So, lets say you haven’t been paying your taxes for a while; say… seven years or so. What do you do next? How about make a movie about it?
Don’t let tax time bring you down, get the experts at Sterling Accounting to take care of the dirty work!
Have you taken to the road of a single premium life insurance policy, as many have in recent years? If you have, it (as with most policies) are eligible for tax credits… so how do you know you’re getting what you should?
“There are single premium life insurance (SPLI) policies as well, which provide similar benefits of protection and savings as the regular premium ones. The term of SPLI policies is usually 10 years, but one can exit after five years…” [ Read more here ]
Was there ever a year you forgot to submit your tax refund? The IRS is still holding onto over $1 billion in tax refunds that were unclaimed from 2013. “The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing a 2013 federal return by Tuesday, April 18, 2017, the filing deadline for this year…” [ Read more here ]
Sometimes, there are ways that you have made “income” over the year that is not necessarily income you saw as the form of cash in your bank. But which of these situations require you to report that income to the IRS?
“A variety of events can give you taxable income even though you’ve seen no cash. For example, consider constructive receipt. This tax rule requires you to pay tax when you have a right to payment even though you do not actually receive it….” [ Read more here ]