Social Security – Will I Owe Tax On My Benefits?

In Common Tax Questions, IRS Tax Help, Tax Planning, Uncategorized by Sarah E. Martello

Whether or not you will owe tax on Social Security benefits will vary based on your situation.  Generally speaking, if your Social Security benefits were your ONLY source of income, you MAY NOT be subject to Federal income tax and MAY NOT have to file a tax return. Taxpayers whom receive Social Security benefits in 2014 should receive a Form SSA-1099.  This form shows the Social …

Liberty Tax Service Alleged “Crack for Tax” Scandal

In Florida Tax Issues, IRS Tax Help, Tax News, Tax Planning by Sarah E. Martello

Last week I spoke about the raid and bust of On Time Tax Consultants for allegedly scamming low income taxpayers.  Unfortunately, On Time Tax Consultants are not the only local tax preparation service targeting lower income individuals in our community.   Liberty Tax Service, located at 3320 Southwest 35th Boulevard, Gainesville, Florida, has also been under investigation for preying on low …

Tax Q & A – 2010 Filing Deadline

In IRS Tax Help, Tax Planning, Uncategorized by Sarah E. Martello

QUESTION:  Did the IRS really change the filing deadline from April 15th to April 18th? ANSWER: Yes! Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15.   By law, District of Columbia holidays impact …

Tax Relief or Grief? A Breakdown of Obama’s Tax Cuts

In Tax Planning, Uncategorized by Sarah E. Martello

With just a few weeks remaining in 2010 (marking the expiration of the Bush-era tax cuts), President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. With tax season quickly approaching, a lot of Taxpayers are left wondering, what kind of “relief” can I expect from this Tax Act?  In essence, the Tax …