One of the best audit tips available can be summed up in one simple word. Match.

Spend a minute or two pretending you work for the IRS. What would you do to identify tax returns worth auditing? If you suggest matching filed tax returns with the information provided to you about that taxpayer from other sources you would be right on the mark. The IRS runs an automated matching program that kicks out mismatches and helps identify audit targets without much effort on their part. Knowing this:

Your Home. A Bundle of Tax Benefits.

There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits.

Can a business grow too fast?

Most businesses hope to grow. They consider themselves successful if growth is taking place, and the faster the growth the better. Can too much business growth be bad for a company? It can be if the growth is not adequately planned.

For example, an established company that doubles its sales volume in a year may find itself strapped for cash, for working space, and for trained personnel.

In this issue:

• 1913 Form 1040 Quiz
  How well do you know tax history?  
• Is an Extension a Good Idea?  
• Is There a Better Use for Your Bank Funds?  

This month:

• April 15th:
  Tax Returns Due
• Check April 15th:
  1st Quarter 2015 estimated tax payments due

Are you able to benefit from an ABLE account?

a Better Life Experience Act" (also called the ABLE Act). This law provides for tax-exempt accounts that can help you or a family member with disabilities pay for qualified expenses related to the disability. These "ABLE accounts" are exempt from income tax although contributions to an account are not deductible on your federal income tax return. ABLE accounts are generally not means tested and some can provide limited bankruptcy protection.

All too often when you sell an investment there are errors made in recording the taxable gain or loss on the transaction. Here are some ideas to ensure your tax bite is accurate.

There are many tax benefits within the tax code to help pay for college expenses. Two of the most popular are the Lifetime Learning Credit (LLC) and the American Opportunity Tax Credit (AOTC). Not sure which is best? Here are some key differences:

Details matter in divorce negotiations

Divorce can be an emotionally draining process. If you are in the middle of one, you probably just want it to be over. But be careful. Divorce has serious tax implications, and the choices you make now may affect you for many years. Consider the following:

Consider a buy-sell agreement for your business

Marriages end, and so do business ventures. If your business is owned by two or more persons, a buy-sell agreement is one of the most important legal documents your business can have. This document provides for the "buyout" of an owner's interest when that owner leaves. These are the areas that a buy-sell agreement should typically address.

Social security benefits may be taxable...

Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return.

The real cost of not paying your taxes until October 15!

This time of year we often see taxpayer's looking to extend the time to pay their taxes due and asking, "what are the penalties if I do not pay my taxes due by April 15."   Here I will address how to estimate the cost of not paying timely - the penalties assessed by the IRS.

April 1 is the deadline for retirement distributions

You may be approaching an important deadline if you have retirement accounts and you turned 70½ last year. Generally, you must begin withdrawing money from tax-favored retirement plans in the year you turn 70½. However, you may postpone your first withdrawal until April 1 of the year after you turn 70½. That means you have until April 1, 2015, to complete your required 2014 distribution.

Each year the IRS announces a dozen tax scams they call the “dirty dozen”. One of them - telephone scams - is on a huge upswing RIGHT NOW. Here is what you need to know.

No paperwork means no deduction

Did you give contributions to qualified charities during 2014? Be sure to get a receipt.

March Tips...

• March 2 is the deadline for payers to file 2014 information returns, such as 1099s, with the IRS.

TIPS for the Month

If you paid a household worker $1,900 or more in 2014, you may have payroll tax obligations.

The IRS is again warning taxpayers not to fall for tax scams which proliferate during tax season.

Reverse mortgages - Answers to some Questions

A reverse mortgage is a loan against your property. But, instead of you making payments to the lender as you do on a regular mortgage, the lender is paying you. The repayment of this mortgage takes place after you no longer live in your home. Here are some answers to common questions about reverse mortgages.

1. How can a reverse mortgage benefit me?

In this issue:

• Is a Reverse Mortgage the Solution?
• IRS Announces Annual Scams
• Tax Breaks for Education
• Common Missing Tax Return Items

This month:

• March 8th: Daylight Savings Time Begins
• March 16th: Due Date for 1120, 1120S Corp. Tax Returns

This month's issue outlines the benefits and risks of reverse mortgages, includes a recap of all too common IRS tax scams, reviews some common educational benefits and provides a list of "frequently missing" information that can often hold up filing your tax return.

Alert. 800,000 Form 1095-A's have Errors

Last week the Centers for Medicaid and Medicare Services announced that approximately 800,000 Form 1095-A’s were issued with errors on them. The error could cause you to file an incorrect tax return that claims a higher Premium Tax Credit than you have a right to collect.

Since 2006 there has been a provision in the tax code to incent taxpayers to purchase and install property that make their home more energy efficient. This part of the code does not tend to be in the press much because the Nonbusiness Energy Property Credit has a lifetime limit of $500.