Income Taxes Due Today

 
 

Federal and state income taxes are due today. Michelle Bachtel from H&R Block says you need to file an extension if you can’t finish your return. Doing so gives you six additional months to file but does not  defer payments due. If you owe, pay as much as you can. Otherwise you will be assessed interest and penalties from April 15th. Continue reading

Don’t Ignore Income Tax Filing Deadline

 
 

Federal and state income tax returns need to be filed tomorrow. Michelle Bachtel with H&R Block says you have options if you owe and are not able to pay. She adds the most important thing is not to panic

“If you can’t pay the full amount by April 15, just pay what as much as you can,” Bachtel said. “Even though interest will accrue on the amount owed, you’re not going to be arrested, and they’re not going to come knock on your door and seize your home.” Continue reading

Itemizing Pays If You Qualify

 
 

Federal and state income taxes are due Wednesday. Michelle Bachtel from H&R Block in Knox says taxpayers can either take the standard deduction or itemize, depending on which will be most advantageous for their personal situation.

For individuals who are filing single or married filing separate, the standard deduction is $6,200. For a married filing joint couple or a qualifying widower with a dependent child, that amount is doubled to $12,400. And for a person filing head of household the amount is $9,100.

Bachtel encourages taxpayers to study their options carefully. Continue reading

Bring Essential Documents to Your Tax Appointment

 
 

If you haven’t filed your taxes yet, time is running out. Federal and state income taxes are both due Wednesday, April 15. Michelle Bachtel from H&R Block in Knox says you need to have personal information for everyone on your return handy before you start. This includes Social Security numbers, birth dates and full legal names as registered with the Social Security Administration. You will also need documentation of all of your income from wages, tips, savings, investments, retirement, rental property, self-employment or farming. Continue reading

Tax Preparer Offers Tips for Choosing Federal Form

 
 

Income taxes are due in six days. There’s still plenty of time to file if you haven’t already done so. Michelle Bachtel with the Knox H&R Block office says it’s important to choose the federal form that best meets your needs. A popular option is the 1040-EZ. However, it has limits.

“As long as you are under the age of 65, your income is below $100,000 and the income only comes from things like wages, salaries, tips and unemployment, with less than $1,500 in interest, you can use this form. But you cannot itemize deductions, claim dependents or be filing separate from your spouse. With this form your credits are limited, so just because you are eligible to file this form doesn’t mean you should, Bachtel said. Continue reading

Don’t Forget Any Income When Filing Your Taxes

 
 

Federal and state income taxes are due in eight days. Michelle Bachtel from H&R Block in Knox says it’s important not to exclude any sources of income.

“Pretty much all income, whether it’s reported or not reported, is taxable unless the law specifically excludes it,” Bachtel said. “This includes non-cash income from things like bartering or exchanging of assets. Both parties are expected to include the fair market value of the item or services they received as income on their tax returns.” Continue reading

Taxes Are Due Next Week – Who Needs to File?

 
 

Federal and state income taxes are due April 15. Michelle Bachtel with the H&R Block office in Knox says anyone whose income exceeds the filing threshold set by the IRS needs to file a tax return. Thresholds are based on your age and filing status, which is either single, married filing joint, married filing separate, head of household or qualifying widower.

Income requirements vary, but Bachtel offers a general guideline. Continue reading

Breaking down the “Marriage Penalty”

Tax Tips are provided to you by H&R Block, for questions schedule an appointment with Michelle Bachtel at your local Knox H&R Block or reach them at 574-772-2316

MarriagePenaltyFor the majority of married couples, filing a joint tax return makes sense, as it usually means you’re in a lower tax bracket. However, things change as you and your spouse approach parity in income, especially if you are both high earners.

Unfortunately, though, if you find yourself subject to the “marriage penalty” assessed on high earners, you can’t just file as single. Instead, if you attempt to beat the marriage penalty, you could find yourself in a worse position with the status Married Filing Separately – which usually results in the highest tax rate. Continue reading

Tax Refund Delay: Separating Fact from Fiction

Tax Tips are provided to you by H&R Block, for questions schedule an appointment with Michelle Bachtel at your local Knox H&R Block or reach them at 574-772-2316

Did you hear that tax refunds were going to be delayed until October? Yeah, that’s false. An article on a satirical website last fall fueled controversy that taxpayers wouldn’t get their refunds until many, many months after filing. It isn’t true. However, the Commissioner of the IRS has made comments that may make it seem more plausible. Continue reading

File Your Fastest Tax Return Yet

Tax Tips are provided to you by H&R Block, for questions schedule an appointment with Michelle Bachtel at your local Knox H&R Block or reach them at 574-772-2316TaxesASAP-square

While e-file doesn’t open until January 20, that’s no reason to sit around and wait. Make it your New Year’s resolution to file your fastest tax return ever. It’ll be a great way to start off 2015. Here’s a step-by-step guide.  Continue reading

Wait A Minute. Do I even need to file a tax return?

