If you have been a diligent taxpayer over the past couple of years, you would know that rental property offers some of the biggest deductions and benefits you can acquire from an investment. This is good news for all landlords and property owners, so if you are either, or if you are looking into some new rental property investments yourself, be sure to read our selection of tips below.

Know the deadlines for filing this 2016

The first thing you need to familiarize yourself with is the schedule of tax deadlines this 2016. The deadline for all businesses to file information returns (Form 1099) was last February 29, 2016. This was also the deadline for income tax return filing (Form 1040) for the agricultural sector, which covers farmers and fishermen.

Here are upcoming deadlines in the next couple of months:

March 15, 2016 – This is known as the deadline for all corporations to file their income tax returns (Form 1120) and pay the amount of taxes due.

April 18, 2016 – This is this year’s deadline for the filing of all personal, partnership, and trust tax returns (also known as estate tax returns). All individuals not subject to withholding tax should settle all estimated tax by this date.

June 15, 2016 – This is the final day for filing of income tax return for all U.S. citizens, resident or abroad. (Form 1040)

Rental property deductions and benefits

The IRS allows all rental property owners to subtract the amount needed to pay for the continuous maintenance of the property from the tax amount filed.

Here are examples of rental property deductions:

• Landlords can subtract the salary needed to pay for on-ground maintenance staff or stay-in tenants or residential managers.
• Landlords can also subtract the amount needed to pay a carpenter, electrician, plumber, gardener, painters and other contractors for residential upgrades and projects.
• This can be done by filling up the IRS Form 1099-MISC, which is a requirement for deductions over $600.
• Landlords can also deduct the amount for utilities used for property maintenance, taxes, travel or transportation costs, and necessary repairs done on the property itself.
• Landlords can even deduct 50% of meal allowances and entertainment costs for the staff. Christmas parties, on the other hand, are 100% deductible.
• There are some cases when the landlord can even deduct the amount paid for property insurance.

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These are just some of the possible deductions you can declare the next time you file your income tax. You can research on other deductions and benefit in your own free time, however, nothing beats having a professional around to help you determine which cases can apply to you. Not only will you save yourself the time and trouble of having to learn tax jargon and other technical concepts, you will also be privy to some tips and strategies necessary for getting the most out of your income taxes.

Are you still unsure of what to do before the deadline for filing? You can get in touch with Hazzouri Accounting. We specialize in tax preparation services for both individual and business clients. We have been servicing Canton, MI and its neighboring areas with professional accounting and tax preparation services for more than 15 years. We take pride in having created strong ties with all of our clients because we are driven by the experience of helping other people with their taxes and accounting needs.

Don’t miss out on possible deductions and benefits the next time you file your taxes just because you didn’t know about them. Consult the professional services of a public accountant like Hazzouri Accounting by calling 734-844-1614 and let us guide you every step of the way. You can also visit our website and contact us by filling up a simple contact form and we’ll get back to you in the shortest time possible.

To stay connected join up with Hazzouri Accounting on our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

The Internal Revenue Service (IRS) has set new policies for the filing of taxes this 2016, and one of the major changes they want to enforce is that only CPA’s, tax attorneys, and certified enrolled agents (EAs) can represent taxpayers when they file for their tax returns.

The 2016 IRS Tax Code Law

More than 50% of official taxpayers in America resort to the services of tax preparers to compile and file their taxes. Should they become targets of audit, these tax preparers are also there to represent them. However, it should be noted that more than 60% of these tax preparers have no official background or professional license to do what they are doing. This has prompted the IRS to review their policies and mandate new regulations regarding this matter.

As of January 1, 2016, the IRS Tax Code Law is requiring any person that shall signify a taxpayer to be qualified according to IRS specifications. Starting this year, only CPA’s, licensed tax attorneys, and certified EA’s can stand in for you when you become the target of an audit or tax review.

“The audits are becoming more thorough,” says Bill Smith, the managing director for CBIZ MHM’s National Tax Office. With stricter policies and processes, only those with credentials in the field of taxation can represent clients when it comes to cases of tax collections, yearly audits, and appeals.

You deserve professional representation

Why is it important to hire a professional CPA, EA or attorney to represent you? Imagine having to face an IRS agent by yourself. If you get called into a hearing, will you be able to appear before the IRS with sufficient tax knowledge and experience and achieve a favorable result?

This is why hiring a professional from the beginning of all your tax procedures is important. Trust in someone who excels at this highly individualized service so you will be represented well. A professional will also be able to answer all of your questions as timely and as clearly as possible. If there are areas that may be too technical for you, a professional will be able to make you comprehend the matter by explaining it to you well.
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The Federal Tax Code is a compilation of more than 70,000 pages of tax procedures, exemptions, and regulations. Hiring a professional will save you the trouble of having to sift through such a hefty and tiresome task. Your hired CPA, EA or attorney should be able to help you reduce your tax liabilities by picking out the rules that can help your particular case.

Ask your hired professional about itemized deductions and contributions for your retirement plan. He or she should be able to walk you through the steps of being even less liable for taxes.

