Syritsyna-Day & Associates

Charitable Donations of Property Did You Know? If you choose to itemize, donating furniture, vehicles, or other property to IRS-approved charitable organizations allows you to improve the lives of others while reducing clutter in your own, all while gaining a valuable tax deduction. In many cases, the allowed deduction is equal to the fair market value of the property you donate. However, for property that appreciates in value, such as artwork or musical instruments, specia...l rules govern the allowable deduction amount. The size of your deduction may also be affected by your adjusted gross income (AGI) and whether you made monetary charitable donations during the same tax year. Deductions of $250 or more require a written acknowledgement from the receiving organization, and those of over $500 require additional documentation. Any deduction for a donation of property valued at over $5,000 requires a certified appraisal.

Summer Jobs - Did You Know? If you're starting a summer job or know a teen or student who is, here is a useful tax-saving tip: Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.... However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions. In the case of lawn care, potential deductible expenses may include: business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc.

Quarterly Estimated Tax Payments - Reminder If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 - May 31 quarter of the year is June 15th. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.... If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

Overseas Tax Filing Extension Deadline - Reminder If you are a U.S Citizen or Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is coming up on June 17th, 2019. The extension is for the date to file, not to pay. Any interest on the taxes owed will be calculated from the regular due date of the return, April 15th, 2019.

National 529 College Savings Day - Did You Know? If you put money in a 529 account for education, withdrawal of earnings are tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or partial tax deduction for 529 plan contributions. They may also offer incentives and promotions to encourage families to open and contribute to 529 accounts today for National 529 College Savings Day. The 2017 Tax Cuts and Jobs Act (TCJA) also expanded eligibility for 529 savings plans. Up to $10,000 per year can now be used for Kindergarten through Grade 12 education (public, private, or religious schools). This was previously limited to post-secondary education only.

Charitable Donations of Property Did You Know? If you choose to itemize, donating furniture, vehicles, or other property to IRS-approved charitable organizations allows you to improve the lives of others while reducing clutter in your own, all while gaining a valuable tax deduction. In many cases, the allowed deduction is equal to the fair market value of the property you donate. However, for property that appreciates in value, such as artwork or musical instruments, specia...l rules govern the allowable deduction amount. The size of your deduction may also be affected by your adjusted gross income (AGI) and whether you made monetary charitable donations during the same tax year. Deductions of $250 or more require a written acknowledgement from the receiving organization, and those of over $500 require additional documentation. Any deduction for a donation of property valued at over $5,000 requires a certified appraisal.

Home Equity Loan Interest Deduction Did You Know? The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deduction for interest on most home equity loans. However, you may still be able to deduct some or all of the interest you paid on a home equity loan if you used loan funds to build, expand, or substantially improve your home. Examples of potentially qualifying projects include building a carriage house or three-season porch, expanding your garage, or replacing your roof.

Education Benefits - Did You Know? The 2017 Tax Cuts and Jobs Act has expanded eligibility for Section 529 savings plans. Up to $10,000 per year can now be used for Kindergarten through Grade 12 education (public, private, or religious schools). This was previously limited to post-secondary education only.

Refund Amounts - Did You Know? If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts. You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.... If you have not received your refund yet, you may check the status using the tool at: https://www.irs.gov/refunds. The 'Where's my Refund' tool is updated once daily, usually overnight. Your status is generally available within 24 hours upon the IRS receiving your e-filed return and 4 weeks after mailing your paper return.

Reduce Fees & Penalties - Did you know? You should still file your taxes, even if you can't pay. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty. So if you can't pay in full, you should file your tax return and pay as much as you can.

Federal Tax Extensions - Did You Know? If you file for an extension on your federal income tax return, you don't have to file your taxes until Oct 15th, 2019 but you still had to pay any taxes due by April 15th, 2019 to avoid penalty and interest charges.

Unclaimed Refunds - Did You Know? The IRS has issued a reminder that time is running out for those that didn't file a 2015 federal tax return. There are currently unclaimed refunds that total more than $1.4 billion, and the 2015 returns must be filed by April 15, 2019. Residents of Maine and Massachusetts have until April 17. No penalty will be charged for filing a late return for those receiving refunds and there is a limited three year window to claim a refund. If unclaimed..., the money becomes the property of the U.S. Treasury. April 15th is also the Tax Day deadline for 2018 taxes.