Author Archives: pwitts

Non Profits And Taxes

Nonprofit organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the fifth month after their year-end. For calendar-year organizations, the filing deadline for 2012 reports isContinue Reading

April 15 Tax Deadline

April 15, 2013, is a major tax day, with the following IRS deadlines falling on that date: – Individual income tax returns for 2012 are due. – 2012 partnership returns are due. – 2012 annual gift tax returns are due. – Deadline for making 2012 IRA contributions. First installment of 2013 individual estimated tax isContinue Reading

Mortgage Debt Forgiveness

Mortgage debt forgiveness is something that many taxpayers should remember when pulling together their tax documents. One’s mortgage debt forgiven can substantially reduce their tax liability if they have had their home foreclosed or mortgage loans restructured. The Mortgage Forgiveness Debt Relief Act of 2007 was created to provide relief to the many Americans thatContinue Reading

Tax Identity Theft

Now that tax season is here again identity theft is on the rise and the IRS has made preventing identity theft a top priority this year. Here’s what identity thieves have been doing: They steal a taxpayer’s personal information and use it to file a tax return claiming a refund under the taxpayer’s name. ThenContinue Reading

Energy Efficient Improvements

If you haven’t already taken advantage of the tax incentive for energy-efficient improvements to your home, 2013 may be the year to install furnaces, windows, doors or skylights. Qualifying purchases are eligible for a federal credit which can reduce your tax liability by up to $500. Give us a call if you have questions aboutContinue Reading