Employ your children and get a tax deduction Business owner clients often ask me about putting their children on the payroll. It’s a common strategy that can really save money depending on the number of children you can employ and how much you can r ...[Read More]
Employ your children and get a tax deduction
IRS First-time Penalty Abatement PRM CPA Lafayette, LA
IRS First-time Penalty Abatement Did you receive an IRS notice assessing penalties? If so, time out. You may qualify for the IRS’ first-time penalty abatement (FTA) waiver. The FTA is an administrative waiver that the IRS grants to taxpayers ...[Read More]
Can I claim a loss due to the flooding?
Casualty Losses Personal Property Those affected by the recent floods may qualify for casualty loss deductions. These losses are reported on Form 4684, Casualties and Thefts. The loss is limited to the lesser of cost or decrease in FMV of property ...[Read More]
Tax Relief to Louisiana Storm Victims
Tax Relief to Louisiana Storm Victims Louisiana storm victims will have until January 17, 2017 to file certain Federal individual and business tax returns and make certain Federal tax payments, the Internal Revenue Service announced Monday. All work ...[Read More]
Get in Gear for the New Year!
With the new year approaching here’s a quick list to refresh your memory on the documents you’ll need to give to your tax preparer. W-2s, 1099s, 1098s, K-1s, 5498s, etc. While you may not be sure of the relevance, if it comes on a standar ...[Read More]
Do I have to pay these estimated taxes?
This question is a rather common one and the answer is, “It depends”. The IRS and most states require taxpayers to “pay as you go”. For many of us, that consists of having taxes withheld from our paychecks. In that case, estimates are not required ...[Read More]
Tax season is over…now what?
Your tax return has been submitted electronically to Federal and state taxing agencies. Your refunds have been direct deposited. Whew!! Now you can leave the mess of taxes alone until next April, right?? Wrong! The tax “off season” is a great time ...[Read More]
Thinking about e-filing?
Many of our clients have always filed their tax returns using the old-fashioned, tried and true method of paper returns, mailed in to IRS, LDR or another taxing authority. Some feel that there is added security filing this way. Every year we hear of ...[Read More]
Tax Season can also be Scam Season
Recently a few PRM clients have been the target of some very brash and sinister scam artists posing as IRS affiliates. In over 40 years as a CPA it is easy for me to recognize an IRS scam, but the sophistication of the latest scams is alarming. Tax-r ...[Read More]
Almost Time to File
As income tax filing season begins, here are a few things to keep in mind: On December 29, the IRS announced that the 2015 filing season of 2014 returns will begin on January 20, 2015, a week and a half earlier than the start dates for 2013 and 2012. ...[Read More]