Tax deductions for charitable giving require documentation
How much did you donate to charity last year? Can you prove it? In order to take all the charitable contributions you are due on your taxes each year, you must provide documentation of the amount donated and to which organization. The rules vary based on the type of donation – cash, in-kind, property, securities, […]
The ABCs of healthcare tax forms
NUVISION Financial Corporation As the rollout of the Affordable Care Act continues to unfold, taxpayers need to be prepared for a number of forms that are required when filing taxes this year. In particular, taxpayers should look for forms 1095-A, 1095-B and 1095-C that are used to show the taxpayer had medical coverage this past […]
What to know when verifying your ID with the IRS
If the IRS needs to contact you regarding concerns about identity theft or if you have filed a report that your identity has been stolen, there are a few things you need to know. Most importantly, if the IRS needs to verify your identity, it will send you a 5071C letter. You’ll need to have your […]
Be sure to stay on top of quarterly tax payments
To make sure that individuals pay their federal income taxes, the government requires that sufficient funds are withheld from salaries or else it mandates that the taxpayer pay an estimated withholding amount each quarter. Estimated tax payments are typically four equal payments that are normally paid on April 15, June 15, September 15 and January […]