Charles H Enders Jr CPA

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 - May 31 quarter of the year is Friday, June 15th.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

Military Tax Benefits - Did You Know?

If you are a member of the military, you and your family may be eligible for certain tax breaks.

Some military tax benefits may include:

- Combat Pay Exclusion: If you are serving in a combat zone, part or even all of the combat pay may be tax-free.
- Deadline Extensions: Under some circumstances, such as serving in a combat zone, you may be able to postpone most tax deadlines.
- Earned Income Tax Credit: If you get nontaxable combat pay, you may opt to include it under your taxable income to increase the amount of credit, which may lead to owing less tax or a larger refund.
- Signing Joint Returns: A joint return normally needs to be signed by both spouses, but if military service prevents you from signing, your spouse may be able to sign for you or get a power of attorney.

Charitable Organizations - Did You Know?

If you are thinking of making charitable donations this year, the IRS has released a new tool to make it easier to get information about charitable organizations. The new Tax Exempt Organization Search website offers additional information as well as a mobile-friendly interface.

The new tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

No Additional Cost Services - Did You Know?

You may be able to exclude no additional cost services you receive from your employer from your income..

In order to qualify, this service must be the same service offered for sale to customers in the ordinary course of your line of work
and there can't be a substantial additional cost (including any sales revenue lost) to provide you with the service.

Some examples of this may include excess capacity services like airline, bus, or train tickets, hotel rooms, and telephone services.

Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

Amended Returns - Did You Know?

When filing an amended return, it can take up to 3 weeks for it to show up in the system, and processing can take up to 16 weeks.

You may use the 'Where's my Amended Return' tool to check your status. https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1.

Reduce Fees & Penalties - Did You Know?

You should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to file your tax return and pay as much as you can.

Tax Deadline Extension

The IRS has provided an additional day to file returns due to system issues that happened on Tuesday, April 17th. This one-day extension is automatic, and those who have not yet filed now have until midnight on Wednesday, April 18th to file and pay their taxes.

Tax Filing Deadline

The deadline to file your taxes is on Tuesday, April 17th, 2018. It is also the deadline for paying any taxes owed as well as filing for an extension. Please note that you may be able to file for an extension until Oct 15th, 2018, but you must still pay any taxes due by the April 17th deadline.

If you are a US citizen or green card holder living overseas, or active military on duty outside the United States on the regular due date of the return, you may be able to get an automatic two month extension to file your return and pay any taxes due.

Tuition and Fees Deduction - Did You Know?

Congress retroactively revived the tuition and fees deduction for the 2017 filing year with the Bipartisan Budget Act of 2018 that was passed on February 9th, 2018.

If you paid qualifying higher education related expenses, you may be able to deduct up to $4,000 of those costs without having to itemize the deduction.

This amount can be up to $4,000 for single filers with an adjusted gross income of $65,000 or less ($130,000 jointly) or $2,000 for single filers with an AGI of $80,000 or less ($160,000 jointly).

Unclaimed Refunds - Did You Know?

The IRS has issued a reminder that time is running out for those that didn't file a 2014 federal tax return. There are currently unclaimed refunds that total more than $1 billion, and the 2014 returns must be filed by April 17, 2018.

No penalty will be charged for filing a late return for those receiving refunds and there is a limited three year window to claim a refund. If unclaimed, the money becomes the property of the U.S. Treasury.

Avoid Becoming a Scam Victim

Did you receive a threatening call or notice from the "IRS"? Please remember, IRS employees will NOT:

- Call demanding immediate payment. The IRS will not call a taxpayer if they owe tax without first sending a bill in the mail.
- Demand payment without allowing the taxpayer to question or appeal the amount owed.
- Require the taxpayer pay their taxes a certain way. For example, demand taxpayers use a prepaid debit card.
- Ask for credit or debit card numbers over the phone.
- Threaten to contact local police or similar agencies to arrest the taxpayer for non-payment of taxes.
- Threaten legal action such as a lawsuit.