Keystone Tax and Accounting

Do you need to hire a tax accountant this tax season? Read this article, and decide for yourself! http://www.cpapracticeadvisor.com//things-your-cpa-wont-te If you need additional help, please don’t hesitate to email us at [email protected].

Did you donate to a worthy cause in 2017? Things you should know. If you are someone who generously gives money or time to charitable organizations, there are a couple of things you should know. These things are very important as you start getting your documents ready for your 2017 tax return. How much can you deduct? If you are a taxpayer who itemizes deductions, contributions up to 50% of adjusted gross income (AGI) are generally deductible. Though, there are some contr...ibutions that are limited to 20-30% of your AGI. Remember that donations should be made to eligible organizations to be tax-deductible. Many social media funding campaigns don’t qualify as charities for tax purposes. You can check if an organization is eligible by using the IRS Exempt Organization Select Check tool https://www.irs.gov/chari/exempt-organizations-select-check . A bank record, a written statement, or a thank you note from the charity is required to prove the date/amount of any money donation. Money donations include cash, check, electronic fund transfer, credit card, and payroll deduction. For donations of clothing/other household items the deduction is usually limited to the fair market value of the item. Items should be in a good condition to be tax-deductible. Donors should have a written receipt from the charity for all gifts worth $250 or more. Special rules apply to cars, collectibles, and other property donations. If you drive as part of your efforts on behalf of a charity, you may be eligible to deduct mileage. For more information, please check https://www.irs.gov/publications/p526 If you need additional help, please don’t hesitate to email us at [email protected].

Taxpayers who use an Individual Taxpayer Identification Number should check if their number expires this year. If it does, and the return needs to be filed in 2018, they should submit an application as soon as possible to renew their ITIN. The IRS issues ITINs to people who are not eligible for a Social Security number but who need to file a tax return. Please visit https://www.irs.gov//individual-taxpayer-identification-nu for more information. If you need any additional help, please don’t hesitate to email us at [email protected].

Don’t get divorced. Don’t sell your house. Don’t get sick. Don’t go back to school. Don’t have kids unless you can stay home with them.. The House Tax Bill six popular breaks you didn’t realize you’ll be losing! https://www.forbes.com//the-house-tax-bill-six-popular-b/

People can avoid taking the bait to a scam by knowing how and when the IRS does contact a taxpayer in person. This can help someone determine whether an individual is truly an IRS employee. Here are eight things to know about in-person contacts from the IRS. - The IRS initiates most contacts through regular mail delivered by the United States Postal Service.... - There are special circumstances when the IRS will come to a home or business. This includes: *When a taxpayer has an overdue tax bill *When the IRS needs to secure a delinquent tax return or a delinquent employment tax payment *To tour a business as part of an audit *As part of a criminal investigation - Revenue officers are IRS employees who work cases that involve an amount owed by a taxpayer or a delinquent tax return. Generally, home or business visits are unannounced. - IRS revenue officers carry two forms of official identification. Both forms of ID have serial numbers. Taxpayers can ask to see both IDs. - The IRS can assign certain cases to private debt collectors. - The IRS does this only after giving written notice to the taxpayer and any appointed representative. Private collection agencies will never visit a taxpayer at their home or business. - The IRS will not ask that a taxpayer makes a payment to anyone other than the U.S. Department of the Treasury. - IRS employees conducting audits may call taxpayers to set up appointments, but not without having first notified them by mail. Therefore, by the time the IRS visits a taxpayer at home, the taxpayer would be well aware of the audit. - IRS criminal investigators may visit a taxpayer’s home or business unannounced while conducting an investigation. However, these are federal law enforcement agents and they will not demand any sort of payment. Don't become a victim!!!