S Corporation & C Corporation Tax Return Deadline Quickly Approaching
April 15th comes to mind when you think about when taxes are due. This is a friendly reminder that if your business is an S-Corporation or a C-Corporation, your business tax return is due before March 15th. S Corporations Your S-Corp (LLC’s taxed as an S-Corp count too) is required to file IRS Form 1120S […]
IRS Newswire: Tax Scam Abusing College Tax Credit
The IRS has released a warning to the public in regards to tax schemes that promise higher refunds to those with low income. The IRS would like to specifically warn the elderly, church members, and working families. Under this scheme, the promoter claims to be able to obtain a tax refund or “non existent stimulus […]
Don’t Burn Your House Down Just Yet….
Donating the final use of your home may not be tax deductible as a charitable donation. It is common, in cases were people are going to demolish an existing building and rebuild, that the existing building may be donated as gift to the local fire department for the purpose of teaching,training, etc. an exercise in […]
No More Recapture Reminders for 2008 First Time Homebuyers
The IRS will no longer send out reminders to First Time Home-buyers who purchased a home in 2008. The credit in 2008 was essentially an interest free loan from Uncle Sam. Most people pay back the loan in 15 years (15 installments of $500 through his/her tax return). Undoubtedly and obviously, the IRS will still […]
Federal Direct’s Race to St. Patty’s Day Tax Filing Contest
As we are wrapping up the peak part of tax season, we are rolling out our annual Race to St. Patrick’s Day Tax Filing Contest. This contest is here to reward you for filing during the traditionally slower part of tax season. Since March 1st up to the 17th, the leading offices in bank funded […]