September 2015

Tax Deadlines

  

September 15, 2015- Estimated Tax Payment: The deadline for the third quarter estimated tax payment is September 15, 2015.  Tennessee residents must submit their payment to the Internal Revenue Service Center,  P O Box 931100, Louisville, KY 40293-1100, using Form 1040ES. Checks should be made payable to the "United States Treasury."  If you want to make your payment to the IRS electronically you have three choices for method of payment. You can pay by EFTPS (you need to be already signed up for EFTPS), IRS Direct Pay at www.irs.gov or by going to www.1040PayTax.com.
  
October 15, 2015 - Federal Income Tax Return:  If an extension was filed by April 15, 2015, the deadline for filing your 2014 federal income tax return is October 15, 2015.  Please provide us your information ASAP. This is the final deadline.

 

IRA Rollovers

Starting in 2015, the IRS will limit nontaxable IRA rollovers to once in a 12 month period. In the past taxpayers could withdraw money from more than one IRA and wait up to 60 days before they moved it into another IRA without a tax penalty for an early distribution. Trustee-to-trustee transfers between IRAs and rollovers from traditional IRAs to Roth IRAs to move funds are not limited. 


 

IRS Notices-CP2000
A CP-2000 IRS notice is sent to a taxpayer when a discrepancy occurs between what is reported on your tax return and what has been sent to the IRS in Form W2s, Form 1099s (interest, dividend, stock/mutual fund sales, etc.)  The number 2000 means the notice is an information return program verification request.  The notice is a proposed adjustment and not a bill.  If you need any assistance in dealing with the notice, please contact us.  Brokerage firms commonly send out corrected Form 1099s during tax season; please make sure that we have all of the corrected forms.  Sometimes these forms come in close to the April 15th deadline or after your return has been filed.  If that is the case, then an amended tax return can be filed. However, brokerage firms do the very best to make corrections before April 15th.

NOTICE:  The IRS does not contact people by email or social media! If you receive anything from the IRS that is in any form other than a letter it is most likely a scam
  

           Travel While Giving Your Services to Charity                                             trees-square-sm.jpg


 

Qualified Charities - To deduct your expenses, the volunteer work must be for a qualified charity.  Make sure to ask your group about its IRS status. You can also go to www.irs.gov and use the Select Check tool to check the group's status. 


 

Out-of-Pocket Expenses - You may be able to deduct some costs you have incurred to give your services including travel.  These costs must be necessary, unreimbursed, directly connected with the charity and not for personal reasons.


 

Genuine and Substantial Duty - You can only deduct the expenses if you have substantial duties throughout the trip.


 

Value of Time or Service - You cannot deduct the value of your services that you give to charity including your income lost while you work as an unpaid volunteer for the qualified charity.

 

Deductible Travel - Costs you may be able to deduct include:

Air, rail and bus transportation, car expenses, lodging costs, and meals.


 

Nondeductible Travel - You cannot deduct any expenses if a significant part of the trip involves recreation or a vacation.

 

 

6921 Office Park Circle Knoxville, TN  37909
                          865-588-5288



 

 


 

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Please call us at 865/588-5288 if you need guidance with your 2015 tax or financial planning needs. 

We are very grateful for your business!