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Titan Tax & Accounting Services (Dearborn) - Tax Services|Bookkeeping Services|Accounting Services
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Tax Information for Students Who Take a Summer Job - Tax Information for Students Who Take a Summer Job Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer job should know about taxes:
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May 16 Is Filing Deadline for Many Tax-Exempt Organizations - With the May 16 filing deadline facing many tax-exempt organizations, the IRS cautioned these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Forms 990, and consider taking advantage of the speed and convenience of electronic filing. Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. Many organizations use the calendar year as their tax year, making May 15 the deadline for them to file for 2015. However, because May 15 falls on a Sunday, the deadline this year moves to Monday, May 16.
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April 18th is here! Can't Make the Filing Deadline? - If you need extra time to file your returns this year file the Form 4868 request for an automatic extension. You can let us know you need an extension or you can request an extension by filing out form 4868 and mailing it to the IRS by April 18th. The extension gives you an additional six months, until Oct. 17, to file the tax return.
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Six Facts You Should Know Before Deducting a Charitable Donation - 1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An exception to this rule is contributions under the SlainOfficer Family Support Act of 2015. To check the status of a charity, use the IRS SelectCheck tool. 2. Itemize Deductions. To deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with your federal tax return. 3. Benefit in Return. If you get something in return for your donation, you may have to reduce your deduction. You can only deduct the amount of your gift that is more than the value of what you got in return. Examples of benefits include merchandise, meals, tickets to an event or other goods and services. 4. Type of Donation. If you give property instead of cash, your deduction amount is normally limited to the item’s fair market value. Fair market value is generally the price you would get if you sold the propert
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Your Taxpayer Bill of Rights - The Right to Be Informed: Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes.
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What To Do If You Are Missing a W-2 - Did you receive your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until Feb 1, 2016 ( to provide or send your W-2 earnings statement either electronically or in paper form. If you haven’t received your W-2, follow these steps: 1. Contact your employer. If you have not received your Form W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2. 2. Contact the IRS. If you still do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, have the following information: Employer's name, address, city, and state, including zip code; Your name, address, city and state, includ
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Who Can Represent You Before the IRS? - If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to know who can represent you and when they can represent you. Choose a tax return preparer wisely. Representation rights, also known as practice rights, fall into two categories: Unlimited Representation Limited Representation
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Newsletter - The Individual Shared Responsibility Provision – The Basics - The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. Here are some basic facts about the individual shared responsibility provision.
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What Should You Bring to Have Your Tax Return Prepared ? - Following is a list of the more common items you should bring if you have them. - Wage statements (Form W-2) - Pension, or retirement income (Forms 1099-R) - Form to verify health insurance coverage (Form 1095) - Dependents' Social Security numbers and dates of birth - Last year's tax return. If we did your taxes last year we have it but it is a good practice to bring it anyway - Information on education expenses
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