Friday, January 31, 2014

Official Start of Tax Season is Today - January 31st

Today marks the delayed official day the IRS will start to accept paper or electronically filed tax returns. The delayed start this year is due to the 16-day U.S. Government shutdown in October 2013.

The April 15th tax deadline is set by statute and will remain in place, although taxpayers can request an automatic six-month extension to file their tax return. If you think you may need an extension, let us know and we can take care of that for you free of charge.

If you are looking for a discount on your professionally prepared tax return and you are a first time client of NFS, here is a $30 Off Coupon.

First Time NFS Client Discount

Tax Changes for 2014: A Checklist

Individuals

For 2014, more than 40 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion, as well as most retirement contribution limits.

For 2014, the tax rate structure, which ranges from 10 to 39.6 percent, remains the same as in 2013, but tax-bracket thresholds increase for each filing status. Standard deductions and the personal exemption have also been adjusted upward to reflect inflation. For details see the article, "Tax Brackets, Deductions, and Exemptions for 2014," below.

Friday, January 3, 2014

Too Late for 2013 Tax Planning? Guess again.

2013 is done, so 2013 tax planning is done too, right? Guess again. Although it’s true that most tax planning
strategies are limited after December 31st, there is still a lot you can do to make the tax-filing season cheaper and easier.

Maximize Your Retirement Contributions

If you haven’t already funded your retirement account for 2013, you still have time. Contributions to a Traditional IRA (whether deductible or not) and to a Roth IRA are available until April 15th, 2014. If you are self employed and have a Keogh or SEP-IRA, you have until October 15th, 2014, if you submit an extension of time to file your tax return. Not only will making a deductible contribution lower your tax bill, but your investment will compound tax-deferred. There are specific requirements and limits for each type of account so check with a qualified tax advisor on your specific situation.

Estimated Tax Payments

If you don’t pay enough to the IRS during the year, you may be looking at a hefty tax bill come April. It is possible that you might even owe penalties and interest on top of the tax.  You could avoid any 2013 fourth quarter penalties on underpayment of tax if you submit a payment by January 15th 2014. Try not to over pay the tax however, because the IRS does not pay you any interest on the borrowed money called your refund. It is your money so plan accordingly.

Organization of Your Records

Having your records organized may not save tax dollars, but will make your tax season less stressful. Start

Wednesday, January 1, 2014

Happy New Year From NFS


Here's to a Happy, Healthy and Prosperous New Year!

"Always bear in mind that your own resolution to succeed is more important than any other."
-Abraham Lincoln