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DO YOU NEED TO FILE A 2015 TAX RETURN

1/21/2016

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Most people file a tax return because they know they have to, but sometimes it makes sense to file even if you don't have to.  In most cases, the amount of your income, your filing status and your age determine if you must file a return.  For example, if you're single, under 65 and have taxable income of at least $10,300 you must file a return.

However,  if you received your health insurance through your state's health insurance exchange (such as Covered California) or the federal health insurance exchange (HealthCare.gov) you must file a federal tax return to reconcile any advance payment credits you received and to determine your eligibility for an advance payment credit in the following year.  If you fail to file you will get a reminder from the IRS to do so.

If you don't need to file a return because your income is below the filing threshold but your employer withheld federal or state income tax from your wages, you need to file returns to get a refund.  This is a typical scenario for high school and college students.  Because parents can still claim those students as dependents,  it is critical that the student marks the box on their return indicating that they are the dependent of someone else.  Failing to do that will  significantly delay any refund due to the parents. 

Wage earners with income below certain levels may be eligible for an Earned Income Credit.  That credit can be worth thousands of dollars but you have to file a return to get it.  The same holds true for the Child Tax Credit - you must file a return to get the credit.   Finally, families with students in college may be eligible for an education credit of up to $2500 per student but must file a return to get the credit.

If you have any questions about whether you need to file a tax return or not, Turner's Tax Service can help you figure that out.  Just call 530-626-8551 for a quick phone consultation.   



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WHO CAN REPRESENT YOU BEFORE THE IRS?

1/18/2016

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It's time to think about preparing your 2015 taxes.  Will you do them yourself or will you use a tax professional?  If you decide to use a tax professional, it's best to pick someone who can represent you before the IRS should there be any issues with your return.  There are new rules as of January 1, 2016 about who can represent you and when they can represent you.  Here's what you need to know -

Tax professionals have either unlimited or limited representation rights.  Unlimited rights allow the tax professional to represent you before the IRS on any tax matter, even if they didn't prepare your return.  Tax professionals who have unlimited representation rights are Enrolled Agents, Certified Public Accounts and Attorneys.

Limited representation rights allow the tax professional to represent you only if they prepared and signed your return.  These limited rights allow them to deal with IRS customer service agents and revenue agents.  However, even if they prepared your return they cannot help you with an appeal or a collection matter - they will have to refer you to someone with unlimited representation rights.

Beginning with 2015 returns, only tax return preparers who are Annual Filing Season Program Participants (a voluntary program) have limited representation rights.  Tax return preparers without that designation have no representation rights.

If you decide to use a tax professional to prepare your 2015 taxes, keep these differences in mind and choose your preparer wisely.  

Nancy Turner Egbert, the owner of Turner's Tax Service, is an Enrolled Agent with unlimited representation rights.  She prepares individual, small business and trust returns and would be happy to prepare your 2015 tax return or assist you with matters you may have pending before the IRS or any state tax agency.  Appointments can be scheduled by calling Turner's Tax Service at 530-626-8551.  Additional information about available services can be found online at www.turnerstaxserviceonline.com.
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    Federal and state tax laws and regulations change regularly.  As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you.

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