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Do I still get to itemize?

Sam Foltz

February 20, 2018

Do I still have enough to itemize?

Since before I can remember, taxpayers have had the option of reducing their income (to arrive at taxable income) by using either the standard deduction or itemized deductions.  It was the one place on the tax return where most folks felt like the IRS granted them a little bit of favor…because you got to deduct whichever...


What is happening to my exemptions?

Sam Foltz

February 6, 2018

What’s going on with my exemptions under the Tax Cuts and Jobs Act (TCJA)? 

Under the former law, which of course applies to the tax returns being filed for 2017, taxpayers can claim a personal exemption for themselves, their spouse (if filing jointly) and each qualifying child or relative.  Each of these exemptions allowed taxpayers to reduce their taxable income by...


How do the new tax rates affect you?

Sam Foltz

January 19, 2018

As we all know (if you don’t, I’m not sure what rock you’ve been sleeping under), Congress presented and the President signed in to law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017.  This law amends the Internal Revenue Code of 1986.

This new law affects us all.  No taxpaying person in the United States will escape these changes.  For some of...


What are estimated taxes and who cares?

Sam Foltz

January 3, 2018

Everyone in the U.S. pays taxes on the income that they receive throughout the year from many different sources.  The IRS requires that we pay taxes as the income is earned; not just at the end of the year.  This system is referred to as “pay as you go”.

While this may not apply to those who are employed, which have taxes withheld on each paycheck, some...


Final 2016 Estimated Tax Due Dates

Sam Foltz

January 13, 2017

If you need to make estimated individual income tax payments, your payment for the fourth quarter of 2016 is due on Jan. 15, 2017. However, since the deadline falls on a weekend (Sunday), and Monday, Jan. 16, is a legal holiday, the deadline is on the next business day -- Tuesday, Jan. 17, 2017, according to the


Year-End Tax Tips - Charitable Contributions

Sam Foltz

December 19, 2016

For most taxpayers, December 31 is the last day to take actions that will impact their 2016 tax returns.

One of those actions is charitable contributions.

Charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2016 count for the 2016 tax year, even if the bill isn’t paid until 2017.

Checks to a charity count...


RMD Deadline approaches on December 31.

Sam Foltz

December 14, 2016

If you are over age 70 and a half, the IRS requires that you take an RMD (Required Minimum Distribution) from your traditional IRA accounts.  You must take the distribution by December 31st or you risk the assessment of a 50% penalty on the distribution!

If you turned 70 and a half in 2016, you have until April 1, 2017 to take your first distribution.

What happens if you...


New W-2 and 1099 Deadlines in 2017

Sam Foltz

November 7, 2016

In 2017 there is a new deadline for employers and small businesses to file W-2 and certain 1099 forms.


Copies of Form W-2 and Form 1099-MISC are now due by January 31.  In the past, the deadline was typically the end of February, if filing on paper, or the end of March, if filing electronically.


The January 31 deadline remains unchanged for...


Is Your Federal Tax Withholding Up-to-Date?

Sam Foltz

July 25, 2016

Life events can have a major impact on your taxes.  For that reason, it’s important to check your tax withholding mid-year in order to avoid a tax surprise at the end of the year.  Here are some tips from the IRS:

New Job

You’ll complete a Form W-4 when you start a new job.  Your employer will use this form to determine the amount of...


70 Is a Magic Number for IRA's

May 24, 2016

IRA owners must begin taking required minimum distributions (RMDs) the year the owner reaches age 70½, and every year thereafter.  RMDs are the minimum amount that must be withdrawn from most types of IRAs. Account owners can take more than the minimum.  Whatever the amount, it will usually be treated as ordinary income for tax purposes.

"[Y]ou have until April 1...


What to Do if You're Thinking About Filing for an Extension

Sam Foltz

April 11, 2016

Taxes are due Monday, April 18, 2016.

If you’re not going to finish your tax return on time, file an extension. You'll have six more months to complete your return, putting the due date at October 17, 2016, for most calendar year taxpayers.

Even with an extension of time to file, the deadline to pay taxes owed and avoid penalty and interest charges is April...


There’s Nearly $1 Billion in Unclaimed 2012 Tax Refunds

March 16, 2016

The IRS announced this month it has refunds totaling $950 million for people who have not filed a 2012 Federal income tax return.

Students and others who don’t earn much money often decide not to file a return, but they may be missing out on refund.

To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than the Monday, April 18, 2016,...


Don't Mess with the IRS!

Sam Foltz

February 24, 2016

Ever get a notice from the IRS that was unexpected?  Well, don't take it personally, as one taxpayer recently did.

A New York resident who received a notice from the IRS concerning overdue taxes reacted instead of responding, according to an article in Accounting Today (February 23, 2016).  He’s now in big trouble.

Rather than taking the time to...


5 Security Tips for Working Online On Your Taxes

Sam Foltz

February 17, 2016

Preparing your taxes using online services is an incredible technological convenience.  However, you must be aware of the sensitive nature of the information you are inputting, especially if you are using a computer on an open network or in a public location.

Staff at a local public library found a person’s completed tax return on the public printer last week.  Someone...


You Have Only Three Years to Claim Your Tax Refund

Sam Foltz

October 28, 2015

More than one million Americans each year fail to file a tax return, according to the IRS.  By not filing, many of these people risk losing refunds and credits they're owed.

That’s because there's a three-year law.  This law gives taxpayers who have not filed their income taxes three years to submit a return and claim a refund. The three-year countdown starts on the...


Final Extension Deadline Approaches

Sam Foltz

September 29, 2015

Incredible to think that the tax year 2014 season is about to close for good on October 15th.  Amazingly, the months of 2015 continue to slip by unnoticed and suddenly that "absolutely gotta get 'em done" date is upon us.  Take the time now to call your accountant and get things squared away if you haven't filed yet!

For those which have already filed their returns, there's...


Happy New Year!

Sam Foltz

January 6, 2015

It is hard to believe that 2014 has come and gone.  Undoubtedly, as I get older, the years seem to go by at a much faster pace!

2015 promises to be a year of challenges and excitement.  Much is changing in the world of accounting and taxes, and we will all feel the effects of these changes as we prepare our 2014 taxes.  Don't delay the preparation of your tax return...


It's a New Brand Day

Foltz & Associates LLC

November 17, 2014

It's a New Brand Day at Foltz & Associates LLC! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website, develop helpful new client communications, and give our firm a facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure...


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