Tax Tips are provided to you by H&R Block, for questions schedule an appointment with Michelle Bachtel at your local Knox H&R Block or call at 574-772-2316

Regular EmploymentDoINeedtoFile-Cartoon

Here’s where it is simple. If you have regular employment – meaning you work for another person or corporation and receive a W-2 – and no one else can claim you on a federal tax return, you can use this chart to determine whether you need to file a return. Here’s how: Continue reading

When Can I file my 2014 Taxes, and How Quickly Can I get my Refund?

Tax Tips are provided to you by H&R Block, for questions schedule an appointment with Michelle Bachtel at your local Knox H&R Block or call at 574-772-2316WhatAffectsRefund

What does IRS e-file opening mean?

The IRS accepts tax returns filed one of two ways: on paper sent through the mail and electronically through e-file. About 88% of individual tax returns were e-filed between April 19, 2013 and April 18, 2014. That amounts to nearly 116 million tax returns. Continue reading

It’s Tax Season; Get Prepared To File

 
 
Tax season is upon us and many people have already received their W-2 statements for 2013, giving just under three months to get those taxes filed before April 15. Michelle Bachtel, senior tax adviser for H&R Block, said there haven’t been many big changes in the tax laws for individuals this year.

“As far as individuals are concerned, there are not a lot of changes on the tax laws. Some of our credits have been extended, such as the energy credits, the child tax credit, charitable distribution credit – some of those have been extended through 2017. They were originally set to expire for this year, but they’ve extended those on,” said Bachtel.

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Hired, Fired, or Retiring? H&R Block Offers Tax Tips to Alleviate Confusion

 
 

For those who are confused when it comes to filing their taxes because their employment status changed throughout the year, H&R Block has a number of tips to help make it a bit easier. According to the Bureau of Labor Statistics, nearly 4.2 million workers were hired in December 2012 while more than 8.7 million people were self-employed and many made the decision to retire.

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Audit Worries Shouldn’t Prevent Taxpayers From Claiming Valid Tax Breaks

 
 

The deadline to get those taxes in is quickly approaching, and H&R Block is offering a number of tax tips for those concerned about extensions, audits, deductions, and penalties. This year, the federal government is anticipating a $450 billion tax gap – that is, the amount the IRS estimates is missed in tax collections – and in an effort to close that gap, the government will conduct a number of IRS audits of those suspected of having underpaid. In 2011, 7.4 percent of taxpayers were contacted concerning their returns, and the IRS collected $15 billion through audits. H&R Block advises that even with the anticipation of more audits this year, taxpayers shouldn’t be afraid to claim all the tax breaks to which they are entitled.

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H&R Block Offers Tax Extension Tips

 
 

The deadline to file your taxes is coming up, but H&R Block is coming to the aid of those who abhor deadlines. All participating H&R Block locations and At Home online are offering free tax extension filing through the April 15 tax filing deadline – but don’t think an extension to file means an extension to pay. Even if you’ve filed a tax return extension, you still have to pay taxes owed.

H&R Block is also providing additional information online for late-season filers in its Extension Resource Center, a one-stop resource for information about filing an extension including how to pay taxes due using a credit or debit card.

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Blood Drive to be Held During Winamac Block Party; Donations Needed!

 
 

The second annual Downtown Winamac Block Party, sponsored this year by H&R Block, will not only be benefiting the local food pantry, but the Indiana Blood Center as well! The Blood Mobile from South Bend will be present at the block party from 4:30 to 8:30 p.m. on Saturday, March 16, and Jennifer Shank-Maxwell from H&R Block said it’s just another way to give back to the community.

“The block party is all about giving back to the community, and what better way to give back to the community than to have a blood drive? This will be the first year that the blood drive will be part of the block party; there have been other blood drives in Winamac, which also was part of why it seemed like a great idea,” said Shank-Maxwell.

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