The tree's been thrown out, the ball has dropped, and the Christmas decorations have (hopefully) been taken down. That means that we here Polston Tax are back to work, and our first order of business is to prepare our clients for the New Year. Tax season is fast approaching, and the IRS has made a number of changes that taxpayers should keep in mind when they file. So we've created a small list to help our clients prepare and ensure that your filing goes as smooth as it possibly can.
In late 2015, Congress passed the Fixing America's Surface Transportation Act (also known as the FAST Act), designed to "authorize funds for Federal-aid highways, highway safety programs, and transit programs". It's a 305 billion dollar, five-year bill, and most Americans won't have to pay for it. Instead, funds will be raised through new regulations, effective as of March 2017, revoking the passports of delinquent taxpayers. At Polston Tax, we're always here for our clients, even when they find themselves in a pickle because of what the FAST Act calls "seriously delinquent tax debt". In today's Rod's Blog, we're going to take a look at the new rules regarding passport restriction, and strategies you might need to get your passport back.
The IRS is a big, complicated organization, and sometimes things slip through the cracks. At the Law Offices of Rod Polston, we watch for any mistakes the IRS has made and any actions they plan to take to resolve them, just in case it affects any of our clients. Between 2012 and 2013, the IRS failed to identify approximately 1.9 million non-filers. That amounts to a gigantic tax gap: an estimated $7.4 billion in owed taxes (as of this year). So in today's blog, we're asking: How did this happen, and what comes next?
If you or anyone close to you has ever had to make an offer in compromise to the IRS, you know how frustrating the process can be. And while the IRS has recently taken steps to improve their process, a new report suggests it still has a long way to go.
They say that giving is its own reward, and for your taxes, that's literally true. The IRS offers substantial deductions for charity, and especially for charity-related travel expenses. We here at Polston feel a strong connection with the generous folks who give to charity, and this week, we wanted to give a little bit back ourselves. Here's all the steps you need to take to ensure you can deduct charity-related travel expenses when you file.
As 2016 comes to a close, tax season is rapidly approaching. In order to ensure a smooth and easy filing process, it’s never too early to start preparing for your tax returns. Careful preparation now can mean avoiding delays in receiving your tax refund later.
Whether it's a house, apartment, mobile home, or whatever, owning a vacation home is a wonderful thing. It's the perfect getaway, and can double as a great source of income should you decide to rent it out. Of course, any money you make from a vacation home is taxable, and at Polston want to make sure your perfect getaway doesn't turn into the perfect headache. So here are a few things to consider, tax-wise, if you rent out your vacation home.
Here at Polston, we accommodate our vast tax expertise to any situation our clients might face. Today's blog post is for any of our clients that don't have a Social Security Number, and instead have an ITIN. ITIN stands for Individual Taxpayer Identification Number, and is used by the IRS to identify taxpayers who are obligated to pay taxes but do not have, and cannot legally obtain, a SSN. If you're an ITIN holder and you need to file a tax return in 2017, you may need to renew your ITIN.
Entrepreneurs know that starting a business can be an exceedingly rewarding experience. But as with any big change, you may have a number of questions as you prepare for launch – taxes not the least of your concerns. Understanding your tax obligations as a business owner – including income taxes, payroll taxes and more – is a major key toward success. Fortunately, we’re here to lend a helping hand. For starters, here are five main tax tips for starting a business.
Hobbies such as knitting, woodworking, or jewelry making are not only enjoyable but can often be lucrative, as well. Many people earn side income from hobbies or side projects, and it’s important to report that income on your tax return. The way you report this “hobby” income, however, is different from the way in which you report income from a business, with many special rules and limits for deductions you can claim for a hobby. For those of you who earn income from hobbies, here are five basic tips to put you on the right track: