Individual Tax

/Individual Tax

Seven Timely Tax Moves in 2016 for Individual Taxpayers

By |October 24th, 2016|Individual Tax, News & Events|

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year. Harvest capital gains or losses. [...]

Crash Course on Education Tax Breaks

By |October 10th, 2016|Individual Tax, News & Events|

Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) [...]

Resources for Saving for College

By |September 1st, 2016|Individual Tax, News & Events|

By: Janet Moore, Shareholder, CPA Janet is the co-manager of the JMF Tax Department, runs the Birmingham office, and serves on the Executive Board. With more than 30 years of experience in public accounting, she assists closely-held businesses and owners with corporate, partnership, and individual income tax planning and reporting, as well as complex issues [...]

Giving the “Right Stock” to Charity

By |August 22nd, 2016|Individual Tax, News & Events|

Tax rules may affect your donations Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return. The conventional [...]

Alabama Amnesty Program to Begin June 30th

By |June 27th, 2016|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group.  With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]

Five Big Tax Penalties to Avoid

By |June 24th, 2016|Entrepreneurs, Individual Tax|

Paying income tax is bad enough, but insult is added to injury if you are assessed any tax penalties. There are numerous no-nos for individuals and small-business owners to avoid, but here are five of the major offenses in the tax code. 1. Payroll taxes: If a business willfully fails to deposit payroll taxes, the “responsible [...]

IRS Issues Warnings on 2016 Tax Scams

By |June 4th, 2016|Corporate & Partnership Tax, Individual Tax, Uncategorized|

  As evidenced by the list of the “Dirty Dozen” tax scams recently released by the IRS, the tax swindlers are getting smarter every year. Here is a summary of the 12 notorious scams to watch out for in 2016. 1. Identity theft: A crook can steal your Social Security number and use it to file [...]

IRS will stop initiating field audits by telephone

By |May 23rd, 2016|Corporate & Partnership Tax, Individual Tax, News & Events|

If you have been reading the tax press or even this blog, you will know plenty about the problems taxpayers are having with phone and email scams posing as the IRS.  Well, now the IRS has announced that they will stop initiating field audits by telephone. So, the examiner will send a letter and then [...]

Deadline for Social Security “File and Suspend”

By |March 25th, 2016|Individual Tax, News & Events, Social Security|

The Bipartisan Budget Act of 2015 ended two popular Social Security retirement benefit claiming strategies, “File-and-Suspend” and “Restricted Application.”  Many married couples use the file-and-suspend strategy by having the higher wage earner file for benefits and then immediately suspend them so that the lower earning spouse can claim spousal benefits while letting their own Social [...]

Tax Benefit for Individuals with Disabilities

By |February 25th, 2016|Accounting & Auditing, Estate & Trust, Individual Tax, News & Events|

By: Fernanda Luiken, CPA Fernanda is a Senior Accountant and a member of the JMF Tax and Audit Departments. Fernanda prepares corporate, partnership and individual tax returns and also works on business, not-for-profit and governmental audits. The Stephen Beck Jr. Achieving a Better Life Experience act (ABLE) was enacted on December 19, 2014 as part [...]