Medical and Dental Expenses May Impact Your Taxes 

  Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help taxpayers know what qualifies as medical and dental expenses: Itemize. Taxpayers can only claim medical expenses that they paid for in 2016 if they itemize deductions on a federal tax return….

Check Out Tax Benefits for Higher Education

Check Out Tax Benefits for Higher Education  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. Here are some facts from the IRS about tax…

Tax Refund Offsets Pay Unpaid Debts

(IRS Repost) If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared…

Should you incorporate your business?

BENEFITS OF INCORPORATING Have you been told you do not need to incorporate your business? What are the benefits of incorporating? How will your business be taxed if you incorporate? Will you still be able use expenses and take deductions? Do you make enough money to Incorporate? If you choose to incorporate, who is going…

Are Tips Taxable? IRS Offers ‘Tips’ on Tips

  Generally, income received in the form of tips is taxable. The IRS provides some information that helps taxpayers report tip income correctly: Interactive Tax Assistant Tool. The ITA tool is a tax-law resource that asks taxpayers a series of questions and provides a response based on the answers. Taxpayers can use Is My Tip…

Top Ten Adoption Tax Credit Facts to Consider

  Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are ten important things about the adoption credit: The Credit. The credit is nonrefundable, which may reduce taxes owed to zero. If the credit exceeds the tax owed, there is no refund of the additional…

IRS Offers IRA Tax Tips for the 2016 Tax Year (IRS Repost)

IRS Offers IRA Tax Tips for the 2016 Tax Year Taxpayers 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. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under…

Real Reviews from Real Customers!

Maegan M. “This company did my taxes for the first time this year and I am so happy that I chose them. Their customer service is OUTSTANDING! Any questions I had were answered promptly and efficiently. I can honestly say that I will use them for years to come. Thank you so much Island Grove…

Tax Prep Pricing Guide

Individual tax preparation pricing is based on the National Society of Accountants annual survey of over 8,000 preparers nationwide. The average price for a tax return in 2013 (for the fiscal year 2012) was $261. The estimated average based on past increases was $277 for 2014. The average cost for an individual taxpayer’s return 2015…

IslandGrove Services

IslandGrove Consulting Firm, Inc primarily provides financial services to corporations, their Shareholder’s, Sole Proprietorship companies, Individual’s, Partnerships and Non-Profits. We provide consulting with Business Start Ups. We incorporate businesses into 1120, 1120S, 1065 Partnerships and variations of 501c NP. We assist current corps with their corporate structuring in a manner that increases the company’s net bottom line,…

Corporate Tax Returns due March 15th!

Corporations only have only till March 15th 2016 to file their corporate tax returns! The penalties for late filing can get out of hand very quickly. The 1120s penalty for late filing is $195 for each month or part of a month, up to 12 months that the return is late or missing information. That’s right; even…