A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 deadline. 

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises for individuals who previously filed as unmarried. The surprises can be both pleasant and unpleasant. 

Robert Cantu, a local Santa Paula, Enrolled Agent, has successfully completed the requirements to earn the designation of a Certified Tax Resolution Specialist (CTRS). This dignified certification is earned by good standing members of the American Society of Tax Problem Solvers (ASTPS) who have met the educational, experience, and examination requirements and have proven expertise to resolve a wide range of tax problems. The services a CTRS provides to individuals and businesses include securing Offers In Compromise, Installment Agreements, Penalty Abatement, Innocent Spouse Relief, Release of Liens or Levies, Non-Filer issues and many others. Tax problem resolution is a unique area of professional practice that addresses a problem that affects a tremendous number of American citizens and residents.

By this time most of us have finish our taxes and we don’t want to think about them again for a long while. However, that’s exactly what financially savvy taxpayers do!  By taking a look at your tax situation before the year is over, you can take advantage of every legal means to reduce the amount you’ll pay in taxes next year. 

Unless you’ve been way out of touch, you probably know that a key part of the Affordable Care Act (ACA) requires that taxpayers have qualifying health care coverage. Those without will need to qualify for an exemption, or pay a penalty. This “Individual Shared Responsibility” provision applies to both individuals and families, so while preparing your tax return this year, here are some things you ought to know.  

Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of.