If your have a complicated financial history or tax situation, it will benefit you even more to hire a professional. If you have a more straightforward situation, you can attempt to do the tax preparations yourself under the careful guidance and mentorship of a professional.

Our country’s tax laws are always changing and it is part of these professionals’ jobs to stay updated with all the changes to stay in compliance with IRS codes. CPA’s, EA’s and attorneys can simplify the long-winding process of tax preparation, as well as make it possible for you to further minimize your tax liability through masterful planning.

Remember that this year’s tax season requires a level of professionalism that was not required in previous years. If you are behind on your tax preparations, or if you are being called for an audit, make sure to get in touch with a trained and licensed professional so you can maximize your time and resources.

Hazzouri Accounting offers professional tax preparation services as well as in-depth consultations regarding all kinds of tax situations. Get in touch with us by calling 734-844-1614 and we’ll take care of IRS compliance and getting the job done as soon as possible.  We can help!

To stay connected join up with Hazzouri Accounting on our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

It’s commonplace for people to wait until April before they start thinking about filing their taxes. Although many get away with filing taxes on the last minute, there are several benefits that only early tax-filers enjoy. We have enumerated some of the perks below.

#1 – You can get your tax refunds faster.

The earlier you file your taxes, the sooner you can get your tax refund. This is the most common incentive for filing taxes as early as January.

#2 – Buy time to pay taxes you still owe.

Filing your tax return early January will buy you extra time to pay for any balances you may still have with the IRS. Filing your Form 1040 this early will give you up until the middle of April to pay for the taxes you still owe.

Additional tip: This is good for anyone still waiting to find out how much they owe the IRS in back taxes.

#3 – Avoid having to pay fines for tax extensions.

Filing your tax refund involves gathering heaps of receipts and other additional documentation. Pushing your tax refund date too close to the deadline will increase the likelihood of you not being able to finish all the paperwork in time. As a consequence, you might have to shell out more money to ask for an extension.

Additional tip: If you do end up filing for an extension, be sure that you are able to pay all balances to the IRS on or before the given date for extension. If you still manage to miss this deadline, you will be charged interest on top of other penalties on your outstanding tax balance.

#4 – Protection from identity theft. 

 
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There have been numerous cases of identity theft through the tax refund system. When a criminal gets a hold of your Social Security Number (SSN), he or she can use that information to file a tax refund under your name. In return, you will be robbed of your annual tax return amount. This scam happens more frequently at the start of the year because most taxpayers would not have thought about filing their tax refund just yet.

Additional tip: Do not give away sensitive information such as your SSN to parties you do not trust or cannot verify the credibility of. Moreover, when you file your tax refund as early as January, you are thwarting any potential theft on your account. 

#5 – Gather important documents needed for other applications.

The Form 1040 is needed in other important processes such as applying for a student loan and buying a house. Those looking to buy property will need to show their proof of income, which is recorded in the Form 1040. Requesting for financial aid also requires information from this form. The sooner you can file your taxes, the quicker you will be able to complete the requirements needed for your other applications.

Additional tip: Make sure to produce several copies of your completed documents so you won’t need to photocopy or scan them on the last minute.

#6 – Are you aware of the new rules and regulations regarding health insurance this year?

There are new rules in place regarding proving your health insurance coverage this year. Don’t find out at the last minute and scramble for the proper paperwork.  Hazzouri Accounting and Tax Services can advise you early on to avoid any potential disasters.

Keep in mind that the deadline for filing federal income tax returns and state income tax returns is on April 18, 2016. This is also the final day to request for extensions.

If you are looking for a certified public accountant to assist you in filing your tax refunds or in signing up for an extension contact us today. We offer individual and corporate tax preparation services in Canton, Michigan, as well as in the surrounding areas. Call us for more information at 734-844-1614 today!

Visit our social media accounts to stay current with all the latest business and tax news and events: Facebook fan page / Twitter Feed / Google+ Account

As more and more start-ups and small to medium businesses become aware of how the economy’s dynamics can affect operations, business owners are inclined to hire someone to do bookkeeping and beyond. But one common question that goes around is: why pay extra to hire a Certified Public Accountant (CPA)? Can’t a regular accountant do the same job?

The quick answer is no.

All CPAs are accountants, but not all accountants are CPAs. An accountant is simply anyone with background knowledge on accountancy. He or she may know how to operate QuickBooks or any other accounting software. But beyond bookkeeping, accountants find themselves at a certain disadvantage when compared to the skill set and leverage a CPA has. Here are some basic differences between a regular accountant and a CPA.

1. CPAs are licensed professionals.

To become a CPA, you have to pass rigorous examinations in order to acquire a State license. To do this, one must be proficient in a multitude of areas in business, and this includes economics, information technology, taxation and general accountancy. And the studying and immersion in these fields does not stop the moment a CPA acquires a license. He or she must comply with more education requirements so they can maintain their license. This guarantees that CPAs are always up to date with current issues, policies, market trends and changes that may affect your business.

For example, if there is a policy change regarding your tax bracket, a CPA will be able to deliver a smooth transition whereas a regular accountant does not have the authority to issue the necessary changes.

