Last Chance to Claim your 2014 Refund

Do you still need to file your 2014 tax return? 

In order to collect your 2014 tax refund, you must file your tax return by this year's tax deadline of April 17, 2018. After that date, if your 2014 return results in a refund, you will not receive the refund, but are still required to file your tax return.

Remember, there is no late filing penalty for filing a late return if you are due a refund.

Please note that if you haven't filed your 2015 and 2016 returns, the IRS may hold your 2014 refund until those returns are filed. In addition, the IRS may use the refund to offset prior Federal tax liabilities, outstanding child support, and state tax liabilities.

Don't be like many of our clients who have lost out on tax refunds!
We Can Help!

Call (610) 863-8347 for an appointment today!

Why Direct Deposit?

5 Reasons to Choose Direct Deposit

It's Fast!
The quickest way to get your refund is to electronically file your tax return and use direct deposit. We have seen refunds directly deposited within 2 weeks of electronically filing.

It's Secure!
Since refunds go right into your bank account, there is no risk of lost or stolen paper checks. The direct deposit transfer system is the same one that is used for 98% of all Social Security and Veterans Affairs benefits that are deposited into millions of accounts each month.

It's Convenient!
No waiting for that check to arrive and then, taking it to the bank.

It's Easy!
Bring your bank information with you when you come for your tax preparation. The best way to ensure that the correct information is entered is for you to bring your checkbook with you.

It's Versatile!
You can split your refund into several financial accounts including checking, savings, health, education, and certain retirement accounts.

* You should deposit the refund into an account with your own name on it. The IRS limits the number of refund directly deposited into a single account to three and will send a paper check if you exceed the limit.

Rental Property as a Business

Rental Property as a Business Yields Big Benefits

If your rental property activity meets the definition of a trade or business activity, then your rentals produce the best possible tax benefits. In general, you report your rental properties on Schedule E of your tax return. When your activity rises to the level of a business, you continue to report the rentals on Schedule E, but with the business classification, you qualify for four big benefits:

1. Tax-favored Section 1231 treatment
2. Business use of an office in your home
3. Business (vs. investment) treatment of meetings, seminars, and conventions; and
4. Section 179 treatment of your business-use assets.

Section 1231

The two big tax benefits of Section 1231 treatment are that you can use Section 1231 losses as ordinary losses to offset ordinary income, and you use the Section 1231 gains as long-term capital gains.

This gives you the best of both worlds: ordinary losses and long-term capital gains.

Home Office

You can claim the home-office deduction only for trade or business activities, not for investment activities. When your rental property activity meets the definition of a trade or business activity, you get this terrific deduction to offset your income.

Meetings, Seminars, and Conventions

Tax law grants no deduction for travel or other costs of attending a convention, seminar, or similar meeting unless the activity relates to the taxpayer’s trade or business.

Thus, if your rental property is an investment, kiss goodbye those deductions for rental property conventions, seminars, and similar meetings.

Section 179 Expensing

With respect to rental properties and Section 179 expensing, you need to pay attention to the following two rules, which can impact your expensing.

You may not claim Section 179 expensing on most assets used for residential rental properties. To qualify for Section 179 expensing, you must purchase and place the Section 179 property in use in the active conduct of your business.

Have questions? Give us a call at (610) 863-8347 today for a free consultation!