Cardinal Points Northwest offers expert financial services in Reno, Nevada, the Lake Tahoe Area, and nationwide. We can help with individual tax preparation, small business bookkeeping, as well as answer your accounting and rental property tax questions. We are a Nevada Registered Agent as well as an IRS Enrolled Agent.
Our pricing is based upon the number and complexity of the tax return forms needed to file your return. Because of that, we offer a no-obligation guarantee: we'll work with you to enter all of your tax return information and then let you know the cost. You're under no obligation until you make the decision to complete the return with us.
Your nanny is considered your household employee and you're her household employer:
If you choose, you may pay your household employment taxes with your business or farm employment taxes, and you must include your household employment taxes with those other employment taxes on Form 941, Employer’s QUARTERLY Federal Tax Return, Form 944, Employer’s ANNUAL Federal Tax Return, or Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees, and on Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.
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A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant (a SEP-IRA).
A SEP-IRA account is a traditional IRA and follows the same investment, distribution, and rollover rules as traditional IRAs.
A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees' and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or nonelective contributions. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SIMPLE IRA).
A SIMPLE IRA plan account is an IRA and follows the same investment, distribution and rollover rules as traditional IRAs.
Three years from the original due date of the return. At this time, tax returns for 2015 can still receive refunds until next April (2019).
If the IRS is going to retain your refund to pay down a pre-existing debt (child support, student loans etc.), it makes sense to file and reduce that debt burden by the amount of your refund. If you fail to file, you will not receive your refund and your debt won’t change.
Yes. If you (and your spouse if you are married) both work or go to school, you may deduct some of the cost of child care. You will need the EIN of the business or the social security number of the individual that provides the care.
Filing electronically allows you the confidence that your return has been received by the IRS within 24 hours. Unless you have no choice, electronic filing is a quicker method for getting your return in.
The IRS issues a new PIN every year. If you did not receive yours, you should call the IRS to request a new copy be sent to you.
Here’s a short list of what you need before you can begin your taxes:
· Your Social Security number, as well as those of your spouse and dependents
· Your bank account and routing numbers
· A list of taxes you’ve paid so far this year, including property taxes, state and local taxes and any estimated taxes that you’ve made
· Income tax forms, such as W-2s, 1099s, Schedule K-1s and any other records showing income
· IRA contribution or distribution information
· Payments you’ve made toward education, such as tuition or student loan interest paid
· Child-care costs detailed in canceled checks or invoices, as well as the child-care provider’s name, address and tax ID or Social Security number
· Home mortgage interest paid and home improvement expenses
· Expenses related to a job search or moving
· A list of charitable donations
Records of medical expense
Employers use Form W-2, Wage and Tax Statement, to:
Payers use Form 1099-MISC, Miscellaneous Income, to:
Yes. It is advisable to have 10% federal withholding on your unemployment to offset any tax that may be owed and prevent any unwelcome surprises.
The EITC is a credit for those with lower incomes. It is a refundable credit, meaning you can get money back even if you paid no tax. In 2017, for individuals without children, it can be as much as $510 and for families with three or more children, it can be as much as $6,318.
The box filled in determines your actions. If box 3 is filled out, you will simply have additional income to report. If, however, box 7 is filled, you now have self-employment income. This will require you to complete a Schedule C or Schedule C EZ as well as pay self-employment tax.
Yes. The innocent spouse form allows the spouse without the pre-existing debt to receive their share of the refund.
Yes. There is a program called a Qualified Small Employer Health Reimbursement Account (QSEHRA). There are fairly strict requirements, but it is a cost effective way for a small business to offer large company benefits.
It’s never too late to file, although it may be too late for a refund. Claims for a refund must be at the IRS within three years of the original due date of the return.
If a return has already been filed using your name and social security number, you will need to fill by mail for that year and include a statement indicating you have not already filed and you are requesting an identity theft protection Personal Identification Number (PIN).