Every year taxpayers make mistakes on their tax returns that range from silly to serious. What kinds of errors should you keep in mind as you get ready to file this year’s return? The Minnesota Society of CPAs highlights three common missteps to avoid.
With significant changes made to the federal and Minnesota tax rules in 2013, the Minnesota Society of Certified Public Accountants would like to remind taxpayers of the importance of tax planning and understanding how the new rules affect their respective tax situations.
Taxpayer identify theft continues to increase in the U.S. In 2012, there were 1.8 million incidents of identity theft and fraudulent tax refunds, creating a $5 billion problem, according to the U.S. Treasury Inspector General for Tax Administration. In the first half of 2013, the number of tax-related identity thefts had already surpassed the 2012 number.
Tax-related identity theft occurs when someone intentionally uses the personal information of another person to file a false tax return with the intention of obtaining an unauthorized refund, according to the Minnesota Society of Certified Public Accountants. Victims are left dealing with the aftermath, which can be emotionally draining as they work for years to untangle the financial nightmare. Taxpayers should know how to protect themselves and what to do if they become victims.
You can’t put it off any longer: Effective Jan. 1, the Affordable Care Actt requires all Americans to maintain a minimum level of health coverage or face a tax penalty. While some people are flocking to www.healthcare.gov to research and purchase their insurance, others are unsure how to proceed.
Now is the time for individuals to educate themselves about their options for purchasing insurance and the steps needed to take to make sure they’re complying with the law, according to the Minnesota Society of CPAs.
What are your holiday shopping plans this year? American retail holiday spending totaled about $580 billion in 2012, according to the National Retail Foundation, up 3 percent from the previous year. This is clearly a time of year when people dig deep into their pockets to pay for holiday gifts and celebrations, but that doesn’t have to put a dent in your budget. The Minnesota Society of CPAs offers advice on how to make smart spending plans.
If you’re thinking of replacing your car, you may also be wondering if you should lease or buy the replacement vehicle. Leasing a vehicle used to be commonplace only for businesses because of the tax write-off. But now with deals like zero money down, low monthly payments or zero-percent interest, leasing has become a popular option for the general public.
There are 23 million small businesses in America, according to the U.S. Small Business Administration. Although each business is unique, you can be sure that they have a common desire to minimize their taxes and make the most of the deductions for which they qualify. The Minnesota Society of Certified Public Accountants (MNCPA) offers these tips on how to achieve those goals.
Every September, we honor our grandparents with National Grandparents Day. As this holiday approaches, now is the perfect time to show your loved ones how much you care by helping them learn to protect themselves from becoming victims of fraud.
Fraud against seniors is on the rise, and it can take a toll emotionally and financially, according to the Minnesota Society of Certified Public Accounts (MNCPA). Helping seniors understand the types of fraud that exist and the steps they can take to prevent fraud will help them feel empowered and open the lines of communication about a potentially sensitive topic.