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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
About 85% of small business owners rely on a professional like Person CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of changes to tax law in recent …
The Louisiana Department of Revenue (LDR) will begin accepting and processing 2015 state individual income tax returns on Tues, January 19. That’s the same day that processing begins at the Internal Revenue Service (IRS). The Department also enters this tax season with a focus on safeguarding taxpayers against fraud. During the past two years, LDR has saved taxpayers more than …
