When can I file my Taxes 2015?

Great question! This is something that my clients have been calling and asking about.

Be's Professional Services can help you with your filing needs we work all 50 states and can get it done.

We have 4 ways you can file with our office!

They are listed below:

Email: besprofessionalservices@gmail.com

Fax: 469-454-2575 or

Call your information in 972-296-4237972-296-4237 or 888-707-9915888-707-9915. (Please be advised that if you call information in we will require you to fax or email your documents within 24hours for processing.) or

File On Line: http://prep.1040.com/besproservices/

Here’s a calendar of helpful dates and deadlines for filing your taxes in 2015.

January 5, 2015

IRS usually have all tax forms available to file for individuals by January 5th, 2015.

January 20, 2015

IRS e-file goes live and begins accepting returns on January 20, 2015. If you filed your taxes with us before this date, this is when the IRS will begin accepting your 2014 tax returns. This date has not been verified by the IRS yet, Congress and IRS having their act together (ha!).

January 31, 2015

Deadline for your employer to mail you your 2014 W-2. Note this is a mailing deadline, not a receipt deadline, so if your company is slacking, it may take a few extra days to get it via snail mail. Many employers offer electronic versions via the same website you can view your pay checks. If you received unemployment income, this is also the deadline for the state(s) to provide you with a 1099-G.

April 15, 2015

Also known as “tax day.” Most people believe this is the deadline to file your income taxes. That’s close enough. It’s actually a payment deadline rather than a filing deadline. If you owe IRS additional taxes, you must file and pay them by this date to avoid fees and penalties. If you’re getting a refund, this deadline doesn’t apply to you.

October 15, 2015

If you filed an extension and owe additional taxes, this is your deadline to file your completed return and pay any remaining taxes owed.

Tips for Year-End Gifts to Charity

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:


1. Qualified charities. You can only deduct gifts you give to qualified charities. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies.

2. Monetary donations. Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return. This is true regardless of the amount of the gift. The statement must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, or bank, credit union and credit card statements. If you give by payroll deductions, you should retain a pay stub, a Form W-2 wage statement or other document from your employer. It must show the total amount withheld for charity, along with the pledge card showing the name of the charity.

3. Household goods. Household items include furniture, furnishings, electronics, appliances and linens. If you donate clothing and household items to charity they generally must be in at least good used condition to claim a tax deduction. If you claim a deduction of over $500 for an item it doesn’t have to meet this standard if you include a qualified appraisal of the item with your tax return.

4. Records required. You must get an acknowledgment from the charity for each deductible
donation (either money or property) of $250 or more. Additional rules apply to the statement for gifts of that amount. This statement is in addition to the records required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.

5. Year-end gifts. You can deduct contributions in the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.

Did You Get a Notice from the IRS?

This is what you should Call Be's Professional Services at 972-296-4237972-296-4237!

1. Don’t ignore it. Remember it is important!
2. IRS notices usually deal with a specific issue about your tax return or tax account. Read it carefully and follow the instructions about what you need to do and Call Be's Income Tax Firm!
3. If it says that the IRS corrected your tax return, review the information in the notice and compare it to your tax return and then Call Be's
4. We can handle most notices without calling or visiting the IRS.
5. Keep copies of any notices you get from the IRS for your records

Job Hunting Expenses

Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs.

Here are some key tax facts you should know about if you search for a new job:

• Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation.
• Résumé Costs. You can deduct the cost of preparing and mailing your résumé.
• Travel Expenses. If you travel to look for a new job, you may be able to deduct the cost of the trip. To deduct the cost of the travel to and from the area, the trip must be mainly to look for a new job. You may still be able to deduct some costs if looking for a job is not the main purpose of the trip.
• Placement Agency. You can deduct some job placement agency fees you pay to look for a job.
• First Job. You can’t deduct job search expenses if you’re looking for a job for the first time.
• Work-Search Break. You can’t deduct job search expenses if there was a long break between the end of your last job and the time you began looking for a new one.
• Reimbursed Costs. Reimbursed expenses are not deductible.
• Schedule A. You usually deduct your job search expenses on Schedule A , Itemized Deductions. You’ll claim them as a miscellaneous deduction. You can deduct the total miscellaneous deductions that are more than two percent of your adjusted gross income.
• Premium Tax Credit. If you receive advance payment of the premium credit card in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

Per irs.gov

Tax Benefits for Members of the Armed Forces

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are some of those benefits:

1. Deadline Extensions. Some members of the military, such as those who serve in a combat zone, can postpone some tax deadlines If this applies to you, you can get automatic extensions of time to file your tax return and to pay your taxes.
   
