DON ARMSTRONG, CPA

DON ARMSTRONG, CPA Full service CPA firm. We specialize in bookkeeping, payroll, tax preparation and QuickBooks consulting.

We have a new secure file portal for our clients to share their documents! Please contact your tax preparer to set up yo...
03/19/2021

We have a new secure file portal for our clients to share their documents! Please contact your tax preparer to set up your account.

03/21/2013

Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child's parent or guardian is responsible for filing a return on the child's behalf.

There are special tax rules that affect how parents report a child's investment income. Some parents can include their child's investment income on their tax return. Other children may have to file their own tax return.

Here are four facts from the IRS about the taxability of your child's investment income:

1) Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust.

2) Special rules apply if your child's total investment income is more than $1,900. The parent's tax rate may apply to part of that income instead of the child's tax rate.

3) If your child's total interest and dividend income is less $9,500, you may be able to include the income on your tax return. See Form 8814, Parents' Election to Report Child's Interest and Dividends. If you make this choice, the child does not file a return.

4) Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More than $1,900, with the child's federal tax return.

02/22/2013

BEWARE OF BOGUS IRS EMAILS: The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it's a scam know as "phishing," attempting to trick you in to revealing your personal and financial information. The criminals then use this information to commit identity theft or steal your money.

The IRS has this advice for anyone who receives an email claiming to be from the IRS or directing you to an IRS site: 1) Do not reply to the message; 2) Do not open any attachments. Attachments may contain malicious code that will infect your computer; and 3) Do not click on any links in a suspicious email or phishing website and do not enter confidential information. Visit the IRS website and click on "Identity Theft" at the bottom of the page for more information.

02/14/2013

Last two parent tax benefits: 7) STUDENT LOAN INTEREST--You may be able to deduct interest you paid on a qualified student loan, even if you do not itemize your deductions.
8) SELF-EMPLOYED HEALTH INSURANCE DEDUCTION--If you were self-employed and paid for health insurance , you may be able to deduct premiums you paid to cover your child. It applies to children under age 27 at the end of the year, even if not your dependent.

02/13/2013

More parent befits: 5) ADOPTION CREDIT--You my be able to take a tax credit for certain expenses you incurred to adopt a child. 6) HIGHER EDUCATION CREDITS--If you paid higher educations costs for yourself or another student who is an immediate family member, you may qualify for either the American Opportunity Credit or the Lifetime Learning Credit. Both credits may reduce the amount of tax you owe, you could e eligible for a refund of up o $1,000.

02/12/2013

Continuing with Tax Benefits for Parents: 3) CHILD AND DEPENDENT CARE CREDIT--You may be able to take this credit if you paid someone to care for your child or children under age 13, so that you could work or look for work. 4) EARNED INCOME TAX CREDIT--If you worked but earned less than $50,270 last year, you may qualify of EITC. If you have qualifying children, you may get up to $5,891 extra back when you file a return and claim it.

02/11/2013

While children can try our patience at times they are handy at tax time! Here are some tax benefits for parents: 1) DEPENDENTS--In most cases, you can claim a child as a dependent even if your child was born anytime in 2012. 2) CHILD TAX CREDIT--You may be able to claim the Child Tax Credit for each of your children that were under age 17 at the end of 2012. If you do not benefit from the full amount of the credit you may be eligible for the Additional Child Tax Credit. Keep watching for more benefits!

12/07/2012

Since it is "The Season Of Giving" here are some "Season Giving" tips from the IRS:

Contribute to Qualified Charities. If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Exempt Organizations Select Check tool to check if your favorite charity is a qualified charity. Donations charged on a credit card by Dec. 31 are deductible for 2012, even if you pay the bill in 2013. A gift by check also counts for 2012 as long as you mail it in December. Gifts given to individuals, whether to friends, family or strangers, are not deductible.

12/23/2011

The first filing option is SINGLE. Generally, if you are unmarried, divorced, or legally separated according to your state law, and you do not qualify for another filing status, your filing status is SINGLE.

12/16/2011

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining your standard deduction and your correct amount of tax, and whether you must file a return. Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies to you, you may choose the one that gives you the lowest tax obligation.

Over the next few days we will discuss the five filing status options.

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