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Author Archives: Jay Butchko

TaxPrep4

Avoiding The Accrual Of Penalties And Interest On Unfiled Taxes

By Ronald Cutler, P.A. |

Although the deadline for filing taxes officially passed in mid-May, taxpayers who have not yet filed their taxes are not totally out of luck. In fact, taxpayers who are due refunds, but who missed the tax filing deadline, won’t be assessed a penalty for filing late. Regardless, taxpayers who missed the filing deadline and… Read More »

Legal19

Understanding A Request From The IRS For Supporting Documentation

By Ronald Cutler, P.A. |

The IRS communicates with taxpayers primarily by mail. The agency sends CP75 or CP75A notices, for instance, when it needs additional documentation to resolve an issue. In most cases, taxpayers who receive this notice have done so because the IRS is auditing their tax return and needs more information to verify items that they… Read More »

TaxPrep5

Filing An Information Return

By Ronald Cutler, P.A. |

While most people are familiar with standard income tax returns, many are unaware of the existence of information returns. These returns must be completed by any taxpayers who are engaged in a business, including partnerships, estates, and trusts and who make reportable transactions during the year. There are a number of rules in place… Read More »

TaxReturn

What You Should Know About Tax Refunds

By Ronald Cutler, P.A. |

While many people don’t look forward to tax season, most have warmer feelings towards tax refunds, which follow soon after. Collecting a refund is not, however, always a simple endeavor,  so if you want to learn more about filing a tax return or have questions about the best way to track or collect a… Read More »

TaxDeduction

Deducting Charitable Contributions

By Ronald Cutler, P.A. |

In addition to the satisfaction and peace of mind that comes with charitable giving, individuals who donate funds to certain charitable establishments could also qualify for a special deduction. There are, however, strict rules regarding charitable deductions, so if you donated to a charity last year and have questions about your eligibility for a… Read More »

ChildTaxCredit

IRS Begins Issuing Advance Child Tax Credit Payments

By Ronald Cutler, P.A. |

Recent changes to the Child Tax Credit could have a significant impact on families across the country. For instance, the IRS began paying half of the total credit amount in advance monthly payments to eligible taxpayers in mid-July. Qualifying taxpayers can expect to receive the other half when they file their 2021 income tax… Read More »

NewParents

Tax Tips For New Parents

By Ronald Cutler, P.A. |

Becoming a parent for the first time can be physically and emotionally overwhelming, so it should come as no surprise that many new parents forget about, or are not aware of, the tax implications that are associated with adding a new member to your family. As a first-time parent, you have enough on your… Read More »

TaxAudit

Preparing For A Business Tax Audit

By Ronald Cutler, P.A. |

Even those who make every attempt to be accurate when completing their business income tax returns could end up the subject of an IRS audit. Fortunately, there are steps that taxpayers can take to make the process go more smoothly, so if you recently received notice of an IRS audit, you should think about… Read More »

Itemize

Should I Itemize My Deductions?

By Ronald Cutler, P.A. |

Many people mistakenly believe that tax deductions directly reduce the amount of taxes that they owe. The reality, however, is that tax deductions lower the amount of a taxpayer’s taxable income, which in turn, lowers his or her tax liability. There are a couple of different ways to track deductions when filing a federal… Read More »

Tax5

What It Means To Receive Notice Of A Dishonored Payment From The IRS

By Ronald Cutler, P.A. |

Some taxpayers who have submitted their returns and payments are surprised when they receive Letter 608C, or a Dishonored Check Penalty statement. Having a check (or electronic payment) returned can have significant repercussions for taxpayers, so if you attempted to pay your taxes, but recently received notice that the payment wasn’t honored, you should… Read More »