Itemized Tax Deductions If total itemized tax deductions are more than the standard deduction, it’s usually more beneficial to itemize. For most homeowners it is worthwhile to itemize deductions because they can deduct interest, real estate tax, and certain mortgage insurance premiums. Here are some popular (and commonly overlooked) itemized deductions not related to home ownership: Medical expenses — This includes expenses spent on doctors, hospitals and medicine, some other tax deductible items include health insurance premiums, prescription eyeglasses and contact lenses, hearing aids, medical transportation, equipment for disabled people, and nursing home expenses. Medical miles can also be deducted. State and local income taxes —Read More →

The IRS has recently released the new changes for the upcoming 2011 Tax Year. As always World Wide Tax Services is working diligently to keep up with issues in Tax that may affect you. With the current buzz about the condition of the economy, increases in unemployment, governmental cuts, and the unknown political changes to occur next year, most of us are watching our wallets and considering making some changes/reductions to improve if not stabilize our financial conditions. Many of us start the new year with hopes of a nice refund to either help offset costs, put away for savings, or purchasing that special itemRead More →

The IRS is working hard to protect the Taxpayer from issues that exist with non qualified tax preparers, tax fraud and erroneous tax returns that have increased over the last decade. We hear often in the news reports of tax preparers knowingly reporting fraudulent tax information to boost refunds, sometimes taking a kickback for the service. Our company and staff pride ourselves on providing tax and accounting services with the client in mind. Our goal is to also protect and provide top notch service to each client and assist with any tax issues that may exist. We take full responsibility for what is reported onRead More →

If you pay someone to prepare your taxes, choose that preparer wisely because in the long run the Taxpayer (you) are held responsible for what is reported on the tax return, regardless if it was prepared by someone else. Most preparers are professional, work with integrity, and provide excellent service to their clients. The following are a few tips on what to expect when someone else prepares your return Paid preparers are required by law to sign the return and fill in the preparer areas of the form. The preparer should also provide their indentifying number (PTIN or SSN) on the return. The preparer must provide aRead More →

Documents You Should Bring To Your Tax Appointment To assist your tax preparer in preparing the most accurate return, we have listed below information/forms that are required to be reported if applicable. Social Security Card(s) Driver’s License(s) Dependents’ Social Security Numbers & Dates of Birth Last Year’s Federal and State Tax Returns Wage Statements (W-2) Pension or Retirement Income  (1099-R) Interest and Dividend Income  (1099- INT/DIV) State Income Tax Refund Amount  (1099-G) Social Security Income (SSA) Unemployment Income (1099-G) Commissions Received/Paid (1099-Misc) Sales of Stocks or Bonds (1099-B) Self-Employed Business Income & Expenses Income and Expenses from Rentals Lottery or Gambling Winnings and Losses IncomeRead More →

This information was provided by Levyloophole.com There are a variety of ways to pay your taxes. You can pay by: Check, money order, and credit card, or Direct debit from your checking account, which you can do by phone on online, using the IRS’s Electronic Federal Tax Payment System (EFTPS). Electronic payments may be made from your home or wherever you happen to be, 24 hours a day 7 days a week. You can even schedule payments in advance. What’s great is, it’s a paperless process and saves you time and money. For example: No checks to write No money orders to purchase No tripsRead More →

http://www.detroitmi.gov/DepartmentsandAgencies/Finance/IncomeTaxDivision/IncomeTaxAmnesty.aspx Mayor Bing has announced Individuals or companies that owe income taxes to the City of Detroit can pay their back taxes without penalty from January 22 through February 16. Who Must Pay Income Tax to the City of Detroit? All Detroit residents who earn more than $600 in a calendar year are required to pay income taxes regardless of where they work. Residents would file Form D-1040(R). In addition, all non-residents who spend any time working in Detroit and earn more than $600 in a calendar year are required to pay income taxes to the City regardless of where their employer is located.  ThisRead More →

Congress has passed the American Taxpayer Relief Act of 2012, ending the fear of the fiscal cliff increasing taxes for taxpayers. Due to the lateness of these changes  the IRS will need additional time to update forms and instructions and systems in order to adopt the extender provisions. These changes are expected to delay tax filings similar to those of the 2011 filing season, when filing for some filers with “itemized deductions” were not able to file until mid-february. We will keep you posted as new information is released regarding the start of the 2013 Filing Season. Listed below is the information made available inRead More →

Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.  Read More →