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Time Running Out to Claim $1 Billion in Tax Refunds from 2013

March 3 2017 Taxpayers who did not file a tax return for 2013 may be one of the nearly 1 million who may be due a refund from that year. Taxpayers must claim their part of almost $1 billion by this year’s April 18 tax deadline. To claim a refund, taxpayers must file a 2013 […]

New York State highlights sound ways to use your tax refund

March 30, 2016 The New York State Department of Taxation and Finance, and the New York Department of State’s Division of Consumer Protection, are highlighting five ways that the seven million New Yorkers who receive tax refunds can make smart decisions with their money. Save–Use your tax refund to bolster your emergency savings. This could […]

Tutorial on the basics of South Carolina taxation

The South Carolina Department of Revenue has published on its website a basic tutorial on South Carolina taxation.  For the do it your selfer or those new to South Carolina taxation, this could be a very useful tool to help you complete your tax return. The tutorial can be found here Of course, for those […]

How to choose a tax preparer

March 22, 2016 Although we are located in South Carolina, we prepare tax returns for clients all across the country including the state of New York. For the past few weeks, the state of New York has been on a bit of a tear locking up rogue tax preparers, as have many other jurisdictions including […]

What to Do if You Don’t Receive Your Health Care Information Form

March 8, 2016 This year, you may receive one or more forms that provide information about your 2015 health coverage; these forms are 1095-A, 1095-B and 1095-C. The IRS does not issue these forms and cannot provide you with a copy of any of these forms. This tip provides guidance about what you should do […]

Early Retirement Distributions

March 29, 2015 Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: 1.Early Withdrawals.  An early withdrawal normally means […]

Retirees Face April 1 Deadline For Retirement Plan Distributions

WASHINGTON — The Internal Revenue Service reminds taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014. The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it […]

Time May be Running Out to Enroll in Health Coverage – March 31

Health Care Law Considerations for 2014 For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014. However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment. Below are five things about the health care law you […]

The Individual Shared Responsibility Payment – An Overview

Starting January 2014, you and your family must either have health insurance coverage throughout the year, qualify for an exemption from coverage, or make a payment when you file your 2014 federal income tax return in 2015. Many people already have qualifying health insurance coverage and do not need to do anything more than maintain […]

What do I need to know about the Health Care Law for 2013 Returns

For most people, the Affordable Care Act has no effect on their 2013 federal income tax return. For example, you will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015. However, for some people, a few provisions may affect […]