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Tax Season Opens As Planned Following Extenders Legislation

IR-2014-119, Dec. 29, 2014

WASHINGTON — Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.

The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014.

“We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”

The IRS reminds taxpayers that filing electronically is the most accurate way to file a tax return and the fastest way to get a refund. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.

More information about IRS Free File and other information about the 2015 filing season will be available in January.

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Affordable Care Act

The Affordable Care Act (ACA) requires most Americans to have some form of health insurance by 2014 or face

a tax penalty. It also may provide you and your family with a generous subsidy to purchase health insurance.

The law is complex and the impact is far-reaching, but you don’t have to figure it out on your own. We can help.

Not only will we help you comply with the law, but we will ensure you receive the most benefits allowed under

the law. How? Through our Healthcare Evaluation process, we will:

Estimate your eligibility for the premium assistance credit

Estimate the amount of your premium assistance credit

Show you how the ACA might affect your tax future

Make sure you avoid any tax penalties

Explain the cost-sharing provisions of the ACA, which may reduce your out-of-pocket costs

Let us help make sense of the new healthcare mandate.

Call us today to set up your Healthcare Evaluation appointment.

 

Ocean City Tax Service

410-973-2750

 

 

Shop for insurance:

For your customers who are under age 65:

http://drakehealth.com/site/svc/egateway?sid=37790

For your customers who are 65 or older:

http://drakehealth.com/site/svc/egateway?sid=37790&AGE=65
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Nine Tips on Deducting Charitable Contributions

 

Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these nine tips to help ensure your contributions pay off on your tax return.

1. If you want a tax deduction, you must donate to a qualified charitable organization. You cannot deduct contributions you make to either an individual, a political organization or a political candidate

2. You must file Form 1040 and itemize your deductions on Schedule A. If your total deduction for all noncash contributions for the year is more than $500, you must also file Form 8283, Noncash Charitable Contributions, with your tax return.

3. If you receive a benefit of some kind in return for your contribution, you can only deduct the amount that exceeds the fair market value of the benefit you received. Examples of benefits you may receive in return for your contribution include merchandise, tickets to an event or other goods and services.

4. Donations of stock or other non-cash property are usually valued at fair market value. Used clothing and household items generally must be in good condition to be deductible. Special rules apply to vehicle donations.

5. Fair market value is generally the price at which someone can sell the property.

6. You must have a written record about your donation in order to deduct any cash gift, regardless of the amount. Cash contributions include those made by check or other monetary methods. That written record can be a written statement from the organization, a bank record or a payroll deduction record that substantiates your donation. That documentation should include the name of the organization, the date and amount of the contribution. A telephone bill meets this requirement for text donations if it shows this same information.

7. To claim a deduction for gifts of cash or property worth $250 or more, you must have a written statement from the qualified organization. The statement must show the amount of the cash or a description of any property given. It must also state whether the organization provided any goods or services in exchange for the gift.

8. You may use the same document to meet the requirement for a written statement for cash gifts and the requirement for a written acknowledgement for contributions of $250 or more.

9. If you donate one item or a group of similar items that are valued at more than $5,000, you must also complete Section B of Form 8283. This section generally requires an appraisal by a qualified appraiser.

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IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return

WASHINGTON: Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

 

 

OC Tax Service

10050 Golf Course Rd #18

Ocean City, MD 21842

info@oceancitytaxservice.com

 

 

 

  • More than 25 Years Experience Serving Ocean City Area Businesses and Residents!

 

  • Our team includes only Registered Tax Return Preparers (RTRP), including a Certified Public Accountant

 

 

Berlin, MD Tax Prep

Also serving Ocean City and other Eastern Shore communities

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