2. Combat Pay Exclusion. If you serve in a combat zone, certain combat pay is not taxable. You won’t need to show the pay on your tax return because combat pay isn’t included in the wages reported on your Form W-2, Wage and Tax Statement. Service in support of a combat zone may qualify for this exclusion.
   
3. Earned Income Tax Credit. If you get nontaxable combat pay, you may choose to include it to come up with EITC. You would make this choice if it increases your credit. Even if you do, the combat pay stays nontaxable.
   
4. Moving Expense Deduction. You may be able to deduct some of your unreimbursed moving costs. This applies if the move is due to a permanent change of station.
   
5. Uniform Deduction. You can deduct the costs of certain uniforms that regulations prohibit you from wearing while off duty. This includes the costs of purchase and upkeep. You must reduce your deduction by any allowance you get for these costs.
   
6. Signing Joint Returns. Both spouses normally must sign a joint income tax return. If your spouse is absent due to certain military duty or conditions, you may be able to sign for your spouse. In other cases when your spouse is absent, you may need a power of attorney to file a joint return.
   
7. Reservists’ Travel Deduction. If you’re a member of the U.S. Armed Forces Reserves, you may deduct certain costs of travel on your tax return. This applies to the unreimbursed costs of travel to perform your reserve duties that are more than 100 miles away from home.
   
8. Nontaxable ROTC Allowances. Active duty ROTC pay, such as pay for summer advanced camp, is taxable. But some amounts paid to ROTC students in advanced training are not taxable. This applies to educational and subsistence allowances.
   
9. Civilian Life. If you leave the military and look for work, you may be able to deduct some job hunting expenses. You may be able to include the costs of travel, preparing a resume and job placement agency fees. Moving expenses may also qualify for a tax deduction.
   

per IRS.gov

Applying for 501(c)(3) Tax-Exempt Status

New 1023-EZ Form Makes Easier
The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.

“This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner John Koskinen. “The change cuts paperwork for these charitable groups and speeds application processing so they can focus on their important work."

The new Form 1023-EZ, available today on IRS.gov, is three pages long, compared with the standard 26-page Form 1023. Most small organizations, including as many as 70 percent of all applicants, qualify to use the new streamlined form. Most organizations with gross receipts of $50,000 or less and assets of $250,000 or less are eligible.

"Previously, all of these groups went through the same lengthy application process -- regardless of size," Koskinen said. "It didn't matter if you were a small soccer or gardening club or a major research organization. This process created needlessly long delays for groups, which didn’t help the groups, the taxpaying public or the IRS.”

The change will allow the IRS to speed the approval process for smaller groups and free up resources to review applications from larger, more complex organizations while reducing the application backlog. Currently, the IRS has more than 60,000 501(c)(3) applications in its backlog, with many of them pending for nine months.

Following feedback this spring from the tax community and those working with charitable groups, the IRS refined the 1023-EZ proposal for today's announcement, including revising the $50,000 gross receipts threshold down from an earlier figure of $200,000.

"We believe that many small organizations will be able to complete this form without creating major compliance risks," Koskinen said. "Rather than using large amounts of IRS resources up front reviewing complex applications during a lengthy process, we believe the streamlined form will allow us to devote more compliance activity on the back end to ensure groups are actually doing the charitable work they apply to do."

There are more than a million 501(c)(3) organizations recognized by the irs.

Per.IRS.gov

Get Credit for Child and Dependent Care This Summer

Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit:

1. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify.

2. Your expenses for care must be work-related. This means that you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they’re physically or mentally incapable of self-care.

3. You must have earned income, such as from wages, salaries and tips. It also includes net earnings from self-employment. Your spouse must also have earned income if you file jointly. Your spouse is treated as having earned income for any month that they are a full-time student or incapable of self-care. This rule also applies to you if you file a joint return.

4. As a rule, if you’re married you must file a joint return to take the credit. But this rule doesn’t apply if you’re legally separated or if you and your spouse live apart.

5. You may qualify for the credit whether you pay for care at home, at a daycare facility or at a day camp.

6. The credit is a percentage of the qualified expenses you pay. It can be as much as 35 percent of your expenses, depending on your income.

