unexpected tax bills next year. Here are a few quick insider tips. 

Taxes can be frustrating – especially when you receive an unexpected penalty or change. Fortunately, there’s something you can do about it. If you’re considering an IRS appeal, it’s essential to first do your homework so you can be prepared to make your case (and know whether you have a case to begin with). Here are a few tips to get you started – and remember, we’re always here to help. 

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