Federal and state income taxes are due today. Michelle Bachtel from H&R Block says you need to file an extension if you can’t finish your return. Doing so gives you six additional months to file but does not defer payments due. If you owe, pay as much as you can. Otherwise you will be assessed interest and penalties from April 15th. Continue reading
Federal and state income tax returns need to be filed tomorrow. Michelle Bachtel with H&R Block says you have options if you owe and are not able to pay. She adds the most important thing is not to panic
“If you can’t pay the full amount by April 15, just pay what as much as you can,” Bachtel said. “Even though interest will accrue on the amount owed, you’re not going to be arrested, and they’re not going to come knock on your door and seize your home.” Continue reading
Federal and state income taxes are due Wednesday. Michelle Bachtel from H&R Block in Knox says taxpayers can either take the standard deduction or itemize, depending on which will be most advantageous for their personal situation.
For individuals who are filing single or married filing separate, the standard deduction is $6,200. For a married filing joint couple or a qualifying widower with a dependent child, that amount is doubled to $12,400. And for a person filing head of household the amount is $9,100.
Bachtel encourages taxpayers to study their options carefully. Continue reading
Double check your federal tax return for any missed deductions and credits before you file it. Michelle Bachtel with H&R Block in Knox says deductions decrease your taxable income, which lowers the amount of money you owe. She says the IRS estimated last year over 4 million people failed to claim tax deductions to which they were entitled last year. Continue reading
If you haven’t filed your taxes yet, time is running out. Federal and state income taxes are both due Wednesday, April 15. Michelle Bachtel from H&R Block in Knox says you need to have personal information for everyone on your return handy before you start. This includes Social Security numbers, birth dates and full legal names as registered with the Social Security Administration. You will also need documentation of all of your income from wages, tips, savings, investments, retirement, rental property, self-employment or farming. Continue reading
Income taxes are due in six days. There’s still plenty of time to file if you haven’t already done so. Michelle Bachtel with the Knox H&R Block office says it’s important to choose the federal form that best meets your needs. A popular option is the 1040-EZ. However, it has limits.
“As long as you are under the age of 65, your income is below $100,000 and the income only comes from things like wages, salaries, tips and unemployment, with less than $1,500 in interest, you can use this form. But you cannot itemize deductions, claim dependents or be filing separate from your spouse. With this form your credits are limited, so just because you are eligible to file this form doesn’t mean you should, Bachtel said. Continue reading
Federal and state income taxes are due in eight days. Michelle Bachtel from H&R Block in Knox says it’s important not to exclude any sources of income.
“Pretty much all income, whether it’s reported or not reported, is taxable unless the law specifically excludes it,” Bachtel said. “This includes non-cash income from things like bartering or exchanging of assets. Both parties are expected to include the fair market value of the item or services they received as income on their tax returns.” Continue reading
Federal and state income taxes are due April 15. Michelle Bachtel with the H&R Block office in Knox says anyone whose income exceeds the filing threshold set by the IRS needs to file a tax return. Thresholds are based on your age and filing status, which is either single, married filing joint, married filing separate, head of household or qualifying widower.
Income requirements vary, but Bachtel offers a general guideline. Continue reading
Today is the deadline to either file your federal and state income taxes or electronically file an extension request in order to avoid hefty penalties and interest from the IRS and Indiana Department of Revenue. If you’ve waited until the last minute and won’t be able to get your return done, H&R Block senior tax advisor Michelle Bachtel says you have an option if you act quickly. “File the extension, because the extension alone is going to save you money. Even if you can’t afford to give them a penny, just file the extension,” Bachtel says. That extension will need to be filed electronically. It will give you six months to complete your return without late filing penalties, but Bachtel says any taxes you may owe still need to be paid today if possible in order to avoid failure to pay penalties and interest. Continue reading
Federal and state income tax returns are due a week from today. H&R Block Senior Tax Advisor Michelle Bachtel says the worst thing you can do is ignore the looming deadline if your taxes aren’t done. “To ask for more time, you can file an extension using form 4868. This gives you an automatic six months of extra time. It’s faster if you e-file the request through your tax preparer. The IRS will send you a message of receipt if you file that way. Paper applications, unfortunately, do not get acknowledged,” Bachtel says. She adds you should have an idea if and how much you will owe when you file for an extension, as it only gives you extra time to finish your return and not more time to pay. “Do everything you can to pay the full amount when you file for the extension. Otherwise you’ll face interest and penalties that could raise your bill by up to 25 percent. Continue reading
Even with the help of a good divorce attorney representing you, a divorce can have ramifications that must be taken into account. In this case, we discuss the fact that parents of divorced dependent children may face extra challenges when it comes to preparing their income taxes. For additional divorce guidance visit https://www.thetxattorneys.com/articles/texas-child-support-not-always-as-easy-as-it-looks. Seek the services of experienced divorce lawyers to ensure you’ll be guided in every aspect of your divorce including your finances.