7. The total expense that you can use for the credit in a year is limited. The limit is $3,000 for one qualifying person or $6,000 for two or more.

8. Overnight camp or summer school tutoring costs do not qualify. You can’t include the cost of care provided by your spouse or your child who is under age 19 at the end of the year. You also cannot count the cost of care given by a person you can claim as your dependent. Special rules apply if you get dependent care benefits from your employer.

9. Keep all your receipts and records. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your tax return.

10. Remember that this credit is not just a summer tax benefit. You may be able to claim it for care you pay for throughout the year.

Per IRS.gov

BOOKKEEPING TIPS

                                                   Are you up to date?

The quiz below is based exclusively on just one recent issue of The General Ledger. See if you are up to date. Scroll down for answers.

1.    To avoid being defrauded by tax scams, it is important to know that if the IRS believes your company or you owe money, you will receive a bill or other communication through _____ _____—not a _____ _____ or _____.

2.    As of Jan. 1, 2014, an employer or retirement plan with an EIN must file Form 8822-B for any change in a “_____ _____,” including the addition of a _____ _____, within _____ days of the change.

3.    Is ill health a reasonable cause for late filing or late payment of employment taxes?

4.    In the language of a negotiated settlement of a government fine or penalty, a payment that is specified as remedial (can/cannot) be deductible, and a payment that is specified as punitive (can/cannot) be deductible.

Questions 5-9: SEP v. Simple retirement Plans. Under a SEP Plan:

5.    Employer contributions (are/are not) mandatory; generally limited to _____% of the employee’s annual pay.

6.    Employees (do/do not) contribute.

Under a Simple Plan, the employer has two options for contributing:

7.    Mandatory _____% dollar-for-dollar matching contributions of employee elective deferrals (i.e., if employee elects not to defer salary, employer has no contribution requirement); or

8.    Mandatory ____% non-elective contribution for all employees.

9.    Under a Simple Plan, employee contributions are made by _____ _____ _____.

10. A monthly car allowance is treated as wages, and all employment taxes apply if the allowance is a _____ _____.

 per AIB

B2B with Be's

 

 

 

 

 

 

Tax Relief for Disaster Areas in Four States

If you are victims of the severe storms, tornadoes, straight-line winds and flooding that took place in parts of Mississippi, Arkansas, Alabama, or Florida you may qualify for tax relief from the Internal Revenue Service. Per IRS.gov

A BIG THANKS

Be's Professional Services would like to say Thank You to all our old and new clients.

Thanks for allowing us to educate and get you back the best refund.

We love our clients and we are open all year with off season hours.
...
Thanks for all the referrals and remember if you need anything call (972) 296-4237 begin_of_the_skype_highlighting (972) 296-4237 FREE  end_of_the_skype_highlighting.

We will see you all next season.

— at Be's Professional Services.

http://prep.1040.com/besproservices/

TIME IS RUNNING OUT TO FILE YOUR TAXES!

                                        You now have 6 more days to file your taxes.


If you are still not ready to file your taxes. Call us to get an Extension .

 (972)296-4237 begin_of_the_skype_highlighting (972)296-4237 FREE  


end_of_the_skype_highlighting All calls and information is confident.

Did You Know That You Can Do A Split Refund Direct Deposit to More Than One Account!

For 57 million Americans, the refund check is no longer in the mail; it’s already in the bank.

The IRS, has issued direct-deposit refunds valued at more than $170 billion, as a growing number of taxpayers are choosing the speed and convenience of direct deposit, rather than receiving a paper check. So far this year, almost 85 percent of all refunds have been directly deposited into taxpayers’ bank accounts.

Taxpayers can have their refunds directly deposited when they e-file or by including their account information on their paper tax return.

Banks, mutual funds, brokerage firms and credit unions are all eligible to receive direct deposits. Before making this choice, however, taxpayers should make sure the financial institution accepts direct deposits for the type of account chosen.

Taxpayers also have the option and flexibility of splitting refund deposits among two or three different accounts or financial institutions. For instance, a refund could be split between a savings account, a checking account or an Individual Retirement Arrangement (IRA). Taxpayers can split their refunds when they e-file.

A taxpayer's refund should only be deposited directly into accounts that are in the taxpayer's own name; the taxpayer's spouse's name or both if it's a joint account.

Those who choose direct deposit get their refunds at least a week sooner, and direct deposit eliminates the chance of a lost, stolen or undeliverable refund.

