Special Briefing on the Tax Policies of the Presidential Candidates

As our presidential election nears, questions arise on how each presidential candidate’s views on tax policies differ. See the link below for a reference guide:

Tax Policies of 2016 Major Presidential Candidates

Offutt Barton Schlitt LLC, is not endorsing or indicating support for any particular candidate or policy with this message, but merely providing this information as a courtesy.

IRS Scam Phone Calls May Be Alarming

There has been an increase recently in scam voicemails or phone calls from persons  claiming to be from the IRS.  The calls are mentioning warrants for the arrest of the taxpayers, back taxes due and other frightening tax complications.  The IRS continues to warn the public to be vigilant about fraudulent phone calls or emails, and offers five tell-tale warning signs to tip you off if you get such a call.  See the link below for more details:

https://www.irs.gov/uac/Five-Easy-Ways-to-Spot-a-Scam-Phone-Call

In our experience, the IRS does not call taxpayers directly nor does the IRS contact taxpayers via email.  Feel free to call your tax preparer if you are alarmed by such a phone call or message.

Offutt Barton Schlitt receives award from Indian River Chamber of Commerce

Industry-Award

Offutt Barton Schlitt receives an Architectural Recognition Award from the Indian River Chamber of Commerce at a luncheon held to celebrate the achievements of local companies. The Chamber’s Industry Appreciation Event recognizes local businesses that stimulate the Indian River County economy and enrich our community through quality employment, sales, purchases, taxes and their support of local non-profit organizations.

 

Mid-Year Tax Records Clean Up

As we round the corner into fall, it’s a good time to start thinking about records you will need for next year’s taxes.  Certain expenses that are eligible for tax credits or deductions are often concentrated in the summer months.  See details at the IRS link below:

http://www.irs.gov/uac/Newsroom/Give-Tax-Records-a-Mid-Year-Tune-up-this-Summer

We would be happy to give you more pointers on setting up a record-keeping system and on what types of credits and deductions apply to your situation.  Give us a call for a brief consultation.

Tax Impacts of Health Care Act Outlined

For all taxpayers who need assistance determining how the Affordable Health Care Act will impact them, the IRS has created a new Website as a self-guided resource:

http://www.irs.gov/uac/Newsroom/IRS-Website-Explains-Tax-Provisions-of-the-Health-Care-Law

One of our CPAs would be happy to discuss any concerns you may have about compliance or tax impacts of the health care law.

Eight Tips if You Owe Taxes

When your tax return is filed, if you owe taxes, there are several payment options for you to select between.   Click the link below to see the IRS’ eight tips for taxpayers:

http://www.irs.gov/uac/Newsroom/Eight-Tips-for-Taxpayers-Who-Owe-Taxes

CPAs in our office can assist you with tax planning calculations or advice that may help you streamline your withholding or gain assistance with a payment plan.  Give us a call for more information.

Home Office Deduction

If you are working from home and want to take advantage of the home office deduction, you no longer have to keep detailed records of certain expenses and prorate these by the square foot.   The IRS has a simplified method available starting with your year 2013 tax return:

http://www.irs.gov/uac/Newsroom/Simplified-Option-for-Home-Office-Deduction-1

Contact your tax preparer at our office for information on whether the simplified method is appropriate for your situation.

IRS Rules on Renting Your Vacation Home

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short.   See this IRS article for more information about renting your vacation home:

http://www.irs.gov/uac/Newsroom/Renting-Your-Vacation-Home-1

If you have plans for renting, feel free to check with your CPA on how these rules apply to your situation.

Online Resources for Tax Needs

The IRS.gov website is a great resource for free tax help 24 hours a day, seven days a week. They have numerous online tools to assist taxpayers of all kinds.   Click here to learn more:

http://www.irs.gov/uac/Newsroom/Visit-IRS.gov-this-Summer-for-All-Your-Tax-Needs

If you have concerns about going directly through the IRS Website, please feel free to contact our office for help with any of your tax needs.