H&R Block Senior Tax Advisor Michelle Bachtel says that’s one of the more common questions she gets. Generally she says the IRS says whoever the child remains with the majority of the year is the person who gets the claim. Family court lawyers Melbourne specializes in representing their clients in family laws such as divorce, separation, child custody, and child support.
“Sometimes though divorce lawyers near Kingston decrees will grant the non-custodial parent the claim,” Bachtel said. “That’s when you hear people refer to splitting an exemption. The custodial parent is still entitled to some credits, like the Earned Income Tax Credit, where the non-custodial parent who gets the exemption is entitled to the child tax credit. It is possible to split an exemption, but there are some very strict rules for doing that.” You can go to this site to talk with a family law attorney. Find a law firm that provides divorce attorney services if you have any legal questions about your divorce proceedings.
Some taxpayers in our area may be in for a surprise when they file their Indiana returns.
H&R Block Senior Tax Advisor Michelle Bachtel says that could be the case if you moved mid-year, as the state calculates county taxes based on where you live on Jan. 1. For instance, someone who moved from Pulaski to Starke County and changed their withholding may end up owing state taxes.
“As far as individuals are concerned, there are not a lot of changes on the tax laws. Some of our credits have been extended, such as the energy credits, the child tax credit, charitable distribution credit – some of those have been extended through 2017. They were originally set to expire for this year, but they’ve extended those on,” said Bachtel.
Fifty Hoosier families were honored with the presentation of the Hoosier Homestead Award by Lt. Gov. Sue Ellspermann and Indiana Agriculture Director Gina Sheets. Hoosier Homesteads are farms that have been owned by the same family for more than 100 consecutive years, and must produce at least $1000 worth of agricultural products per year or consist of at least 20 acres. The award ceremony took place on Friday at 1 p.m. in the North Atrium of the Indiana Statehouse in Indianapolis.
Staff Sergeant Jerry Nenycz of Plymouth, who earlier this year was named the Non-Commissioned Officer of the Year in Indiana, will be the Grand Marshall of the 2012 Knox Harvest Days Festival Parade. Nenycz is a 1999 graduate of Knox High School.
The Knox Harvest Days Festival is scheduled for August 24 – 26.
Festival Chairperson Michelle Bachtel told WKVI this week that more corporate sponsors are needed to help finance the three-day event.
Everyone is invited to go to the festival website at www.knoxharvestfestival.org for a registration form.
Finally, a Miss, Little Miss, and Tiny Miss Pageant is being planned with more information to follow on how contestants can register.
The Knox Harvest Days Committee will be meeting tonight at the H&R Block office in the Knox Mall. The meeting will start at 6:30 p.m. CT and anyone willing to help with the August Festival is encouraged to attend. Michelle Bachtel is in charge of the festival this year and says she would like to take it into Wythogan Park this year.
The Knox Harvest Days celebration is August 24 – 26, and Michelle Bachtel, owner of the local H & R Block in Knox, is the new festival president. Bachtel says the organization has made a number of developments, including a new website.
“Well the first thing we did is establish the Knox Harvest Festival as its own legal entity, so it is now an organization that can be donated to. Sponsors can sponsor it and know the money is going where it needs to go and to whom its suppose to go. The second thing we did is develop a web page: knoxharvestfestival.org. If you need to e-mail me it’s just michelle@knoxharvestfestival.org,” Bachtel said.
