A 50 percent tax normally applies to any required amounts not received by the April 1 deadline. We are reminding taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April…

Tax changes that have impacted us and clients the most this year, are the due date shuffles of C Corporations being moved from March 15 to April 15, Partnership returns are now due March 15 instead of April 15 and anything to do with the Affordable Care Act. We routinely prepare four times as many Partnership…

Just throw those important tax documents in a brown paper sack, fold and tape it and drop it off at the nearest Post Office. Just Throw your Tax Documents in a Brown Paper Bag and Mail them to us! from Gregory J Cook on Vimeo.

Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. For 2016, there are two tax credits available to help taxpayers offset the costs of higher…

Yesterday we published an article entitled “Tax Tips on IRAs.” The response to that article was so great that I felt I should follow up with more information. You still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. Available in one…

Clients often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. Cook and Company Tax Advisors in Arab, Alabama offers the following tax tips on IRAs: Age Rules Taxpayers must be under age 70½ at the…

Cook and Company Tax Advisors urges clients not to overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year. Work-Related Expenses The care must have been necessary so a person could work or look for…

We are quickly approaching our busiest time of the year when our telephone traffic peaks. I want to offer some information that may be helpful to you. Our main telephone number is (256) 586-4111, but we have direct lines from Birmingham (205) 322-7452 and Huntsville (256) 534-6922. If you are calling from anywhere else in the…

They are working to resolve the issue as quickly as possible. However, at this time, the IRS tells me that they anticipate the online data tool will be unavailable for several weeks. While the Data Retrieval Tool is offline, we have other ways for students and families to find the tax information they need to…