No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
Scholarships, Fellowship Grants, and Other Grants A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship grant is generally an amount paid or allowed to an individual for the purpose of study or research. Other types of grants include need-based grants (such as Pell Grants) and Fulbright grants. Tax-FreeIf you receive a scholarship, a fellowship grant, or other grant, all or part of the amounts you receive may be tax-free. Scholarships, fellowship grants, and other grants are tax-free if you meet the following conditions: You are a candidate for a degree at an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities; and The amounts you receive are used to pay for tuition and fees required for enrollment or attendance at the educational institution, or for fees, books, supplies, and equipment required for courses at the educational institution. TaxableYou must include in gross income: Amounts used for incidental expenses, such as room and board, travel, and optional equipment. Amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant. However, you do not need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. How to Report – Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 (PDF), Form 1040A (PDF), or Form 1040EZ (PDF), include the taxable amount in the total on the “Wages, salaries, tips” line of your tax return. In addition, if the taxable amount was not reported on Form W-2 (PDF), enter “SCH” with the taxable amount in the space to the left of the “Wages, salaries, tips” line. If filing Form 1040NR (PDF) or Form 1040NR-EZ (PDF), report the taxable amount on the “Scholarship and fellowship grants” line. Estimated Tax Payments – If any part of your scholarship or fellowship grant is taxable, you may have to make estimated tax payments. Refer to Publication 505, Tax Withholding and Estimated Tax, for additional information on estimated tax. Additional InformationFor more information, refer to Publication 970, Tax Benefits for...
It’s Quick, Easy and Secure. Using a mobile device? Download the IRS2Go app to check your refund status. What you need to check the status of your refund: JAWS Users Session Expiration Warning If this application remains idle for 15 minutes, it displays a session expiration warning message in a popup or new browser window, allowing you to extend your session. The message gains focus and JAWS reads both the URL and the session expiration message. You have the option to tab to OK or Cancel once the message appears. If you tab to the OK button, you will hear, click here if you want to renew session for 15 minutes button. If you tab to the Cancel button, you will hear, do not renew session button. If you select the OK button, the application extends your session for an additional 15 minutes and JAWS focus returns to the main page. If you select the Cancel button or the session remains idle for 5 minutes, the application displays the session expired page and JAWS reads it. Where’s My Refund? is updated no more than once every 24 hours, usually overnight. When to check status of your refund: Within 24 hours after we’ve received your e-filed tax return; or 4 weeks after mailing your paper return. When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer. You should only call if it has been: 21 days or more since you filed electronically; More than 6 weeks since you mailed your paper return; or The Where’s My Refund? tool directs you to contact...
IR-2015-137, Dec.17, 2015 WASHINGTON — The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 14 cents per mile driven in service of charitable organizations The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51. Notice 2016-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate...
IR-2015-134, Nov. 25, 2015 WASHINGTON — The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better to be tax-deductible. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return. Donors must get a written acknowledgement from the charity for all gifts worth $250 or more. It must include, among other things, a description of the items contributed. Guidelines for Monetary Donations A taxpayer must have a bank record or a written statement from the charity in order to deduct any donation of money, regardless of amount. The record must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, and bank, credit union and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date. Donations of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity. These requirements for the deduction of monetary donations do not change the long-standing requirement that a taxpayer obtain an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. However, one statement containing all of the required information may meet both requirements. Reminders The IRS offers the following additional reminders to help taxpayers plan their holiday and year-end gifts to charity: Qualified charities. Check that the charity is eligible. Only donations to eligible organizations are tax-deductible. Select Check, a searchable online tool available on IRS.gov, lists most organizations that are eligible to receive deductible contributions. In addition, churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations. That is true even if they are not listed in the tool’s database. Year-end gifts. Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2015 count for 2015, even if the credit card bill isn’t paid until 2016. Also,...
WASHINGTON ― The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states. “When making donations to assist flood victims in South Carolina and elsewhere, taxpayers should take steps to ensure their hard-earned money goes to legitimate and currently eligible charities,” said IRS Commissioner John Koskinen. “IRS.gov has the tools taxpayers need to check out the status of charitable organizations.” Following major disasters, it is common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Such fraudulent schemes may involve contact by telephone, social media, email or in-person solicitations. The IRS cautions people wishing to make disaster-related charitable donations to avoid scam artists by following these tips: To help disaster victims, donate to recognized charities. Be wary of charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. The IRS website at IRS.gov has a search feature, Exempt Organizations Select Check, through which people may find legitimate, qualified charities; donations to these charities may be tax-deductible. Legitimate charities may also be found on the Federal Emergency Management Agency (FEMA) website at fema.gov. Don’t give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution from you. Scam artists may use this information to steal your identity and money. Don’t give or send cash. For security and tax record purposes, contribute by check or credit card or another way that provides documentation of the gift. If you plan to make a contribution for which you would like to claim a deduction, see IRS Publication 526, Charitable Contributions, to read about the kinds of organizations that can receive deductible contributions. Bogus websites may solicit funds for disaster victims. Such fraudulent sites frequently mimic the sites of, or use names similar to, legitimate charities, or claim to be affiliated with legitimate charities in order to persuade members of the public to send money or provide personal financial information that can be used to steal identities or financial resources. Additionally, scammers often send email that steers the recipient to bogus websites that appear to be affiliated with legitimate charitable causes. Taxpayers suspecting disaster-related frauds by email should visit IRS.gov and search for the keywords “Report Phishing.” More information about tax scams and schemes may be found at IRS.gov using the keywords “scams and...
