Tax Tips

Identity Theft-RITA DATA BREACH!!!!

It’s a race to file.  Whoever files a tax return first with any given social security number is the one that initially gets a refund and the filing of your real tax return gets held up for quite some time.  Can’t happen to you?  Hmmmm……don’t be so sure. Just last week the Regional Income Tax Agency, […]

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Gas prices are down!

Well, we humans aren’t the only ones that has noticed that gas prices have gone down. According to WKYC.com, average Ohio gas prices have fluctuated quite a bit over the last 72 months, ranging from $4.15 to $1.82 per gallon, with this being a very good time for buying gas.  The IRS has noticed too of course. […]

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December 2015 Newsletter

Happy Holidays!!!! From all the festive folks at Billings & Company, CPAs to all of our fun-loving and fabulous friends, we would like to wish you the happiest of holidays!!!! Happy holidays……happy holidays………may the tax breaks be bringing happy holidays to you……. Here are some last minute tax tips that you still have time to take advantage […]

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Tax Extenders – Saving You Tax $

As is par for the course, Congress waited until the last minute to approve the tax extenders for 2015 with the “Protecting Americans from Tax Hikes Act of 2015.”  President Obama signed it into law. This law extends various tax breaks for individuals and businesses.  Below is a list of some of these extensions:   The […]

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Intentional disregard! $250 penalty PER 1099.

There is now a $250 penalty, PER 1099, for not providing a correct 1099 when one should have been issued. This is considered an intentional disregard.  There is no maximum penalty for the year. There are also penalties for filing them late. The tax return has 2 direct questions regarding 1099s that make it easy […]

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NEW (E)Mail-in Service!!!! Convenient, right?

You’re busy.  Getting your taxes done is no fun!  You have better things to do with your evenings after work. Right? We have a handy dandy (E)Mail-in Service that will save you time and stress. We can help!  Just take the following steps to have a stress-free, non-time consuming tax prep year AND get the […]

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EITC-The louder the house the higher the credit?

The Earned Income Tax Credit…… So, it depends…..got kids? If not, you may still qualify for a small amount. But the large dollars go to those with kids…..you get one amount for having one child and another, larger amount, for having 3 or more kids.  10 kids doesn’t get you anymore EITC than 3 kids, it just […]

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Tax Extenders ….a car to match your outfits!

So Congress still hasn’t approved the normal group of tax extenders….items they end up approving every year…at the end of the year… and making retroactive to the beginning of the year.  Reason for this?  They like to tack on extra stuff to get them passed with the package of extenders…..  eye roll.  Also, when they show […]

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Health Insurance-Better have it or else

Heard of Obamacare?  How about the penalty for not having Health Insurance all year?  Well, this year that penalty went up. It’s the greater of $325 per adult ($162.50 per child) or 2% of the household income that is over the tax filing requirement.  Maximum of $975 per family……YOWZA!!!!!     You can check out HealthCare.gov for […]

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Are you the Head of your Household or not?

This is often a confusing topic for people.  Some say “Well, I pay all the bills at my house so I must be Head of Household”, others “I’m married but we haven’t lived together for a long time, I must be single”.   Ummm…..no. There are actually lots of things to consider.   Head of Household also requires […]

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