H&S Farm Tax Newsletter
Farmers! H&S has some updates on tax issues that affect you. Check out our Farm Tax Newsletter for more information.
Farmers! H&S has some updates on tax issues that affect you. Check out our Farm Tax Newsletter for more information.
Farmers! H&S has some updates on tax issues that affect you. Check out our Farm Tax Newsletter for more information.
Beware! The IRS and Security Summit Partners now warn of fake tax bill emails!
The tax bill may claim to be related to the Affordable Care Act. The IRS has received several reports of scammers now sending out fraudulent versions of CP2000 notices for the 2015 tax year via email. Generally, the scam involves an email that includes the fake notices as an attachment.
You can read more by clicking the image below. As always, please reach out to us with any questions!
With the Affordable Care Act there are certain requirements of you if you’re an applicable large employer. If you’re not sure, well, no fear, there are steps you can take to determine if you are one or not. Click the image below to download a helpful one-pager that the IRS has put together on this very topic. There are active links that take you directly to further information, should you need it!
As always, H&S Companies is here to guide you through the tax jungle. Please contact one of our many qualified CPAs or Accountants with any questions. Take a look at our locations pages to find someone near you.
USA Today released an article on May 27th saying thieves hacked into an Internal Revenue Service online service, coming away with the tax information from more than 100,000 taxpayer accounts.
Click the link or image below to read the full article:
http://www.usatoday.com/story/money/personalfinance/2015/05/26/irs-breach/27975205/
Extra, Extra! Read all about it! Our Spring newsletter is here…
And it’s full of helpful information. In this issue you’ll find retirement income strategies, an update on the state of the market, information about Lean Process Improvement, and more! Check it out.
Extra, Extra! Read all about it! Our Spring newsletter is here…
And it’s full of helpful information. In this issue you’ll find retirement income strategies, an update on the state of the market, information about Lean Process Improvement, and more! Check it out.
We are proud to announce that H&S Companies has been named a winner of the 2015 101 Best and Brightest companies to work for in West Michigan. We have our dedicated employees, loyal clients, and friendly communities to thank for this honor – we couldn’t have done it without all of you!
The Best and Brightest Companies to Work For® program honors organizations who are deeply committed to their employees, as well as having impressive human resources practices in place. It is put on by the National Association for Business Resources, and is a program that is done and recognized nationwide.
Click here to find out more about The Best and Brightest Companies to Work For® program
We are proud to announce that H&S Companies has been named a winner of the 2015 101 Best and Brightest companies to work for in West Michigan. We have our dedicated employees, loyal clients, and friendly communities to thank for this honor – we couldn’t have done it without all of you!
The Best and Brightest Companies to Work For® program honors organizations who are deeply committed to their employees, as well as having impressive human resources practices in place. It is put on by the National Association for Business Resources, and is a program that is done and recognized nationwide.
Click here to find out more about The Best and Brightest Companies to Work For® program
Does your child have investment income? If so, there are tax rules that affect their investments and their tax rate. Several factors are used to determine whether a child’s investment income will be taxed at the child’s rate or the parents’ rate.
Investment Income
Interest, dividends, capital gains, and other unearned income are considered investment income. All or part of a child’s investments could be taxed at the parent’s tax rate.
Guidelines for Taxing at Parents’ Rates
If a child has investment income of more than $1,900 and meets one of three of the following age requirements, then the child’s tax must be figured using the parent’s tax rate.
Figuring the Child’s Rate at the Parents’ Rate
If you do need to figure the child’s tax rate at the parents’ rate you will need to complete Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, and attach it to their federal income tax return.
Guidelines for Including Child’s Investment Income on Parents’ Tax Return
Under certain conditions, a parent may be able to include their child’s investment income on their tax return. If eligibility is met, then the child does not need to file a return. The conditions are as follows:
If your child meets these qualifications you may claim their investment income by completing and attaching Form 8814, Parents’ Election to Report Child’s Interest and Dividends, to your 1040.
For More Information
If you need more information contact your H&S tax professional at 1.800.924.6891.
Sources & Forms (External Links)
Tax Topic 553 – Tax on a Child’s Investment Income
Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900
Form 8814, Parents’ Election to Report Child’s Interest and Dividends target=”_blank”>
Publication 929 (2011), Tax Rules for Children and Dependents