John Topham, CPA, a founding partner of Damon, Topham & Company, tax specialists based in Marshfield, MA, recently co-hosted on Attorney Mark Greene’s “So What About That Law!” show on WATD 95.9 FM and shared timely tax tips with the audience.
On the fourth Sunday of every month, Topham discusses a wide range of tax related topics with Greene, who is Principal Attorney at Mark Greene & Associates Attorneys & Family Counselors of Hanover, MA.
Below, Topham shares timely tax filing tips:
Beware of tax scam telephone calls and emails from those claiming to be from the Internal Revenue Service. These scammers may be very convincing and may even have your personal information such as the last four of your social security number and birthdate. Do not give out or confirm any personal information. Hang up immediately.
Be aware that tax laws are always changing from year to year (and the IRS’ 2015 Tax Guide – Publication 17 is 288 pages long). If a taxpayer is preparing his own tax return, then he should make sure he is aware of any changes.
Taxpayers filing electronically should make sure it is done over a secure portal.
This year’s filing deadline is April 19, 2016. Make every effort to file on time. One advantage to filing on time is that the statue of limitations on the IRS auditing you begins once you file. After three years, the return is closed (unless it’s fraud or beyond the normal audit procedure).
Taxpayers have until April 19, 2016 to contribute to an IRA for 2015. However, make sure that the contribution is coded (by the institution) for 2015; otherwise it is applied as a 2016 contribution.
Be sure to retrieve pertinent documents online from issuers, including 1098T for college students; 1099s for independent contractors; as well as any interest statements from financial institutions.
Those who owe tax and need an Extension of time to file their return, may file for an extension, but MUST also make a tax payment (which should be estimated by the taxpayer’s accountant) in order to avoid an underpayment penalty.
Those who are unable to make a payment should still file their return ON TIME in order to avoid a late filing penalty. If you fail to file on time and fail to make a payment, you will incur penalties for both late filing and underpayment.
The IRS ONLY contacts taxpayers by MAIL. To learn more about tax scams and how to spot them, visit www.irs.gov.
In the Broadcast Booth
Topham’s upcoming broadcasts are March 27th, April 24th, May 22nd and June 26th. Missed a show? Visit Mark Greene’s broadcast booth on his website at http://www.markgreenelaw.com/broadcast-booth.
About John Topham
Topham is a CPA registered in Massachusetts, and head of the Business Development team. He is a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. He has been the financial editor for the “New England Movers Magazine” and has authored numerous other articles. He holds a Bachelor of Science degree in Accountancy from Bentley College.
About Damon, Topham & Company
Damon, Topham & Company is a full service multi-disciplined firm that has been serving the South Shore for three decades. The firm provides auditing, accounting and taxation services as well as business valuation, estate, individual and corporate tax planning, advisory services and financing solutions. Damon, Topham’s founding partner John Topham CPA discusses a wide range of tax related topics as a co-host on Attorney Mark Greene’s “So What About That Law!” radio show on WATD 95.9 FM on the fourth Sunday of every month. Damon, Topham & Company, LLC, is located at 475 School St., Suite 8, Marshfield, MA. For more information, visit www.damtopcpa.com.
John Topham, CPA a founding partner of Damon, Topham & Company in Marshfield, MA, has recently announced Litigation Support Services are offered as part of the firm’s comprehensive Advisory Services.
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