Per IRS.gov

Time May be Running Out – March 31 is an Important Deadline!

Time May be Running Out – March 31 is an Important Deadline

Health Care Law Considerations for 2014

 

For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014. However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment.

Below are five things about the health care law you may need to consider soon.

• Currently Insured – No Change: If you already insured, you do not need to do anything more than continue your insurance.

 

• Uninsured – Enroll by March 31: The open enrollment period to purchase health care coverage through the Health Insurance Marketplace for 2014 runs through March 31, 2014. When you get health insurance through the marketplace, you may be able to get advance payments of the premium tax credit that will immediately help lower your monthly premium.

 

• Premium Tax Credit To Lower Your Monthly Premium: If you get insurance through the Marketplace, you may be eligible to claim the premium tax credit. You can elect to have advance payments of the tax credit sent directly to your insurer during 2014 so that the monthly premium you pay is lower, or wait to claim the credit when you file your tax return in 2015. If you choose to have advance payments sent to your insurer, you will have to reconcile the payments on your 2014 tax return, which will be filed in 2015. If you’re already receiving advance payments of the credit, you need to do nothing at this time unless you have a change in circumstance like a change in income or family size.

 

• Change in Circumstances: If you're receiving advance payments of the premium tax credit to help pay for your insurance coverage, you should report life changes, such as income, marital status or family size changes, to the Marketplace. Reporting changes will help to make sure you have the right coverage and are getting the proper amount of advance payments of the premium tax credit.

 

• Individual Shared Responsibility Payment: Starting January 2014, you and your family have been required to have health care coverage or have an exemption from coverage.  Most people already have qualifying health care coverage.  These individuals will not need to do anything more than maintain that coverage throughout 2014. If you can afford coverage but decide not to buy it and remain uninsured, you may have to make an individual shared responsibility payment when you file your 2014 tax return in 2015.

per IRS.gov

Who Should File a 2013 Tax Return?

Have you asked yourself ............Do I need to file a tax return this year?

Even if you don’t have to file a tax return, there are times when you should. Here are five good reasons why you should file a return, even if you’re not required to do so:

1. Tax Withheld or Paid.  Did your employer withhold federal income tax from your pay? Did you make estimated tax payments? Did you overpay last year and have it applied to this year’s tax? If you answered “yes” to any of these questions, you could be due a refund. But you have to file a tax return to get it.

 

2. Earned Income Tax Credit.  Did you work and earn less than $51,567 last year? You could receive EITC as a tax refund if you qualify. Families with qualifying children may be eligible for up to $6,044.

 

3. Additional Child Tax Credit.  Do you have at least one child that qualifies for the Child Tax Credit?

 

4. American Opportunity Credit.  Are you a student or do you support a student? If so, you may be eligible for this credit. Students in their first four years of higher education may qualify for as much as $2,500. Even those who owe no tax may get up to $1,000 of the credit refunded per eligible student.

 

5. Health Coverage Tax Credit.  Did you receive Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, Alternative Trade Adjustment Assistance or pension benefit payments from the Pension Benefit Guaranty Corporation? If so, you may qualify for the Health Coverage Tax Credit. This credit pays 72.5 percent of qualified health insurance premiums.

 

To sum it all up, check to see if you would benefit from filing a federal tax return. You may qualify for a tax refund even if you don’t have to file. And remember, if you do qualify for a refund, you must file a return to claim it.

Per IRS.gov

Tips for Taxpayers, Victims about Identity Theft and Tax Returns

Identity theft remains a top priority for the Internal Revenue Service in 2014.

Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS.

This year, the IRS continues to take new steps and strong actions to protect taxpayers and help victims of identity theft and refund fraud.

Please make sure that you are aware of the private policy's that your tax professional follows.

Per IRS.gov

OUR NEW WEBSITE

                                                    Be's Professional Services

#‎taxseasonready‬ 

 Starting January 31,2014 you will be able to file your return online with Be's Professional Services.

Don't have time to come to the office? We are world wide! Tell a friend or loved one!


http://prep.1040.com/besproservices/

Fall 2013 Statistics of Income Bulletin

Did you know that taxpayers filed 145.4 million individual income tax returns for 2011, an increase of 1.7 percent from tax year 2010. The adjusted gross income (AGI) reported on these returns totaled $8.4 trillion, a 3.5-percent increase from 2010. Taxable income rose 4.4 percent to $5.7 trillion for 2011.

Per IRS.gov