Changes to Tax Status of Non-Profits

A number of changes were made during the Special Session under Act 25 and 26 to the tax status of non-profit organizations in Louisiana. These changes to sales taxes are of particular concern because non-profits must now collect sales tax for items which were previously tax-exempt. Effective April 1, 2016, various events sponsored by domestic nonprofit, charitable, religious and educational …

2016 Tax Deadlines

This year, the tax deadline falls on April 18, 2016. That’s the deadline to file personal tax returns (such as Form 1040) with the Internal Revenue Service. Normally, the deadline is April 15th. But this year, April 15th is Emancipation Day, a legal holiday in the District of Columbia. Under a special rule, whenever the tax deadline falls on a …

Update: Important Changes To Sales and Corporate Taxes

Louisiana recently passed significant changes affecting the application of sales and use tax. These changes go into effect April 1, 2016 and remain in effect for 18 months, ending after June 30, 2018. The temporary taxes include a 1% increase to Louisiana’s 4% sales tax and the lessening of many sales tax exemptions. Louisiana’s state-level sales and use tax is …

Don’t Make These Costly Tax Mistakes

About half of the nation’s taxpayers do their own taxes because they think it will save them money. The truth is that do-it-yourselfers often leave money on the table because they don’t fully understand tax law and miss many opportunities to lower their overall tax bill. From choosing the wrong filing status to not itemizing, many filers leave about $400 …

Tax Advice for Couples

Married couples can choose to file jointly or separately but there are considerations for both approaches. When filing separately, both taxpayers have to agree to do so, and both have to agree to either itemize deductions on Schedule A or claim the standard deduction. More couples are choosing to file jointly due to tax-law changes during the past few years …

Fresh Start For Taxpayers Who Owe Back Taxes

Do you owe back taxes to the IRS? If so, there is a program called Fresh Start that can help you get caught up and get out of trouble with the IRS. The most important first step is to file NOW and let us help you get the process started. Every year you avoid filing, the penalties and interest grow …

Prevent Tax Refund Fraud By Filing Early

The IRS said last Friday that the number of taxpayers whose tax information may have been stolen by computer hackers since 2014 is at least 724,000 — more than double the agency’s previous estimate. The number is more than double the figures the IRS released in August 2015, when it said some 334,000 taxpayers had their data stolen via authentication …

Tax Breaks For the Self-Employed

There are a number of tax breaks that are often overlooked by entrepreneurs. Among the most common missed credits: Health Insurance Deduction: The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end …

Non-Profits and Donor TINs

The IRS withdrew proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations. Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification numbers (TINs) to complete the information return. The …

Five Things To Consider Before Filing Your Own Tax Return

Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return: 1. Tax Law Is Confusing: Tax laws are constantly changing and this year is …