American Bookkeeping & Tax Service

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American Bookkeeping & Tax Service
American Bookkeeping & Tax Service is listed in the Tax Return Preparation & Filing category in Albany, Oregon. Displayed below is the only current social network for American Bookkeeping & Tax Service which at this time includes a Facebook page. The activity and popularity of American Bookkeeping & Tax Service on this social network gives it a ZapScore of 60.

Contact information for American Bookkeeping & Tax Service is:
430 2nd Ave SE
Albany, OR 97321
(541) 926-7982
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Useful Links: IRS.gov myRA Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Pubs Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media Issue Number: IRS Special Edition Tax Tip 2017-07 Inside This Issue IRS Explains How Offer in Compromise Works Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: • In general, the IRS cannot accept a settlement offer if the taxpayer can afford to pay what they owe. Taxpayers should first explore other payment options. A payment plan is one possibility. Visit IRS.gov for information on Payment Plans – Installment Agreements. • A taxpayer must file all required tax returns first before the IRS can consider a settlement offer. When applying for a settlement offer, taxpayers may need to make an initial payment. The IRS will apply submitted payments to reduce taxes owed. • The IRS has an Offer in Compromise Pre-Qualifier tool on IRS.gov. Taxpayers can find out if they meet the basic qualifying requirements. The tool also provides an estimate of an acceptable offer amount. The IRS makes a final decision on whether to accept the offer based on the submitted application. • Taxpayers wishing to file for an Offer in Compromise should visit IRS website’s Offer in Compromise page for more information. There taxpayers can find step-by-step instructions as well as the required forms. Taxpayers can download forms anytime at www.irs.gov/forms or call 800-TAX-FORM (800-829-3676) and ask for Form 656-B, Offer in Compromise booklet. Additional IRS Resources: • Tax Topic 204- Offers in Compromise IRS YouTube Videos: • Offer in Compromise – English Share this tip on social media -- IRS Explains How Offer in Compromise Works. https://go.usa.gov/x5bH8#IRS Back to Top Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

Some Taxpayers Get Extensions without Asking; Taxpayers Abroad, in Combat Zones and Disaster Areas Qualify IRS YouTube Videos: Need More Time to File Your Tax Return? English | Spanish | ASL IR-2017-83, April 14, 2017 WASHINGTON — Even though April 18 is the tax-filing deadline for most people, some taxpayers in special situations qualify for more time without having to ask for it, according to the Internal Revenue Service. Taxpayers in Presidentially-declared disaster areas, members of the military serving in a combat zone and Americans living and working abroad get extra time to both file their returns and pay any taxes due. Here are details on each of these special tax relief provisions. Victims of Natural Disasters Taxpayers in several disaster area localities qualify for more time to file their tax returns and pay any taxes due. Currently, taxpayers in parts of Georgia and Mississippi have until May 31, 2017, to file and pay, while those in parts of Louisiana have until June 30, 2017, to file and pay. These extensions also apply to other tax-related actions, including the deadline for contributing to an individual retirement arrangement (IRA). The IRS automatically provides extensions to anyone living in these areas so there’s no reason for these residents to contact the IRS to request an extension. The IRS generally provides relief, including postponing filing and payment deadlines, to any area covered by a disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA). Among other things, this relief includes extensions for relief workers, disaster area businesses and anyone whose tax records are located in the disaster area. For details on available relief and information on how to take advantage of it, visit the Around the Nation page on IRS.gov. Combat Zone Taxpayers Members of the military and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any taxes due. This includes those serving in Iraq, Afghanistan and other combat zone localities. A complete list of designated combat zone localities can be found in Publication 3, Armed Forces’ Tax Guide, available on IRS.gov. Combat zone extensions give affected taxpayers more time for a variety of other tax-related actions, including contributing to an IRA. Various circumstances affect the exact length of the extension available to any given taxpayer. Details, including examples illustrating how these extensions are calculated, can be found in the Extensions of Deadlines section in Publication 3. Taxpayers Outside the United States U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico have until June 15, 2017, to file their 2016 returns and pay any taxes due. The special June 15 deadline also applies to members of the military, on duty outside the U.S. and Puerto Rico, who do not qualify for the longer combat zone extension. Be sure to attach a statement to the return explaining which of these situations applies. Though taxpayers abroad get more time to pay, interest, currently at the rate of four percent per year, compounded daily, applies to any payment received after April 18. For more information about the special tax rules for U.S. taxpayers abroad, see Publication 54 on IRS.gov. Everyone Else Taxpayers who don’t qualify for any of these three special situations can still get more time to file, but they need to ask for it. Automatic extensions give people until Oct. 16, 2017, to file; tax payments are still due April 18, 2017. An easy way to get the extra time to file is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an extension on Form 4868. To get the extension, taxpayers must estimate their tax liability on this form and pay any amount due. Another option for taxpayers is to pay electronically and get an extension of time to file. IRS will automatically process an extension when taxpayers select Form 4868 and they are making a full or partial federal tax payment using Direct Pay, Electronic Federal Tax Payment System or a debit or credit card by the April due date. There is no need to file a separate Form 4868 when making an electronic payment and indicating it is for an extension. Electronic payment options are available at IRS.gov/payments.

IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely WASHINGTON – As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A reputable preparer will ask to see a taxpayer’s records and receipts and can help file an extension to give the taxpayer time to collect any missing documents. The IRS urges taxpayers to avoid fly-by-night preparers who may not be available after April 18 and suggests checking the return preparer’s qualifications and history. The IRS Choosing a Tax Professional page has information about tax preparer credentials and qualifications. The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help taxpayers identify local preparers by type of credential or qualification. All paid tax preparers must have a Preparer Tax Identification Number. They must sign the return and include their PTIN. Ask about fees before providing personal financial records and receipts. Review the return and ask questions before signing it. Free Tax Preparation Each year, millions of tax returns are prepared for free by taxpayers using IRS Free File or by volunteers at community-based sites l staffed by IRS-trained volunteers that are located across the country. IRS Free File lets taxpayers who earned less than $64,000 prepare and e-file a return for free using name-brand software. Go to IRS.gov and click on the ‘Filing’ tab for options. Free File software walks users through the tax preparation process and helps identify those tax changes that may affect their return. Those earning more than $64,000 can use Free File Fillable Forms, electronic versions of IRS paper forms. IRS trained and certified volunteers at thousands of Volunteer Income Tax Assistance and Tax Counseling for the Elderly (VITA and TCE) sites nationwide offer free tax preparation and e-filing. VITA offers free tax return preparation to taxpayers who earn $54,000 or less. The TCE program is mainly for people age 60 or older and focuses on tax issues unique to seniors. AARP participates in the TCE program and helps taxpayers with low- to moderate incomes. •To find the closest VITA site, visit IRS.gov and search the word “VITA.” Or download the IRS2Go app on a smart phone. Site information is also available by calling the IRS at 800-906-9887. •To locate the nearest AARP Tax-Aide site, visit aarp.org, or call 888-227-7669. There are also VITA and TCE sites that provide bilingual help. Taxpayers who can’t file by the deadline should request an extension by using Free File on IRS.gov. In a matter of minutes, anyone can e-file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and get a six-month extension. Requesting an extension to file does not extend the time to pay

Know these Helpful Tips about Employee Business Expenses Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions. Other key points about employee business expenses: 1. They must be Ordinary and Necessary. People can only deduct unreimbursed expenses that are ordinary and necessary to their work as an employee. An ordinary expense is one that is common and accepted in the industry. A necessary expense is appropriate and helpful to a business. 2. Expense Examples. Some potentially deductible costs include: •Required work clothes or uniforms not appropriate for everyday use. •Supplies and tools for use on the job. •Business use of a car. •Business meals and entertainment. •Business travel away from home. •Business use of a home. •Work-related education. This list is not all-inclusive. Special rules apply for reimbursed expenses by an employer. IRS Publication 529, Miscellaneous Deductions, and Publication 463, Travel, Entertainment, Gift and Car Expenses, provide more details. 3. Forms to Use. In most cases, expenses are reported using Form 2106 or Form 2106-EZ. IRS Schedule A may also be used. 4. Educator Expenses. K-12 teachers may be able to deduct up to $250 of certain expenses paid in 2016. These may include books, supplies, equipment and other materials used in the classroom. They are an adjustment to income rather than an itemized deduction. In other words, people do not need to itemize to claim them. IRS Publication 529 has more. 5. Keep Records. The IRS urges people to keep good records for proof of income and expenses and also as a reminder not to overlook anything. IRS Publication 17, Your Federal Income Tax, has more on what to keep. 6. IRS Free File. Most people qualify to use free, brand-name software to prepare and efile their federal tax returns with IRS Free File. Free File software helps to determine what expenses may be deductible. All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return. IRS YouTube Video: •Welcome to Free File – English Share this tip on social media -- Know these Helpful Tips about Employee Business Expenses. https://go.usa.gov/xXNmc#IRS

Top IRS Tips to Know about the Home Office Deduction Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here are six tips to keep in mind about the home office deduction: 1. Regular and Exclusive Use. Generally, taxpayers must use a part of their home regularly and exclusively for business purposes. The part of a home used for business must also be: •A principal place of business, or •A place where taxpayers meet clients or customers in the normal course of business, or •A separate structure not attached to the home. Examples could include a garage or a studio. 2. Simplified Option. To use the simplified option, multiply the allowable square footage of the office by a rate of $5. The maximum footage allowed is 300 square feet. This option will save time because it simplifies how to figure and claim the deduction. It will also make it easier to keep records. The rules for claiming a home office deduction remain the same. 3. Regular Method. This method includes certain costs paid for a home. For example, part of the rent for rented homes may qualify. For homeowners, part of the mortgage interest, taxes and utilities paid may qualify. The amount deducted usually depends on the percentage of the home used for business. 4. Deduction Limit. If the gross income from the business use of a home is less than expenses, the deduction for some expenses may be limited. 5. Self-Employed. Taxpayers who are self-employed and choose the regular method should use Form 8829, Expenses for Business Use of Your Home, to figure the amount to deduct. Claim the deduction using either method on Schedule C, Profit or Loss from Business. See the Schedule C instructions for how to report the deduction. 6. Employees. Employees must meet additional rules to claim the deduction. For example, business use must also be for the convenience of the employer. If qualified, claim the deduction on Schedule A, Itemized Deductions. For more on this topic, see Publication 587, Business Use of Your Home. View, download and print IRS tax forms and publications on IRS.gov/forms anytime. All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return. Additional IRS Resources: •FAQs - Simplified Method for Home Office Deduction IRS YouTube Videos: •Home Office Deduction for Daycare Providers (Simplified Method) – English •Home Office Deduction for Schedule C Filers (Simplified Method) – English •Home Office Deduction for Schedule F, Employee, Partnership Filers (Simplified Method) – English Share this tip on social media -- Top IRS Tips to Know about the Home Office Deduction. https://go.usa.gov/xXNEH#IRS