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Tax Tips from Felix & Gloekler

  • Have your taxes prepared early, do not wait until the last minute as you may need additional information.
     
  • If you discover an error on a prior tax return, notify your tax preparer to determine if an amended return is necessary.
     
  • For charitable contributions, you are required to have support from the organization if the contribution was over $250. Also, you must have this at the time you file your return. If the contribution is less than $250, a cancelled check may be used as support.
     
  • If you sold your personal residence you may be able to exclude a portion of the gain on the sale, $250,000 for single and $500,000 for married.
     
  • Considering filing married-separate vs. married-joint? Typically there is a lower tax liability when filling married filing joint compared to married filing separate as you may lose several tax credits and/ or deductions.  We can help you decide the best option to take.
     
  • Contributions to a Section 529 Tuition program are deductible up to $14,000 per beneficiary, per taxpayer on the PA return.
     
  • When an extension is filed, you are extending the date the return is due, not when the tax is due. If you estimate that you will owe tax with your return, you can include a payment with your extension to avoid potential penalties and interest.
     
  • If you have not received your refund yet and want to check on the status visit the IRS website or the PA Department of Revenue website
     
  • If you are unable to pay your entire tax bill, you can setup a payment plan with the IRS, visit the following link to the IRS website http://www.irs.gov/Individuals/Payment-Plans-Installment-Agreements