Taylor Tax Service

Bellefonte office hours will start January 20th. Monday/Wednesday/Friday from Noon-6pm Centre Hall office hours will start on January 21st. Tues/Thurs from Noon-6 pm and Saturday from 8am - noon. If you are ready before these dates you can use the drop boxes at each location or give me a call.

After a few busy two weeks I am caught up. Opening back up to new clients but I do have to make sure I have my former customers completed by April 15th. If you are still interested, I will do my best to have your taxes finished by the deadline. If not, I will do an extension and finish within the next week.

I guess it is a good thing but at this point Taylor Tax Service is not taking new clients. I will update if this changes.

Taylor Tax Service is ready for the tax year even if the IRS is not. January 28th is the first day we can e-file taxes but we can have everything ready to go before that. Once you get all your tax information, you can drop them off at our Centre Hall or Bellefonte Office. Drop boxes are available at each location.

To all Clients that have sub contractors working for them. If you have paid them over $600 you are required to send form 1099 Misc to the IRS by January 31, 2019. Give me a call if you need the 1099 Misc processed.

Just received notification that premium mortgage insurance (PMI) is deductible again as well as tuition and fees. They were originally reported as expiring the end of 2016 and not renewed so the software reflected that. It is now my understanding they were discovered as renewed with the new tax plan just buried in the many many pages of the new tax plan! Software has now been updated but I have done many taxes that will need to be amended to take the PMI. I have no way of knowing who this affects, so if I have previously done your taxes and you pay PMI or will qualify for tuition and fees, let me know and will do an amended return after tax. There will no charge for these because it’s not your fault they pushed the tax plan through at the last minute.

Two locations for Taylor Tax Service: Home office: 75 Josie Drive, Bellefonte I am no longer at the Old Gregg School for pick up and delivery New location: 101 East Potter Street in Centre Hall.

Taylor Tax Service is ready for tax season. The IRS will begin accepting returns on January 29th. If you are ready before that let us know and we can have everything ready to go and wait for the big day! Reminder to those that receive the additional child tax credit and/or the earned income tax credit, the IRS cannot issue those refunds before mid-February. They are expected to be direct deposited starting February 27, 2018. All other returns with direct deposit should be received in less then 21 days. See you soon!

An appropriate post for this time of year Issue Number: IRS Tax Tip 2017- 40 Inside This Issue... Need More Time to Pay Taxes? All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return. Here are four tips for those who can’t pay their taxes in full by the April 18 due date: File on time and pay as much as possible. Pay online, by phone, with your mobile device using the IRS2Go app, or by check or money order. Visit IRS.gov for electronic payment options. Get a loan or use a credit card to pay the tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties. For credit card options, see IRS.gov. Use the Online Payment Agreement tool. Don’t wait for the IRS to send a bill before seeking a payment plan. The best way is to use the Online Payment Agreement tool on IRS.gov. Taxpayers can also file Form 9465, Installment Agreement Request, with their tax return. Set up a direct debit agreement. With this type of payment plan, there is no need to send a check each month. Don’t ignore a tax bill. If so, the IRS may take collection action. Contact the IRS right away by calling the phone number on your bill to talk about options. The IRS will work with taxpayers suffering financial hardship. Remember to file on time. Pay as much as possible by April 18, 2017, and pay the rest as soon as possible to reduce the interest and penalties. Find out more about the IRS collection process on IRS.gov. All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

I decided to stay inside on this blustery icy morning and "toot my horn"! I am now an Enrolled Agent (EA) with the IRS. I have passed a three-part comprehensive IRS test covering individual and business tax returns. I must adhere to ethical standards and complete 72 hours of continuing education courses every three years. What does this mean for my tax clients? I now have the privilege of representing my clients before the IRS for tax issues including audits, collections and appeals. Current clients, reduce my fee by $5 for every new client you refer to me. New clients, my fee will be the same as your previous tax year or my rates, whichever is least expensive! Small in home personal business. Give me a call or email with questions or concerns!

Issue Number: IRS Tax Tip 2016-66 Inside This Issue Things You Should Know about Filing Late and Paying Penalties... April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know. 1. Two penalties may apply. One penalty is for filing late and one is for paying late. They can add up fast. Interest accrues on top of the penalties. 2. Penalty for late filing. If you file your 2015 tax return more than 60 days after the due date or extended due date, the minimum penalty is $205 or, if you owe less than $205, 100 percent of the unpaid tax. Otherwise, the penalty can be as much as five percent of your unpaid taxes each month up to a maximum of 25 percent. 3. Penalty for late payment. The penalty is generally 0.5 percent of your unpaid taxes per month. It can build up to as much as 25 percent of your unpaid taxes. 4. Combined penalty per month. If both the late filing and late payment penalties apply, the maximum amount charged for the two penalties is 5 percent per month. 5. File even if you can’t pay. Filing on time and paying as much as you can will keep your interest and penalties to a minimum. If you can’t pay in full, getting a loan or paying by debit or credit card may be less expensive than owing the IRS. If you do owe the IRS, the sooner you pay your bill the less you will owe. 6. Payment Options. Explore your payment options on our website at IRS.gov/payments. For individuals, IRS Direct Pay is a fast and free way to pay directly from your checking or savings account. The IRS will work with you to help you resolve your tax debt. Most people can set up a payment plan using the Online Payment Agreement tool on IRS.gov. 7. Late payment penalty may not apply. If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty. However, you must pay the remaining balance by the extended due date. You will owe interest on any taxes you pay after the April 18 due date. Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

The IRS will begin accepting eFiling Tuesday, January 19th. I am already to go. Drop offs are being accepted and appointments can now be scheduled at my Josie Drive address. I will be at the old Gregg School in Spring Mills starting on January 26.