TAX FILING DEADLINE AND PARTY

Greetings!

Busy, Busy?

  

ComproTax Talks!

Don't  Miss the tax filing deadline (tomorrow night, 11:59 PM), and if you can't get it together, we'll file an extension 

Thanks to all our new clients this year and our returning 
patrons.  We know 2013 was an extra tough year for so many of us, so we really appreciate you. 

Look out for announcements of workshops for individuals and small businesses alike. 

We will begin working now to have you ready for a successful tax outcome in January, 2015. 

TAX FILING DEADLINE TOMORROW!

We can file a request for an automatic extension for you.  Click here to provide us the info needed. 

Tax Calendar

April 15th   LAST CHANCE FILING Statute of Limitations for Refunds for 2010 Returns.  File Today   Our Tax  Service: A Slam Dunk ComproTax, Inc., the largest Black-owned income tax firm that is growing vigorously in the ATLis prepared to bring you the best expertise in a fast, accurate and courteous manner.   ComproTaxhas specialized in individual and small business taxes and accounting since 1984.   Get your biggest tax refund legally allowed ComproTax Decatur provides computerized income tax preparation, electronic filing, refund loans, and online filing.   PARTY OVER HERE! LATE NIGHT TAX FILING  Join us on Tuesday night, April 15th as we celebrate the first phase of the 2014 tax season. We will be available through 12 PM midnight. Have a good laugh and dance with us. Call for ADDRESS:  404-532-9958. PUT US TO THE CHALLENGE If we can't complete your simple return in 15 minutes, we will prepare it for FREE  Afiya Madzimoyo, Office Manager/ Instructor ComproTax, Inc./Decatur

Down to the Tax Filing Deadline Wire

With Less Than a Week Until the Tax Filing Deadline, Taxpayers can get Extra Time to File

WASHINGTON — The IRS has received almost 100 million tax returns so far this year and expects to receive about 35 million more by the April 15 filing deadline. However, about 12 million taxpayers will have requested extensions by the filing deadline, giving them an extra 6 months to file.

The fastest and easiest way to get the extra time is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868.

Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.

By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 15. The interest rate is currently three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.

Choosing the Right Filing Status

The issue of filing status is a very important one when it comes to a tax return.  It is important to choose the correct (per the rules) filing status because it affects how much you pay in taxes.  It may even affect whether you need to file a tax return or not.

I have seen client situations that involves the choosing of incorrect (per the rules) filing statuses for years, and -- most often -- the client believes he / she has chosen correctly, or actually they were not aware of the rules which dictate their choice/s.  I have seen client situation in which the client did not realize that his marital status on December 31st was his status for the whole year.

Here is a list of the five filing statuses to help you choose:

1. Single.  This status normally applies if you aren’t married or are divorced or legally separated under state law.

2. Married Filing Jointly.  A married couple can file one tax return together. If your spouse died in 2013, you usually can still file a joint return for that year.

3. Married Filing Separately.  A married couple can choose to file two separate tax returns instead of one joint return. This status may be to your benefit if it results in less tax. You can also use it if you want to be responsible only for your own tax.

4. Head of Household.  This status normally applies if you are not married. You also must have paid more than half the cost of keeping up a home for yourself and a qualifying person. Some people choose this status by mistake. Be sure to check all the rules before you file.

5. Qualifying Widow(er) with Dependent Child.  If your spouse died during 2011 or 2012 and you have a dependent child, this status may apply. Certain other conditions also apply.

REFUNDS ARE FLOWING; IRS IS ON TRACK; TAXABLE (NON)TAXABLE INCOME

ComproATL is running smoothly, processing refunds; IRS is on track. First deposits have been made into bank accounts.  We are here to serve you.  

See below for answers on whether your income is taxable or not.

IRS Tips about Taxable and Nontaxable Income

Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it.
Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market value of goods or services received as income on their tax return.
Some types of income are not taxable except under certain conditions, including:

• Life insurance proceeds paid to you are usually not taxable. But if you redeem a life insurance policy for cash, any amount that is more than the cost of the policy is taxable.
• Income from a qualified scholarship is normally not taxable. This means that amounts you use for certain costs, such as tuition and required books, are not taxable. However, amounts you use for room and board are taxable.
• If you got a state or local income tax refund, the amount may be taxable. You should have received a 2013 Form 1099-G from the agency that made the payment to you. If you didn’t get it by mail, the agency may have provided the form electronically. Contact them to find out how to get the form. Report any taxable refund you got even if you did not receive Form 1099-G.

Here are some types of income that are usually not taxable:

• Gifts and inheritances
• Child support payments
• Welfare benefits
• Damage awards for physical injury or sickness
• Cash rebates from a dealer or manufacturer for an item you buy
• Reimbursements for qualified adoption expenses

Find me on Thumbtack.com.  Thumbtack is an internet marketplace for local services, launched in December 2009.^[2] Thumbtack allows service providers and consumers to find each other and negotiate jobs online.

Click here.

2014 E-File Tax Season Opens Tomorrow Jan. 31st

It's that time again, ComproTax ATL is ready to serve you.  Did the cold weather slow you down with your tax sorting and organizing?  We can help you make up the time.

Need a visit from our mobile tax preparer or need to work online electronically?  Got computer or smart phone?  We got you. 

Click here for INSTANT SERVICE.

Your return can still be transmitted on the first possible day.

Call 404-284-9967 for COMPRO-ATL

www.comproatlanta.com

It's Tax Time (Well Almost)

2014 Tax Season to Open 

 January 30, 2013 is the first date the IRS will accept and process tax returns for the 2013 tax season.  April 15, 2013 is the due date for most taxpayers to file their 2012 income tax returns.

At ComproATL, we are ready to prepare your tax returns and have them in the que to be submitted on January 30th.

Call us today!  404-532-9958. www.comproatlanta.com

IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative

To support more who have experienced consistent unemployment and down turns in business, the IRS has made some changes.  Call today to learn more.  404-532-9958.  www.comproatlanta.com

IRS Has Nearly $1 Billion in Unclaimed Refunds That Expire April 15

IR-2013-29, IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return:

Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the IRS announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

The IRS estimates that half the potential refunds for 2009 are more than $500.

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

For 2009 returns, the window closes on April 15, 2013. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.