February 18, 2019
While we’re now two weeks removed from Punxsutawney Phil’s early spring prognostication, spring doesn’t really come for us at LBF Group until after April 15th. As we’ve fully entered tax season, I see different variations of the same two texts regularly. Loosely speaking, they ask:
1.) I saw/heard (some program, article, etc.) that said my refund this year will be either
So what should I expect?
2.) Is (insert expense) deductible for me this year?
The answer for 1.) is always varied, as it depends on a variety of factors, and usually prompts a longer phone call. This is why you’d come into the office.
The answer for 2.) is far simpler. I direct them to go to the IRS Interactive Tax Assistant website (https://www.irs.gov/help/ita ), encouraging them to use the search bar. For most categories, there’s an intuitive interactive questionnaire that should help set expectations, including hyperlinked definitions of most common terms. Most shy away from anything with an IRS label, but unlike phone calls, there’s no need to wait on hold, and at the very least this is a good resource to use as a starting point.
As the month “Marches” on, and we at LBF are in full tax season mode, we want to remind those of you whose returns we have finished to please get us your 8879 electronic filing form ASAP so we can file your return (which we will not do without this form), and assure your filing is timely. Also, remember that even if you owe taxes (we hope you don’t), the IRS will not be...
Many people receive tax refunds from the IRS and wonder how long it will take to receive your refund. You wait by the mailbox or look at your bank account hoping that your refund is there. We will fill you in on the tax refund schedule and how long it takes for the IRS to issue refunds.
When Are Taxes Due?
The deadline to submit your 2018 tax return and pay...
As you are collecting your tax documents for this year’s tax return (or stuffing them in a file drawer if your return has already been filed), you may be wondering: “How long to I need to keep this stuff?”
The general rule is that you should keep all documents that prove the information on your tax return until that return can no longer be audited, and interest and...