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 .

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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