The Final Tax Deadline October 15th, Now What?

Most have filed 2014 tax returns. For those few remaining hold-outs: Please get that info to us so we can do a thorough review and ensure we have a complete picture of your tax situation. We want to cover all bases and make any adjustments for the 2015 tax year if necessary.

For the rest of you, although you aren’t thinking about taxes now, the to-do list is never short. Every season has a list of things to work on. Fall brings a pleasant change in weather and for some, football season. But it is also a good time to do some routine maintenance around the house. Below is a nice list of things to do while the weather is still nice.

Don’t forget that if you need a loan to do any large repairs or remodeling, mortgage interest may be deductible.

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Moving Expenses: What can I deduct?

Summer is a busy time for families: vacation, school break, beach, moving. Yes, many people relocate for new jobs or positions during the summer. Is your move deductible? What can you deduct? What records should you keep?

First, there is the 50 Mile Rule. It can be confusing. The rule states that the new work location must be at least 50 miles further from your first home than the previous business office before you can deduct expenses. This means if your office used to be 15 miles from your home, the new office must be at least 65 miles from your first home.

A list of deductible items are as follows:

  • Travel expenses (meals not included)
  • Utilities Deposits
  • Packing and Moving costs

Next, make sure you keep all receipts. Utility companies should give you a receipt for deposits. Motel and transportation may be deductible, so keep receipts. Keep receipts for any other items you have questions about if related to your move.

There are other rules and details that play a part in determining if you can deduct your moving expenses. As your experienced tax preparer, we are glad to help you with your personal circumstances.

Julia Emerson/Emerson Accounting / 912-294-5301

IRS Summertime Tax Tip 2015-20: Moving Expense Deduction.

Do Your Kids have Summer Jobs?

Summer time! Kids are glad to be out of school for a short break.

Many young people start looking for summer jobs as they enter high school. This can keep them busy, give them focus, and oh yes, provide a little spending money.

Parents, their summer job may affect your taxes and theirs. Don’t assume that it’s better for them to claim themselves at tax time. Let us review the situation and give you the options so you can make the best choices for your family. See below for IRS information.


IRS Special Edition Tax Tip 2015-13: Tax Tips for Students with Summer Jobs.

Children; Tax Credits

When we find out that a child is on the way, we often don’t think of the tax credits. We think of the excitement, joy, and …expenses.  We will taking care of the child or children for some time to come.

The IRS gives some tax relief, although it doesn’t come close to the actual cost of raising a family. First, there is an exemption for each dependent. The exemption amount has steadily increased to keep pace with inflation. Second, the child tax credit

The exemption can be claimed as long as the child is dependent: less than 18 years of age or 18-24 and student or any age disabled. There are income limits for dependents who work. They must have an Adjusted Gross Income lees than the parents. The Child Tax Credit is only available through age 17.

There are several other tests and requirements for claiming the Child Tax Credit. Let Emerson Accounting  help you with your deductions and credits.

IRS Tax Tip 2015-26: Top Six Things You Should Know about the Child Tax Credit.

Five Good Reasons Why You Should Choose Direct Deposit

I have been so busy with tax season and one of the most asked questions is about Direct Deposit. This is especially true since I do not advocate charging large fees to give tax payers refunds a few days earlier than direct deposit.

Some questions:  How fast is it? How safe? When will I get my refund(s)?  Or I hear: “Oh, I’ll just wait on a check.” “I don’t want to give my bank info.” “I don’t have info with me now.”

First, Direct Deposit is the safer than a check sent in the mail. Most government entities have seen how often Social Security checks or refunds have been swiped by thieves. Second, while Direct Deposit takes a little longer than that quick-check you could receive, it costs much less. And as far as time, most refunds are paid within 5-10 business days. States often (not always) send sooner than federal agencies.

Check out below to see the IRS list of reasons you should Direct Deposit. And at Emerson Accounting, we work to keep your information secure,

IRS Tax Tip 2015-23: Five Good Reasons Why You Should Choose Direct Deposit.

Tips are Taxable

People often ask me about tips they received for a job-well-done. At times, I receive tips as cash. Some think that cash means it doesn’t have to be reported. What are the rules as far as income taxes and IRS?

First, tips are taxable. They should be reported. There are rules for reporting to your employer and the IRS. Employers or small business owners should report tips.  It can be easy to think that it isn’t necessary to report small amounts, but these can add up in a year. $20 here and there can become a few hundred before we know it.

Second, employers can be audited and sanctioned if it’s determined that tips have been under-reported or not reported. The penalties can put a small employer out of business, which can leave you out of a job. Also, if you have a small business, you can be red-flagged by the IRS for future audits. (Never good).

Why report it? Because it’s the law and you are honest. It may mean paying a little more in taxes or filling out extra paperwork. But, it is the right thing to do.

If you have questions on how to report as an employee or employer, or even as a business owner, give us a call. 912-294-5301

IRS Tax Tip 2015-13: What You Should Know if You Get Tipped at Work.

MFJ, MFS, HOH, S, QW: What do they mean?

What do these letters have to do with your tax situation? Choosing the wrong filing status can create big problems, such as a delay in refund or investigation by the IRS for fraud. December 31, 2014 is the day that determines the most basic status for the entire year. Were you Single? Married? Divorced? a Qualifying Widow? After that is determined, there are other questions regarding dependents. Also, it may be necessary to decide whether to file joint with your mate or not.

Contact us for help in determining the best filing status for you.

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IRS Tax Tip 2015-08: Choose the Right Filing Status.

Premium Tax Credit Forms Needed for Premium Tax Credit.

If you received the Premium Tax Credit, you must file tax return to reconcile the credit.You need to have Form 1095-A from the Health Insurance Market to claim the credit. This form should be mailed out this month. Let Emerson Accounting help you with the forms and your returns.

HCTT-2015-03: Premium Tax Credit Brings Changes to Your 2014 Income Tax Returns.

Tax Filing Season for 2014 Opens Soon!

The IRS announced that the 2014 tax season officially opens on January 20th.  Your e-filed or mailed returns will not be accepted by the IRS before the 20th, but that doesn’t mean that you have to wait to start on your returns. At Emerson Accounting, we are ready to receive your information and questions. You can contact us one of the following ways:

  1. Email your tax forms and questions –
  2. Call and set an appointment – (912) 294-5301
  3. Mail your forms to our office – 111 Buggy Whip Ln Jesup GA 31546

We look forward to serving your tax needs.

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