2. CPAs have the power to make financial statements.

Let’s say your small business is ready to expand and you’ll be needing a bank loan. All banks will require you to submit a financial statement or financial audit. Only a licensed CPA can perform these services.

3. CPAs are more knowledgeable on taxation.

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A large part of the licensure exams covers all fields of taxation, and only a CPA can offer complete advice and comprehensive plans of action for tax compliance. In addition, CPAs must take a new tax course year after year, which makes them fully aware of updates and changes on tax laws.

4. CPAs can represent you before the IRS.

If you need to meet with the IRS, a CPA can represent you and your business, while a regular accountant may not. Only a CPA can offer legitimate audit support before the IRS.

5. CPAs are qualified financial advisers.

Lastly, CPAs are not just ordinary bookkeepers who count, add, subtract and tally totals. They are experienced financial strategists who could provide your business the leverage it needs to fulfill different business goals.

If you are in need of accounting and tax services, consider only the best. Get in touch with Hazzouri Accounting today. We provide professional tax preparation services for individuals and businesses. Khaled Hazzouri is a CPA with over 17 years of experience in helping individuals and businesses with their taxation and accounting needs. Hazzouri Accounting is known for its strong community ties with the locality in Canton, Michigan. We believe in building lasting relationships so you can be assured that you will amount to more than just a mound of paperwork.

If you have plans of starting a business and are in need of proper guidance when it comes to taxation, contact us today. If you are an established company in need of payroll help, bookkeeping services, or other accounting needs, Hazzouri Accounting can do it all for you. We are available by phone at 734-844-1614 or use our on-line contact form and someone will be in touch with you shortly.

You can also come follow us on our social media accounts:  Facebook fan page / Twitter Feed / Google+ Account

This year’s tax deadline is right at your doorstep. If you heeded good advice, you should have been done long before today. Basic of course is checking the math for the actual tax that you owe (or the refund that you’re owed).

For example, make doubly and triply sure that your W-2 and 1099s are all correct. Mistakes are costly. Make sure you put your SSN on all pages, just in case. Also ensure that you’ve claimed all dependents, including retired parents not living with you. If however, for some reason, you’re still doing the paperwork, here’s a quick checklist of possible deductions to look out for before April 15.

Retirement Savings

Individual retirement accounts (IRAs) can be contributed to any time before the April 15 deadline. These can be claimed against your yearly income tax return. There are arguments for going for the Roth IRA, but only the traditional IRA is tax deductible.

Child and Education Deductions

The Child Tax Credit (CTC) can help parents by reducing their federal income taxes by up to $1,000 for each qualifying child under 17 years old. To qualify, said child must be claimed as a dependent, be under 17 years old at the end of the year, and is a U.S. citizen or permanent alien. He or she must also be a son, daughter, adoptee, grandchild, stepchild, foster child, sibling, stepsibling or other descendant. Check the IRS rules to be sure.

Working parents with a dependent under 13 years old may also be eligible for the child and dependent care tax credit (CDCTC) of 35% of qualifying expenses. The deduction cap is $3,000 per child or $6,000 for two children.

Tuition deductions are also allowed for parents, up to $4,000 for college fees. This is limited to filers at $65,000 for single filers and $130,000 for joint filers. The “Hope Credit” can also be claimed for up to $2,500 for the first four years of college education expenses, depending on qualifications. The Lifetime Learning Credit, on the other hand, has no age limit and can be worth $2,000 per year for education expenses in certain schools. This in turn is capped at income levels of $55,000 for single filers or $110,000 for joint filers.

Business Deductions

Business-related expenses may be deductible from your taxes whether or not you actually own a business. For example, travel is usually deductible. You may also have overpaid your Social Security taxes if you work for multiple companies.

Charitable Donations

Felt generous this past year? I hope you got receipts. Not only are donations helpful to the end recipients, they can be deducted from you federal income tax.  Aside from cash or checks, donations of a car, clothing, shoes, or furniture – basically anything that has value – is tax deductible.

Miscellaneous Tax Deductions

Others we may have missed:

• Alimony
• Student loan interest
• Prescription eyewear or hearing aids
• Orthopedic aids, including crutches and canes
• Transportation costs for medical issues
• Alcohol or drug abuse treatments
• Local and state income taxes
• Real estate taxes
• Mortgage or refinancing charges
• Business expenses
• Volunteer work expenses
• Losses from theft or casualty
• Tax preparation expenses

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The bottom line really is that everyone is in a different situation, and figuring out how much you actually need to pay depends on a lot of factors. Trying to do everything yourself can, not only lead to costly penalties, but can also have you miss out on actual deductions you could be entitled to. When it comes to taxes, it’s always best to get the help of the professionals.

Hazzouri Accounting has almost two decades of experience in helping both individuals and businesses with all their tax needs. We focus on building lasting relationships with the Canton, MI and surrounding communities, putting priority on helping local people and communities – unlike large institutions that focus on profit. Call us today at 734-844-1614 or visit us during regular office hours for more information!

Come find us on social media:  Facebook fan page / Twitter Feed / Google+ Account