Due to recent flooding and tornadoes, the Alabama Department of Revenue has offered taxpayer relief in the federally-declared disasters areas of Baldwin, Blount, DeKalb, Etowah, Jefferson, Lee, Limestone, Mobile, and Tuscaloosa counties, or whose business operations are located in those counties, until Oct. 15, 2014, to file certain Alabama tax returns that have a due [...]
Given that tomorrow is Tax Day, we figured you might want to know where all of those tax dollars really go. Almost 70% of all funds go to three programs: Defense and Military Benefits Social Security Health Care Did you also know that the government spent about 25% more money than it collected in 2013? [...]
The Alabama Department of Revenue announced that when taxpayers electronically file 2013 Alabama Forms 40, 40-A or 40 NR, they should include their driver’s license or non-driver’s license number, as well as their date of birth, on their Alabama returns. This is the department’s latest effort to combat the growing threat of identity theft and [...]
Maximizing your allowable deductions is key to minimizing your tax burden. Check out the JMF Guide to Maximizing Deductions.
Tax breaks can come in the form of tax credits, tax deductions, and just tax-saving laws. At the end of this year (December 31), the congressional Joint Committee on Taxation say 55 of them are about to expire. For the record, there is still a chance for many to be extended. Check out Bankrate.com's Summary [...]
It is that time of year again. Our 2013 Year End Tax Planning letter is now available. This document is full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. Please let your JMF Tax Professional know if we may be of [...]
The Tax Advisor recently published an article about properly reporting partner compensation. Here is an excerpt from the Executive Summary of that article by Noel P. Brock, CPA. As partnerships increasingly offer equity interest to retain valued employees, these employees may be unaware of the employment tax consequences of receiving a partnership interest. Many partnerships [...]
The Alabama Accountability Act of 2013 signed into law earlier this year, provides Alabama state income tax credits for both: Families (individuals) with children at failing schools, that can be used to offset the cost of tuition to send their children to a qualifying private school (approximately $3,500 per year in tax credits per child), [...]
January – Get Organized for Tax Time 1) Set up a file (or box) for your 2012 taxes. Put a label on it and drop in your Form W-2 and 1099s as they come in the mail. 2) Open the envelope with your JMF organizer. Please use the organizer as a guide to make sure [...]
Are you still wondering how the new tax changes may affect you and your tax bill? We have linked our Federal Tax Watch alert which summarizes the provisions primarily affecting individuals, the provisions primarily affecting businesses, the new Healthcare taxes taking effect in 2013, and tax planning considerations. Also, if you are interested in more [...]