April 17 Filing Deadline

The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the...

Refunds in 2018

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software. The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers. By law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if those taxpayers chose direct deposit and there are no other issues with the tax return. This additional period is due to several factors, including banking and financial systems needing time to process deposits. After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving Presidents’ Day may affect their refund timing. The Where’s My Refund? ‎tool on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers in late February. Taxpayers will...

How to Spot an IRS Impersonator and Taxpayer Scams

IR-2016-81, May 27, 2016 PHOENIX – The IRS recently issued a warning to taxpayers about phone calls from IRS impersonators demanding payment for non-existent tax. Scam artists frequently disguise themselves as being from the IRS, a tax company or sometimes state revenue departments. Many con artists use threats to intimidate and bully people into paying a fraudulent tax bill. They may even threaten to arrest, deport or revoke the driver’s license of the victim if they don’t get the money. Some other tactics that scammers may use: • Demanding immediate tax payment for taxes owed on an iTunes gift card • Soliciting W-2 information from payroll and human resources professionals – IR-2016-34 • “Verifying” tax return information over the phone – IR-2016-40 • Pretending to be from the tax preparation industry – IR-2016-28 The IRS urges taxpayers to stay vigilant against these calls and to know the signs of a scam demanding payment. The IRS will never: • Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you a bill • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe • Ask for credit or debit card numbers over the phone If you get one of these phone calls from someone claiming to be from the IRS here’s what you should do: • Do not give out any information and hang up immediately • Contact TIGTA to report the...

QuickBooks Training

Preferred Accounting is excited to introduce QuickBooks training classes! All classes will be held in our office and taught by Dianna Iwaniec, and Jennifer Harding. Jennifer is our in-house QuickBooks Pro Advisor. Below are the following class options we have available QuickBooks Level 1 Training Outline: Introduction to QuickBooks Software Setting up a new company in QuickBooks Invoicing Customers Banking with QuickBooks Payments and deposits Financial Reporting Dates Offered: Tuesday June 9th 9:00 am – 4:45 pm Friday June 26th 9:00 am – 4:45 pm To register, click on the red links above on the date that works best for you and give us your information. QuickBooks Online Training Outline: Getting Started Navigating QuickBooks Online Recording Transactions Reporting Expanding Usability Date Offered: Thursday June 18th 9:00 am – 4:45 pm To register, click on the red links above on the date that works best for you and give us your information. For detailed information about all trainings visit our website for a complete list of topics covered in each class. Remember to come to our new office located at 275 East 6100 South Murray, UT...

6 social Security Myths Busted

Most retirement advice focuses on how to save enough money for your later years and how to make the best use of your pension (if you’re lucky enough to have one). For many Americans, however, the most confusing part of retirement planning is their Social Security benefits. When it comes to Social Security, Americans certainly plan on tapping it. More than half of Americans intend to fund their retirement with their Social Security payments – making this government entitlement program more popular as a funding source than 401(k)s, pensions or investment portfolios, according to a recent survey by ShareBuilder by Capital One. Taking Social Security benefits at the right time – which will vary for people depending on their situation – can be worth hundreds of thousands of dollars throughout a lifetime. For many people, it’s the only retirement income stream designed to increase with inflation. Still, misperceptions about the benefits persist. Here’s the truth about six common Social Security myths: MYTH #1: The Social Security Administration will guide you through the process While most Social Security workers will do their best to help you, the decision to claim the benefit is notoriously complicated and there’s no one-size-fits-all solution. “Many people inside the Social Security Administration do not understand their own rules, do not understand all the benefit choices and often give people incomplete or wrong advice,” says Philip Moeller, co-author of Get What’s Yours: The Secrets to Maxing Out Your Social Security. To make the right move, you’ll need to do your own research and potentially hire a financial planner or consultant who specializes in helping individuals and...