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Ronald S. Simon, CPA

Ronald Simon Tax Consultant
Tax Preparation

Recent Posts:

University Park, FL
06/30/2017 at 3:37 pm
Ron's Tax Tidbits...........The Tax Gap The IRS periodically estimates the tax gap, which gives a broad view of the nation’s compliance with federal tax laws. The new study covers tax years 2008-2010. The report finds that there has been no significant change in the amount of the tax gap or the rate of compliance since the last report was issued for tax year 2006. The average annual tax gap for 2008-2010 is estimated to be $458 billion, compared to $450 billion for tax year 2006. They actually
University Park, FL
05/11/2017 at 11:41 am
Ron’s Tax Tidbits…….Health Savings Accounts (HAS’s) 2018 The IRS said recently the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,450. For calendar year 2018, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,900. HSAs typically require high deductibles, but they allow people to set aside money from their paychecks on a pre-tax basis for medical expenses. For c
University Park, FL
04/20/2017 at 12:46 pm
Ron's Tax Tidbits.......April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. If tax is due, the penalties are steep. Five percent a month up to $25%, plus interest on the unpaid balance. That's for both late filing (filing without an extension after the deadline) and late payments. Be careful could be costly
University Park, FL
04/13/2017 at 1:25 pm
Ron’s Tax Tidbits…………WASHINGTON – As the April 18 tax filing deadline approaches, the Internal Revenue Service reminded nearly 40 million taxpayers who have yet to file their tax returns that there are a variety of options to help them in the final days of the 2017 tax season. If you can’t file, have your CPA get you an extension and make sure your taxes for 2016 are fully paid. You then have 6 more months to procrastinate.The IRS enters the busiest period of tax season this week, with millio
University Park, FL
04/03/2017 at 2:05 pm
Ron’s Tax Tidbits……………………Attention all procrastinators!!!! WASHINGTON — The IRS reminded taxpayers today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. But time is running out. To claim this money, taxpayers must file a 2013 federal tax return by April 18, 2017. The law provides most taxpayers with a three-year window of opportunity for claiming a refund. If they do
University Park, FL
03/29/2017 at 3:06 pm
Ron’s Tax Tidbits…..Why are Canadians with dual citizenship renouncing their U.S. citizenship? Simple, so they won’t have to pay capital gains tax on their sale of their Canadian residence. Yes the sale of a Canadian principal resident is subject to U.S. capital gains tax! Many with dual citizenship are renouncing the USA citizenship to protect their largest investment. There have probably been a large number of dual citizens that have sold their home in Canada and not paid US tax on the sa
University Park, FL
03/17/2017 at 10:59 am
Ron’s Tax Tidbits….Medical and Dental Expenses May Impact Your Taxes Taxpayers can claim medical expenses that they paid for in 2016 if they itemize deductions they can include: The costs of diagnosing, treating, or preventing disease. The costs of prescription drugs and insulin. Insurance premiums for policies that cover medical care and some long-term care. It is possible to deduct travel costs paid for medical care. This includes costs such as public transportation, ambulance service, toll
University Park, FL
03/15/2017 at 5:42 pm
Ron’s Tax Tidbits…..WASHINGTON — The IRS today granted many businesses (corporations, S Corps and partnerships) affected by this week’s severe winter storm a 5 day period to March 20, 2017 to request a six-month extension to file their 2016 federal income tax returns. This additional time is for victims and tax professionals affected by this week’s storm (known as Winter Storm Stella) that hit portions of the Northeast and Mid-Atlantic. Eligible taxpayers taking advantage of this relief sho
University Park, FL
03/15/2017 at 12:52 pm
Ron’s Tax Tidbits.WASHINGTON — The IRS today reminded taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. Generally, eligible taxpayers can contribute up to $5,500 to an IRA. For someone who was at least age 50 at the end of 2016, the limit is increased to $6,500. The deduction for contributions to a traditional IRA is generally phased out for taxpayers covered by a workplace retirement plan whose incomes are
University Park, FL
03/06/2017 at 1:39 pm
Ron’s Tax Tidbits……Nine Common Filing Errors to Avoid If you make and error on your return it could delay your refund. Here are some common errors to avoid when preparing a tax return: Missing or Inaccurate Social Security Numbers, Misspelled Names, Filing Status Errors, Math Mistakes, Errors in Figuring Tax Credits or Deductions,Incorrect Bank Account Numbers, Forms Not Signed, Electronic Filing PIN Errors, and Filing with an individual tax identification number.
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