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Need More Time to File Your Taxes?

The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:

1. Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the extension request by midnight April 18. If you do request an extension, come back to Free File to prepare and e-file your taxes for free. You can access the program at any time through Oct. 17.

2. Use Form 4868. You can also request an extension by filling out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You must mail this form to the IRS by April 18. Form 4868 is available on IRS.gov/forms.

Loss of a child to addiction disrupts natural order

When a couple make the decision to have a child, a natural plan begins to fall into place. With great anticipation they wait for that happy plan to become reality — birthdays, elementary school, high school, college, marriage and eventually grandchildren. Never does that plan include the devastating loss of a child due to addiction.

Day after day we hear about opiate-related deaths in our region and across the country.  Children are dying outside of the “natural order,” and when it occurs it sends people into a tailspin. We’re just not supposed to outlive our children. 

While there is really no “getting over” such a loss, you can begin to integrate it into your life. It’s important to understand that grief is a long journey and finding normalcy takes time. You don't wake up one day and everything's good again.

Six Tips You Should Know about Employee Business Expenses

 

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are six other facts you should know:

1. Ordinary and Necessary.  You can only deduct unreimbursed expenses that are ordinary and necessary to your work as an employee. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is appropriate and helpful to your business.

2. Expense Examples.  Some costs that you may be able to deduct include: 

·         Required work clothes or uniforms not appropriate for everyday use.

Can’t Pay Taxes On Time? Here Are Five Tips

 

The IRS urges you to file on time even if you can’t pay what you owe. This saves you from potentially paying a penalty for a late filed return.

Here is what to do if you can’t pay all your taxes by the due date.

1. File on time and pay as much as you can. You can pay online, by phone, or by check or money order. Visit IRS.gov for electronic payment options.

2. Get a loan or use a credit card to pay your tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties. For credit card options, see IRS.gov.

Save on Your Taxes and for Retirement with the Saver’s Credit

If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit:

Six Facts You Should Know Before Deducting a Charitable Donation

 

If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations.

1. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An exception to this rule is contributions under the Slain Officer Family Support Act of 2015. To check the status of a charity, use the IRS Select Check tool.

2. Itemize Deductions. To deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with your federal tax return.

Bartering Produces Taxable Income and Reporting Requirements

Bartering is the trading of one product or service for another. Often there is no exchange of cash. Some businesses barter to get products or services they need. For example, a gardener might trade landscape work with a plumber for plumbing work.

If you barter, you should know that the value of products or services from bartering is normally taxable income. This is true even if you are not in business.

A few facts about bartering: