Joseph Latif, CPA

Missing Your Form W-2? You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2014 earnings and withheld taxes no later than February 2, 2015 (if mailed, allow a few days for delivery). If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an inco...rrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. If you still do not receive your W-2 by February 15th, contact the IRS for assistance at 1-800-829-1040. When you call, have the following information handy: the employer's name and complete address, including zip code, and the employer's telephone number; the employer's identification number (if known); your name and address, including zip code, Social Security number, and telephone number; and an estimate of the wages you earned, the federal income tax withheld, and the dates you began and ended employment. If you misplaced your W-2, contact your employer. Your employer can replace the lost form with a "reissued statement." Be aware that your employer is allowed to charge you a fee for providing you with a new W-2. You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by the tax filing deadline, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement, but it will delay any refund due while the information is verified. If you receive a corrected W-2 after your return is filed and the information it contains does not match the income or withheld tax that you reported on your return, you must file an amended return on Form 1040X, Amended U.S. Individual Income Tax Return. If you have questions about your Forms W-2 or 1099 or any other tax-related materials, please call or email.

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"I'm not going to pay taxes. When they say I'm going to prison, I'll say no, prisons cost taxpayers a lot of money. You keep what it would have cost to incarcerate me, and we'll call it even." Jimmy Kimmel

If the IRS took 100 taxpayers at random and sent each an incorrect notice that they owed an extra $92.35 in taxes and interest, more than two-thirds would probably just send in a check without investigating further." -- G. Guttman

IRS Tax Scams 2017: FAQs As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there's always a possibility that identity thieves could steal your personal information and try to ca...Continue reading

2016 Tax Provisions for Individuals: A Review Many of the tax changes affecting individuals and businesses for 2016 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called "tax extenders"). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here's what indivi...Continue reading

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties in a barter exchange must include the fair market value ...Continue reading

What You Should Know about the AMT Even if you've never paid Alternative Minimum Tax (AMT), before, you should not ignore this tax. Why? Because your tax situation might have changed and this might be the year that you need to pay AMT. AMT attempts to ensure that taxpayers who claim certain tax benefits pay a minimum amount of tax. You may have to pay this tax if your income is above a certain amount. Here's what you should know about the AMT:... 1. When AMT applies. Your filing status and income determine the amount of your exemption. You may have to pay the AMT if your taxable income, plus certain adjustments, is more than your exemption amount. In most cases, if your income is below this amount, you will not owe AMT. 2. Exemption amounts. The 2014 AMT exemption amounts are: $52,800 if you are Single or Head of Household. $82,100 if you are Married Filing Joint or Qualifying Widow(er). $41,050 if you are Married Filing Separate. Your AMT exemption is reduced if your income is more than certain limits. 3. Use the right forms. If you owe AMT, you usually must file Form 6251, Alternative Minimum Tax--Individuals. Some taxpayers who owe AMT can file Form 1040A and use the AMT Worksheet in the instructions. 4. AMT rules are complex. The easiest way to prepare and file your tax return is to use a qualified tax preparer who will figure out AMT for you if you owe the tax. Call today for more information or to set up a consultation.

Five Ways to Improve Your Financial Situation If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then here are some steps to take to avoid financial ruin in the future. If you've accumulated a large amount of debt and are having difficulty...Continue reading