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October 2014
Issue: 48

Individual Income Tax Returns on Extension are due by October 15th

 

I hope everyone had a wonderful summer and are now enjoying the nice fall weather we have been having.  Work is picking up around here as we just got through the September 15th deadline for extended corporate tax returns and are now starting to work on extended individual income tax returns which are due on October 15th.  There are still several clients that I have not heard from this year so please contact me as soon as possible if you still need to file your 2013 tax return.  I will be very busy leading up to the deadline so the sooner you get me your tax information the better.  If you don't file by October 15th, then you could be subject to a late filing penalty and we won't be able to e-file your return.

 

This has been a very slow year from a tax law perspective.  There haven't been any tax law changes of significance as of yet.  Since it is an election year, members of Congress are hesitant to address taxes so most likely there won't be any activity until after the elections.  I am expecting a few things to be addressed at that time, however, as address by the article on the right, but there should not be any significant changes made this year.

 

I've also been getting a lot of calls from clients that have received phone calls from individuals purporting to be IRS agents and telling them they owe back taxes and requesting payment immediately. These calls are scams and you should not give these people any financial information over the phone.  I included an article below that gives tips on identifying scam phone calls and how to deal with them.

 

Enjoy this month's newsletter!

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you're due a refund. The refund is a fake lure so you'll give them your banking or other private financial information.


It's actually not uncommon these days for folks to have multiple phones. Many households have a landline or two plus cell phones for personal and for business use. That can make figuring out deductibility tricky come tax time.


Here are a few tips to help sort it all out:

   

Read more...


With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns.


In This Issue
Five Easy Ways to Spot a Scam Phone Call
Tax Credits Available for Parents and Students
I haven't written much about Congress and taxes because - well there hasn't been a whole lot happening.  However, with the days of Summer ending, perhaps a good time to look at what are the possibilities in tax before the end of the year.

 

Upcoming Tax Deadlines


October 15th - Deadline to File 2013 Individual Tax Returns (Form 1040).
 
October 15th - September payroll deposits are due for monthly depositors.
 
October 31st - Payroll tax returns are due for the 3rd quarter 2014.
 
Please let us know if there is anything we can do for you!!

 

Vetscher & Associates, LLC

651-690-2250

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