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Tax News

Feb 11, 2016

Tax Return Alert!

Please be aware that some tax software may not give you a correct tax return if you used the Health Marketplace to get your health insurance. We have a specific example from H&R Block. If you have experienced issues with another online tax software, please let us know!

The IRS can be tough to navigate. At Polston Tax, it's our job to look out for our clients, and guide them through whatever process needed to resolve their tax issues. But the IRS has also taken steps to protect taxpayers: Publication 1, also known as the Taxpayer Bill of Rights lays out the fundamental rights every taxpayer should know when dealing with the IRS.  As a taxpayer, you have the right to:

Happy 2016! We mean that literally.

As tax season rolls around, the IRS has issued a few announcements that should make you very happy indeed.

Most of us know that if you win the lottery you’re going to pay a lot in taxes, but did you know that you’re supposed to report and pay taxes on ALL betting and gambling wins?

As April 18th gets closer and closer, so does the big decision: should you do your own taxes with online software, or should you grit your teeth and hire a professional accountant?

We’re not about to make that decision for you.

But we can tell you the good things and the bad things about hiring a pro. After that, it’s up to you.

Have you ever wondered where that extra $10 at the end of your cell phone bill comes from?

It’s actually a federal tax, and it’s a surprisingly high one – 17.3%, on average, of your current phone bill.

This is probably news you didn’t want to hear.

By now, you should know that you really never get away with anything.

The IRS is ALWAYS watching.

And they want to see that you report every last little bit of money you make – even things that you wouldn’t think counted as “income.”

When people don’t report their entire income, the government suffers from a sad condition called the tax gap (the amount of taxes that go unpaid every year). We can’t have THAT.

You already know that you have to report wages, salary, commissions, tips, interest and dividends on your tax return (Form 1040). (At least, we hope you know this!) But did you know....

The year is almost over and tax season will be here before you know it! These are some tips to follow if you plan to electronically file and store your taxes.

Yes, Virginia, there is a Santa Claus.

It's the season of magic, and miracles are still possible. In order to get you in a good mood for the holidays, here are a few things you might not have to pay taxes on, for a change.

Some of them will definitely surprise you.

Nothing to get you in the holiday mood like some nice, cheerful talk about taxes, is there?

Fortunately, the IRS is less naughty than nice around this time of year. Your year-end charitable deductions can get you a bit of a break on your taxes – if you fill out all the right forms, make your list and check it twice. Some important tax law revisions have taken place over the past few years, and you need to make sure you’re up to date.

Here’s what you need to know about charity deductions…courtesy of the jolly old IRS.

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