Owe Money? Get a Fresh Start with the IRS Fresh Start Initiative

Are you behind on your taxes but still looking for a tax break?  Sound too good to be true?  Actually, you just might be the perfect candidate for the Internal Revenue Service Fresh Start Initiative. In recognition of the challenging times many people continue to face due to the lackluster economic recovery, the Fresh Start […]

EA Schensky & Associates, Business Taxes

IRS Revamps Identity Theft Policy

From the Blog of the National Society of Accountants to your blog-mail. Thanks NSA for the alert! (EAS) ——————————————————————————– In the past, when identity thieves stole your identity by submitting a false tax return, you would not be notified by the IRS. That is about to change, thanks to Senator Kelly Ayotte, R-N.H. Senator Ayotte […]

Claiming Casualty Losses for Your Home or Business

This year has brought more casualty losses to our office than ever before. Michigan’s flooding this past summer was the source. Our one regret was not being able to get more help for folks here who lost A LOT! eas Living in the Midwest comes with plenty of perks. One of these perks is experiencing […]

Threat of IRS Phone Tax Scam Continues

We have seen over two dozen clients from this office with either identity theft (two currently in our office) or phone scams. If you want to report a scam call, contact TIGTA through the irs.gov website. They have a simple form that can be completed thereby logging your circumstance as well as the phone number […]

Tax Tips – Roth IRA Contributions

Anyone can convert their traditional IRA to a Roth IRA. However, Roth IRA contributions come with limitations. For 2015, IRA contributions are limited to $5,500 ($6,500 if age 50 or older). For Roth IRA contributions, there is an additional phase out limitation for those who are high income earners. The following chart illustrates the Roth […]

Add Yourself to One List or the Other – Tax Extensions !!!!!

Three days to go before April 15th arrives… at that point it is TOO LATE to do anything to help yourself!!!! The IRS has received almost 100 million tax returns so far this year and expects to receive about 35 million more by the April 15 filing deadline. Another 12 million taxpayers will have requested […]

Obamacare, bitcoin add twists to 2014 tax filing checklist

You’re finally ready to sit down and do your taxes. Are you sure? The only thing worse than filling out your 1040 and all those other forms is finding that you forgot something and have to file an amended return. A tax-filing checklist will help ensure you have all the information you need to completer […]

EA Schensky & Associates, Category Individual Taxes

2015 Individual Estimated Tax – First Quarter

First quarter federal estimated tax payment for 2015 is due and payable to the IRS on April 15th. This is a tough date because if you owe money to the IRS to full pay your taxes for 2014, that amount is also due April 15th. REMEMBER than an extension is an extension of time to […]

EA Schensky & Associates, Category Individual Taxes

Clothing tax deductions are OK, but just in certain situations – Only leprechauns are allowed to write-off St. Patrick’s Day green suits

Everybody puts on the dog for St. Patrick’s Day, even sartorially conscious and/or wannabe Irish pooches. Dog dolled up for St Patricks Day_Michael Shehan Obeysek via FlickrDog dolled up for St. Patrick’s Day. Photo by Michael Shehan Obeysek via Flickr. But the special green suit you bought just for today is not tax deductible unless […]