- Accurate and complete. E-file is the best way to file an accurate and complete tax return. Tax returns that are incomplete or include errors take longer to process.
Thursday, January 31, 2013
Wednesday, January 30, 2013
Monday, January 28, 2013
Taxpayers using Form 8863, Education Credits, can begin filing their tax returns after the IRS updates its processing systems. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.
The IRS emphasized that the delayed start will have no impact on taxpayers claiming other education-related tax benefits, such as the tuition and fees deduction and the student loan interest deduction. People otherwise able to file and claiming these benefits can start filing Jan. 30.
As it does every year, the IRS reviews and tests its systems in advance of the opening of the tax season to protect taxpayers from processing errors and refund delays. The IRS discovered during testing that programming modifications are needed to accurately process Forms 8863. Filers who are otherwise able to file but use the Form 8863 will be able to file by mid-February. No action needs to be taken by the taxpayer or their tax professional. Typically through the mid-February period, about 3 million tax returns include Form 8863, less than a quarter of those filed during the year.
The IRS remains on track to open the tax season on Jan. 30 for most taxpayers. The Jan. 30 opening includes people claiming the student loan interest deduction on the Form 1040 series or the higher education tuition or fees on Form 8917, Tuition and Fees Deduction. Forms that will be able to be filed later are listed on IRS.gov.
Updated information will be posted on IRS.gov.
Friday, January 25, 2013
Free Income Tax Preparation Giveaway
Stadium Fitness Foxboro MA - Open House & Grand Opening
Saturday, January 26th, 2012
8:00am to 2:00pm
NFS is giving away FIVE (5) FREE INCOME TAX PREPARATION Certificates!!! Other Door Prizes, Free Food, Free Drinks, Free Workouts, Kids Activities, Jumpy House, Face Painting & MORE!!! Come Join in the FUN!!
Wednesday, January 16, 2013
wickedlocalfavorites.com and vote for your Wicked Favorites today!
Remember, you have to cast a vote in at least 10 categories for your votes to be valid. You can find the "Insurance Agency" slot under "Local Services" and we would appreciate your vote for NFS - Northeast Financial Strategies Inc. in Wrentham.
THANKS for your continued support.
Small business owners and employees who work from home and who maintain a qualifying home office will be able to deduct up to $1,500 per year. The new option allows qualified taxpayers to deduct annually $5 per square foot of home office space on up to 300 square feet, for as much as $1,500 in deductions. To take advantage of the new option, taxpayers will complete a much simpler version of the current 43-line form.
Tuesday, January 15, 2013
Revenue Procedure 2013-15 provides the 2013 cost-of-living adjustments for inflation for certain items, including the tax tables. It also includes items whose values were specified in the American Taxpayer Relief Act of 2012 (ATRA), such as the beginning of the 39.6 percent income tax brackets; the beginning income levels for the limitation on certain itemized deductions, and the beginning income levels for the phaseout of the personal exemptions.
Wednesday, January 9, 2013
As your tax professionals, we want to be the first to give you the real facts:
Tuesday, January 8, 2013
The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers -- more than 120 million households -- should be able to start filing tax returns starting Jan 30.
Monday, January 7, 2013
National Association of Tax Professionals, Appleton, WI – Jeffrey N. Schweitzer, EPA, CEP, ATP, RTRP of Northeast Financial Strategies, Inc in Wrentham, MA has reached a personal and professional milestone in his career by passing the Internal Revenue Service’s (IRS’) Registered Tax Return Preparer (RTRP) competency exam. The award of the RTRP designation recognizes demonstrated knowledge of all aspects of federal individual taxation and assures clients that the preparer is up-to-date on the latest tax law changes and ethics requirements.
To retain the status of a registered tax return preparer, individuals must complete a minimum of 15 continuing education credits (CPEs) per year. RTRPs are also
Wednesday, January 2, 2013
House lawmakers voted for the bill by a 257 to 67 margin, after the Senate’s 89 to 8 vote, in a rare New Year’s Day session of a lame-duck Congress (see Senate Approves Post-Midnight Fiscal Cliff Deal, Shifting Pressure to Boehner). Vice President Joe Biden and Senate Minority Leader Mitch McConnell, R-Ken., worked out the final deal this week following a stalemate in negotiations between Obama and Speaker of the House John Boehner, R-Ohio.