Update Oct. 8, 2015 — Calhoun, Darlington, Florence, Kershaw and Lee Counties have been added to the list of South Carolina counties eligible for special tax relief. IRS YouTube Videos Help for Disaster Victims: English | Spanish | ASL IR-2015-112, Oct. 7, 2015 WASHINGTON –– South Carolina flood victims, including individuals and businesses that previously received a tax-filing extension to Oct. 15, will have until Feb. 16, 2016, to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in Berkeley, Calhoun, Charleston, Clarendon, Darlington, Dorchester, Florence, Georgetown, Horry, Kershaw, Lee, Lexington, Orangeburg, Richland, Sumter and Williamsburg Counties will receive this and other special tax relief. Other locations may be added in coming days, based on damage assessments by FEMA. The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 1, 2015. As a result, affected individuals and businesses will have until Feb. 16, 2016, to file these returns and pay any taxes due. Besides the Oct. 15 extension deadline, this also includes the Jan. 15, 2016, deadline for making quarterly estimated tax payments. A variety of business tax deadlines are also affected including the Nov. 2, 2015, and Feb. 1, 2016, deadlines for quarterly payroll and excise tax returns. The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The agency automatically provides this relief to any taxpayer with an IRS address of record located in the disaster area. Taxpayers need not contact the IRS to get this relief. Beyond Designated Disaster Areas The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either last year’s or this year’s return. Claiming these casualty loss deductions on either an original or amended 2014 return will get the taxpayer an earlier refund but waiting to claim them on a 2015 return could result in greater tax savings depending upon other income factors. In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due on or after Oct. 1 and before Oct. 16 if the deposits are made by Oct. 16, 2015. Details on available relief can be found on the disaster relief page...
IRS Tax Tip If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses that the IRS wants you to know. Crop insurance proceeds. Insurance payments from crop damage count as income. They should generally be reported the year they are received. Deductible farm expenses. Farmers can deduct ordinary and necessary expenses as business expenses. An ordinary farming expense is one that is common and accepted in the farming business. A necessary expense is one that is appropriate for that business. Employees and hired help. You can deduct reasonable wages you paid to your farm’s full and part-time workers. You must withhold Social Security, Medicare and income taxes from your employees’ wages. Items purchased for resale. If you purchased livestock and other items for resale, you may be able to deduct their cost in the year of the sale. This includes freight charges for transporting livestock to your farm. Repayment of loans. You can only deduct the interest you paid on a loan if the loan proceeds are used for your farming business. You cannot deduct interest on a loan used for personal expenses. Weather-related sales. Bad weather may force you to sell more livestock or poultry than you normally would. If so, you may be able to postpone reporting a gain from the sale of the additional animals. Net operating losses. If deductible expenses are more than income for the year, you may have a net operating loss. You can carry that loss over to other years and deduct it. You may get a refund of part or all of the income tax you paid for past years, or you may be able to reduce your tax in future years. Farm income averaging. You may be able to average some or all of the current year’s farm income by spreading it out over the past three years. This may lower your taxes if your farm income is high in the current year and low in one or more of the past three years. This method does not change your prior year tax. It only uses the prior year information to figure your current year tax. Fuel and road use. You may be able to claim a tax credit or refund of federal excise taxes on fuel used on your farm for farm work. Farmers Tax Guide. More information about farm income and deductions is in Publication 225, Farmer’s Tax Guide. You can download it at IRS.gov, or call the IRS at 800-TAX-FORM (800-829-3676) to have it mailed to...
Peace of Mind - Stress Free
Our CPA firm in Mesa, Arizona has over 35 years of experience in income taxes and accounting with a special niche in taxes and tax planning for farmers.
Our accounting and tax firm was founded by Stanley Fiala in 1976. Stephen Fiala joined the firm in Mesa, Arizona in 1991 and is currently running the day to day operations. Stanley J. Fiala is now retired. Stephen is a member of the American Institute of Certified Public Accountants, Arizona CPA Society and The Arizona Farm Bureau Federation.
The Service you will receive at Fiala CPA will be personal and one on one with Stephen Fiala. When you call our office, you will talk to a live person and will not be pressing buttons to reach our CPA. We understand that each of our clients are unique with different needs which is why we take the time to get to know you and/or your business. Whether you are coming to us for individual or business taxes, or for business consulting or financial planning, you will receive our undivided attention.
At Fiala CPA, we pride ourselves in our service, our attention to detail and our experience. Please contact us to learn how we can assist you with your individual or business taxes and goals.
Fiala CPA
1921 S. Alma School Rd., #103
Mesa, AZ 85210
Phone (480) 831-5140 Fax (480) 897-9332
Learn More
Tax time can be a very stressful time for many. At Fiala CPA, we strive to bring you optimal results making sure you receive all of the deductions you deserve and we provide you with tax planning for the next year. A big part of receiving optimal results at tax time involves tax planning. With tax planning, there will be no surprises for you on your taxes. They will turn out the way you expect them to turn out as long as we are notified of any changes that take place in your income or your life that would affect your tax liability.
There are many people that use Turbo Tax and other Tax Software programs each year. The problem with this is you have to know which deductions you are entitled to in order to receive them and you have to put the appropriate information in the right areas in order for it to be accurate. Also, with Turbo Tax and other Tax Software programs, you don’t get to sit down with a tax professional and do your tax planning for the next year.
Call our office for the personalized attention you deserve. We have over 35 years of experience and lots of happy clients too.
Learn MoreThe page you requested could not be found. Try refining your search, or use the navigation above to locate the post.