Janet Schaare Public Accountant & Tax Specialist

Janet Schaare Public Accountant & Tax Specialist Janet Schaare Public & Tax Accounting Firm, knows the tax law changes and how they affect your retur

Janet Schaare Public & Tax Accounting Firm, knows the tax law changes and how they affect your return. I know how to use these changes to get you the biggest refund allowed by law!

01/26/2023

The IRS is now accepting tax returns for the 2023 filing season!

If you need to file, why wait? Our office is open and available to get your taxes done in person or online. From personal to corporate returns, even estates and non profits 😀

Start preparing your 2022 tax return today!

10/22/2021

All taxpayers have the right to challenge the IRS’s position and be heard

Taxpayers have the right to challenge the IRS's position and be heard. This is part of the Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.

Taxpayers have the right to:

• Raise objections.
• Provide additional documentation in response to formal or proposed IRS actions.
• Expect the IRS to consider their timely objections.
• Have the IRS consider any supporting documentation promptly and fairly.
• Receive a response if the IRS does not agree with their position.

Here are some specific things this right affords taxpayers.

• In some cases, the IRS will notify a taxpayer that their tax return has a math or clerical error. If this happens, the taxpayer:

o Has 60 days to tell the IRS that they disagree.
o Should provide copies of any records that may help correct the error.
o May call the number listed on the letter or bill for assistance.
o Can expect the agency to make the necessary adjustment to their account and send a correction if the IRS upholds the taxpayer's position.

• Here's what will happen if the IRS does not agree with the taxpayer's position:

o The agency will issue a notice proposing a tax adjustment. This is a letter that comes in the mail.
o This notice provides the taxpayer with a right to challenge the proposed adjustment.
o The taxpayer makes this challenge by filing a petition in U.S. Tax Court. The taxpayer must generally file the petition within 90 days of the date of the notice, or 150 days if it is addressed outside the United States.

• Taxpayers can submit documentation and raise objections during an audit. If the IRS does not agree with the taxpayer's position, the agency issues a notice explaining why it is increasing the tax. Prior to paying the tax, the taxpayer has the right to petition the U.S. Tax Court and challenge the agency's decision.

• In some circumstances, the IRS must provide a taxpayer with an opportunity for a hearing before an independent Office of Appeals. The agency must do this:

o Before taking enforcement actions to collect a tax debt. These actions include levying the taxpayer's bank account. Immediately after filing a notice of federal tax lien in the appropriate state filing location. If the taxpayer disagrees with the decision of the Appeals Office, they can petition the U.S. Tax Court.

09/23/2021

October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return. These taxpayers can file any time on or before Friday, October 15 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed after May 17 this year are subject to penalties and interest.

File to get a refund. Anyone due a refund should file as soon as possible and use direct deposit to get their tax refund electronically deposited into their financial account. . There is no penalty for filing a late return for people who are due a refund.

Pay tax balance as soon as possible. The deadline to pay 2020 income taxes was May 17, 2021. Those who owe taxes and can't pay their balance in full should pay as much as they can to reduce interest and penalties for late payment. This IRS has options for people who can’t pay their taxes, including applying for a payment plan on IRS.gov.

File by the deadline to avoid a failure-to-file penalty.

12/16/2020

Special Tax Deduction for Cash Donations to Charities in 2020:
The CARES Act passed earlier this year a new above-the-line charitable contributions deduction for all taxpayers who don’t itemize deductions. To qualify for this new deduction, the donations have to be in cash, and they have to be donated directly to charities. Donating household items to Goodwill doesn’t count. Donating appreciated stocks doesn’t count. Giving to a donor-advised fund doesn’t count.
The above-the-line deduction is capped at $300 per tax return whether you’re single or married.

12/08/2020

IRS warns people about a COVID-related text message scam:
The IRS and its Security Summit partners are warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

Here’s how this scam works:
People get a text message saying they have “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …" The text includes a link to a phishing web address.
This fake link appears to come from a state agency or relief organization. It takes people to a fake website that looks like the IRS.gov Get My Payment website. If people visit the fake website and enter their personal and financial account information, the scammers collect it.

Here’s what people should do if they receive this message:
Anyone who receives this scam text should take a screenshot and include the screenshot in an email to [email protected] with the following information:
1. Date/time/time zone that they received the text message
2. The phone number that received the text message

11/12/2020

The CARES Act changes deducting charitable contributions made in 2020:
Previously, charitable contributions could only be deducted if taxpayers itemized their deductions.

However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act.

09/10/2020

People should have tax withheld from unemployment now to avoid a tax-time surprise

Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable.

People can have taxes withheld from this compensation now to help avoid owing taxes on this income when they file their income tax return next year.

By law, these benefits are taxable and must be reported on a federal income tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security Act.

07/15/2020

Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest.
Taxpayers should:
• File your tax return or request an extension of time to file by the July 15 deadline.
â—¦People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
â—¦Taxpayers should remember that an extension of time to file is not an extension of time to pay. â—¾An extension gives taxpayers until Oct. 15, 2020 to file their 2019 tax return, but taxes owed are still due July 15, 2020
Pay as much as possible by the July 15 due date.
â—¦Whether filing a return or requesting an extension, taxpayers must pay their tax bill in full by the July filing deadline to avoid penalties and interest.
â—¦People who do not pay their taxes on time will face a failure-to-pay penalty.
Set up a payment plan as soon as possible. ◦Taxpayers who owe but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan.
â—¦They can apply for a payment plan on IRS.gov.
â—¦Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.

02/27/2020

Taxpayers should be using direct deposit for tax refunds:
With the filing season just around the corner, taxpayers should be aware of the benefits of using direct deposit for refunds. It’s easy, secure and the fastest way to get a tax refund.

Here are quick facts about direct deposit.

1.It’s the best and fastest way for taxpayers to get their tax refund.
2.It’s free.
3.It’s secure.
4.Taxpayers can deposit their refund into not only one, but also two or three accounts.
5.Combining direct deposit with IRS e-file is the fastest way for taxpayers to receive their refund.
6.When using direct deposit, there’s no risk of having a paper check stolen or lost.
7.The IRS uses the same system to deposit tax refunds that Social Security and Veterans Affairs use to deposit benefits into millions of accounts.

Direct deposit saves taxpayers money. It costs the IRS more than $1 for every paper refund check issued, but only a dime for each direct deposit made.

02/13/2020

Taxpayers should know the difference between standard and itemized deductions:
Deductions reduce the amount of taxable income when filing a federal income tax return.
Standard deduction
The standard deduction amount adjusts every year and can vary by filing status. The standard deduction amount depends on the taxpayer’s filing status, whether they are 65 or older or blind, and whether another taxpayer can claim them as a dependent. Taxpayers who are age 65 or older on the last day of the year and don't itemize deductions are entitled to a higher standard deduction.
Itemized deductions
Taxpayers may need to itemize deductions because they can't use the standard deduction. They may also itemize deductions when this amount is greater than their standard deduction.

07/08/2019

What taxpayers need to know about backup withholding:

First, here’s what backup withholding is…
The person or business paying the taxpayer doesn’t generally withhold taxes from certain payments. They don’t do this because it’s assumed the taxpayer will report and pay taxes on this income when they file their federal tax return. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. This is what’s known as backup withholding.

Backup withholding is set at a specific percentage…
The current percentage is 24 percent.

Here are some payments subject to backup withholding…
•Interest payments
•Dividends
•Payment card and third-party network transactions
•Rents, profits, or other gains
•Commissions, fees, or other payments for work done as an independent contractor
•Payments by brokers
•Barter exchanges
•Royalty payments
•Gambling winnings

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