The California Franchise Tax Board (FTB) has recently published "Your Rights as a Taxpayer." (Click on link). Something of which all taxpayers should be concerned and aware.
The House this week passed tax bill HR3393 to provide a tax credit for higher education expenses., consolidating four existing tax breaks for tuition-related expenses into one credit.
The new American Opportunity Tax Credit would be available for the first four years of a student's higher education. It would provide a 100 percent credit for the first $2,000 of qualifying expenses and a 25 percent credit for subsequent expenses of $2,000. The maximum tax credit would be $2,500.Qualifying expenses would include tuition, fees and materials needed for coursework.
Read More at The Hill 7/24/2014
Feel free to call BakerWallen Tax Services at (916) 259-2828 If you need help with your tax situation (preparation, amended tax, debt relief, etc). For many simple requests, the IRS provides some great tools and ways for you to get free information:
Check on your refund. The Where’s My Refund? tool is a fast and easy way to check on your tax refund. Use the IRS2Go mobile app to access it or click on the ‘Refunds’ tab on IRS.gov.
IRS Direct Pay. If you owe taxes, pay with IRS Direct Pay, a safe, easy and free way to pay from your checking or savings account. Just click on the ‘Pay Your Tax Bill’ link on the IRS home page.
Apply for an IRS payment plan. If you can’t pay all your taxes at once, you can apply for an IRS Online Payment Agreement. A direct debit payment plan is a great way to pay. It has a lower set-up fee, you won’t miss a payment and you won’t get an IRS reminder to send a check each month. If a payment plan still won't work for you, call us for a free tax debt consultation.
Correct your tax withholding. If you got a big refund or owed a large amount of tax when you filed your tax return, then you may need to change your tax withholding. To make a change, complete and give your employer a new Form W-4, Employee's Withholding Allowance Certificate. The IRS Withholding Calculator tool can help you fill out a new Form W-4.
Get health care tax information. The IRS website also has information about the Affordable Care Act tax provisions at IRS.gov/aca. You can visit this site for educational material that describes how the health care law tax provisions affect individuals and businesses. The pages provide information about tax provisions that are in effect now and those that will go into effect in 2015 and beyond. You can find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.
Get a tax transcript. If you apply for a loan or student financial aid, you may need a tax transcript. Visit IRS.gov and use the Get Transcript tool.
Check out a charity. You must donate to a qualified charity if you want to deduct the gift on your tax return. Use the IRS Select Check tool to see if a charity is qualified.
Source: IRS Summertime Tax Tips 2014-05
Larry Baker, Enrolled Agent