Posts Taged tax

5 days left!!!!

Well it’s that time……. By Tuesday you will either need to file your return or file an extension.  The postmark must be no later than April 18th.  If you  have a balance due for Federal, State, and/or City income tax then it needs to be paid by the deadline even if you are filing an […]

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Can’t pay? How about an installment agreement?

Do you: Owe less than $50,000 in tax, penalties, and interest? File all required returns? If so, you may qualify for an Online Payment Agreement. You can apply here. If you get approved, the fees to set up  a payment plan would be: $52 for a direct debit agreement $120 if not a direct debit from […]

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Picking out a college? See if it qualifies.

Some people are surprised when little Johnny or Jane’s college or school they picked out ends up NOT being eligible for a tax credit. Qualified institutions include any college, university, vocational school, or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education.  This includes most […]

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College costs getting you down?

Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives.  Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs.  […]

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Vets fee deductible? Ummm….no…sorry

Well, a few days ago I gave you a list of common, and sometimes, not so common, Qualified Medical Expenses that you may be able to deduct on Schedule A of your Form 1040. Thought you might like a list of some NONDEDUCTIBLE items. Enjoy!  Or, I guess, sorry Child care for a healthy baby/child […]

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Off campus housing-fun AND deductible!

Tempted to use off-campus housing instead of the dorms?  Sure you can!!!!  Although some colleges have rules regarding students staying on campus, many times it is allowable to stay off campus.  You CAN deduct this cost as a qualified higher education expense when taking distributions from a Qualified Tuition Program, aka 529 plan. Among other […]

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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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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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Filing deadline April 18th next year! Huh?

Yep!  The filing deadline is April 18, 2016 instead of April 15th.  Why would the IRS give us 3 EXTRA days to get our procrastinating selves together and get our taxes filed?  Is it because they CARE about us? Hmmmmm……    not likely.        Is it so we have more time on the 15th to celebrate […]

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