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November 17, 2013

Beware – The Dirty Dozen Tax Scams!!!

Taxsmith, LLC would like to remind taxpayers to use caution to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The top 12 scams, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns. Illegal scams can lead to significant penalties and interest and possible criminal prosecution. […]
November 17, 2013

Special Tax Benefits for Armed Forces Personnel

If you’re a member of the U.S. Armed Forces, Taxsmith wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are some of those benefits… 1. Deadline Extensions.  Qualifying military members, including those who serve in a combat zone, can postpone some tax […]
October 17, 2013

Do You Have An Offshore Account in the U.K. or Australia?

Recently, the tax administrations from the United States, Australia and the United Kingdom announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. The three nations have each recently acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands.  The data contains both the identities […]
October 17, 2013

Tips for Taxpayers Who Travel for Charity Work …

Do you travel while doing charity work? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work for a qualified organization. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Select Check tool to see if the group is qualified. 2. You may be able to […]
September 17, 2013

IRA Contribution Tips from Taxsmith, LLC

Taxsmith, LLC has important tips for you about setting aside money for your retirement in an Individual Retirement Arrangement. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. 2. You must have taxable compensation to contribute to an IRA. This includes income from wages, salaries, tips, commissions and bonuses. It also includes net income from self-employment. If you file a joint return, generally only one spouse needs to […]