TAX NEWS: CHANGES TO TAX RETURN & FBAR DEADLINES

Legislation passed in July 2015 made changes to the due dates for partnership tax returns, C corporation tax returns, FBARs, and other information tax returns. The modified due dates are for tax years beginning after December 31 2015 (except for C corporations with a fiscal year ending on a specific date, which is discussed below). […]

Tax Relief for Child Care Expenses

The child care tax credit and dependent care accounts could save you thousands of dollars. Every working parent knows that the cost of good childcare is expensive and ever increasing. Luckily, the federal government offers two tax breaks that can help defray some of these costs: the child care credit and dependent care accounts. If […]

Filing a Tax Return When You Live Outside the United States

If you live abroad and have income, you will still have to file a tax return. You must also either have taxes withheld from your paycheck or pay quarterly estimated taxes if you are working abroad. However, the tax bite may be substantially reduced if you qualify for a foreign earned income exclusion of $91,500 […]

IRS Installment Payment Plans

If you can pay your debt over time, an installment plan may be the right solution. The most widely used method for paying an old IRS debt is the monthly installment agreement, or IA. If you owe $25,000 or less, you should be able to get an installment payment plan for 60 months just by […]

Filing and Paying Taxes Late

The penalties for filing or paying your taxes late, and how to request an extension. What if April 15 rolls by and you haven’t had time to complete your return, or you can’t pay what you owe? The consequences may not be as serious as you fear — if you take some simple steps before […]