Gagliano Associates, LLC

IRS COVID Tax Tip 2020-56

IRS People First Initiative provides relief to taxpayers facing COVID-19 issues

Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020.

• Existing Installment Agreements– Under an existing…

Connect with the IRS on Social Media!

If you were to look at my list of Facebook friends, it’s a pretty ragtag group of people and about as diverse as they come.  My personal Facebook page is a wonderful assortment of random thoughts, parenting moments, connecting with old neighbors, sharing photos of my kids with family across the country, and news stories—both national news events and personal family and friend updates and news. …

Planning for the Fastest Possible Refund

This year, the IRS will begin accepting tax returns on January 29, 2018.  Many taxpayers will be chomping at the bit to get their returns filed as soon as possible this year—and many of these excited taxpayers aren’t even necessarily expecting or needing a refund!  Instead, many taxpayers will be hoping to get their returns filed as soon as they have all their necessary documents because of the…

If you’re anything like I am, then you’re still having a hard time writing down 2018 whenever you have to write the date.  Here we are, a couple weeks into the brand new year, and I still find myself scratching out a “7”, or trying to rework it so it appears as if I just have a wonky-looking “8”.  But that’s neither here nor there at the moment.  Do you know what IS here right now? Tax time. Tax…

Think it’s too early to start planning your budget for your flexible spending account? Think again! 2018 is just around the corner, and that makes now the perfect time to start thinking about the best ways to budget and spend your employer’s health flexible spending arrangement (FSA).  In fact, in order to be able to contribute to a 2018 FSA, employees need to have already figured out how much to…

Gambling With Your Taxes

Gambling, Wins and Losses

What happens in Vegas, stays in Vegas.  Unfortunately, the IRS tends to disagree with that sentiment, especially when it comes to your taxes.  Whether you are a consistent gambler or your winnings (or losses) are the result of a one-off weekend trip, the IRS still wants its cut and the result of your trip(s) should be included on your tax forms.  Claiming your winnings…

Taxes and Traveling for Charity

Over the summer months, some people might travel to participate in charity work.  Not only is that a wonderful, selfless contribution to society, but it could also be tax deductible!  For the purposes of this blog we will not be delving into the warm, fuzzy feelings volunteering gives, but the potential tax deductions that you could qualify for.

The following are a few tax tips to keep in mind…

Teens And Taxes- What You Need to Know

Summer Jobs and Taxes

A summer job is a rite of passage for most teenagers.  It gives a taste of responsibility, builds character, and most importantly- extra spending money.  The lure of making extra money in the summer is quite a draw, but many people, parents and teens alike, do not think of the tax implications that come with a summer job.  Most people will not find it legally necessary to…

Owe Back Taxes? PCAs, Tax Scams, And You

  An unexpected call from the IRS trying to collect back taxes is never fun, and recently, it became more likely.  In December 2015, the IRS started to use four private collection agencies (CBE, ConServe, Performant, and Pioneer) to collect on outstanding tax accounts.  The accounts that the PCAs will take over are the older cases that the IRS is no longer pursuing directly.  The issue with a…

Tips for Budgeting for Your Household

A lot of people live beyond their means. It’s easy to do when you find yourself with a few thousand dollars worth of credit open on a piece of plastic and a mall full of wonderful shinyful things. Or a restaurant full of delicious sounding entrees that would be much easier to order than to prepare yourself. Unfortunately the result is that too often, too many people find themselves living…

Security: Web Access Strengthened by IRS

If you’ve been following along with us, you know that we focus a lot on security. Not only is our tax preparation software extremely secure, but we take every precaution imaginable to ensure our clients’ information is protected. The last thing in the world we want is somebody’s personal identifying information stolen. The same goes for the IRS. They are taking a lot of precautions to strengthen…

Working Grandparents May be Eligible For EITC

More than ever before, grandparents are raising their grandchildren. The IRS wants working grandparents to know they may qualify for for the Earned Income Tax Credit, and to claim it if they qualify. But, before going into too much detail about determining if you qualify for the EITC, let’s first explain what it is, shall we?

What is the Earned Income Tax Credit?

The EITC is a federal tax credit…

What Services Set Us Apart from Others?

Tax season is ramping up right now. The IRS began accepting returns on Monday, January 23, which means many of you are looking to get your house in order and get your taxes filed. You may be wondering what the benefit is of using a tax professional versus doing it yourself. And if you DO decide to use a professional, what makes Gagliano Associates a better choice than say the kiosk inside…

Record Keeping and Tax Preparedness

This is a question we get all the time–what should you keep on record, and how long should you keep them? As tax filing season winds up, the IRS (as well as Gagliano Associates) offers some words of advice about what to keep. While it may seem frivolous to keep old tax returns and records for properties you no longer have, there are some guidelines to abide by. These records will come in handy…

Filing Season for 2016 Coming Soon!

It is so hard to believe that the 2016 tax season is already coming. It feels like we just finished 2015’s tax season. Alas, the filing season for 2016 begins in just a few short weeks! The IRS will begin accepting returns starting January 23, 2017. That means a couple of things for us at Gagliano Associates. First, it means we get the opportunity to meet with a lot of our clients. Our clients…

Health Care Law and Your Taxes

The tax filing season is coming up quickly! It isn’t too early to start thinking about the health care law and how it affects your taxes. You may qualify for an exemption. The Affordable Care Act has put certain requirements in place that you must follow including:

Having health care coverage – This is also called minimum essential coverage. Examples of plans that may qualify include Marketplace…

There are already a number of safeguards in place with the IRS when it comes to protecting our personally identifying information. However, now that we are entering the last few weeks of the year, many of us are already gather our year-end tax data. We should be aware of some of the new measures put in place by the Internal Revenue Service so that we can know what to expect in terms of filing and…