Can You Claim Your Parents as Dependents?
Don’t Fall for Scam Calls and Emails Posing as IRS
Don’t Fall for Scam Calls and Emails Posing as IRS
Scammers are continuing to use the IRS as a lure and these tax scams take many different forms. The most common scams are phone calls and emails from crooks who pretend to be from the IRS. These scammers use the IRS name, logo or even a fake website to try and steal money from you. Identity theft can also happen with these scams. You need to be very wary of phone calls or automated...How We Wound Up with the Income Tax
How We Wound Up with the Income Tax
Imagine a world without income tax; if you were an American citizen before 1913, with a few exceptions you didn’t have to deal with an April deadline and the IRS. Today, no one really knows how big the tax code is. February 3rd is the anniversary of the ratification of the 16th Amendment in 1913. Its champion was President William Howard Taft, and its ratification was an effort to make sure more higher-income...Filing Season Opens – with Possible Refund Delays
Filing Season Opens – with Possible Refund Delays
Port St Lucie, Fl. — (January 23, 2017) Tax filing season for individuals opened today, but for some, this doesn’t mean a speedy refund can be counted upon. While IRS expects to issue nine out of ten refunds in fewer than 21 days, they’ll be holding onto refunds for returns that claim the Additional Child Tax Credit (ACTC) and the Earned Income Tax Credit (EITC) until February 15. This change was mandated...Last-Minute Savings for Tax Year 2016
Last-Minute Savings for Tax Year 2016
Last-Minute Savings for Tax Year 2016 Attention last minute savers! There’s still time to reduce your tax burden for 2016. Have you funded a traditional IRA, Roth IRA, or SEP this year? The deadline for contributions to IRAs is April 18, 2017 — this year’s filing deadline. For self-employed taxpayers, contributions to a SEP may be postponed until October 16, if a tax return extension has been filed. Increasing your 401(k) contribution so that you are putting...Some Refunds Delayed in 2017
Some Refunds Delayed in 2017 A new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. Some Refunds Delayed in 2017 Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns...
Tax Tips for Deducting Gifts to Charity
Tax Tips for Deducting Gifts to Charity The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: Give to qualified charities. You can only deduct gifts you give to a qualified charity. Use the IRS Select Check tool to...
Tips for Safe Holiday Online Shopping
Tips for Safe Holiday Online Shopping The holiday online shopping season is a prime time for cybercriminals and identity thieves to trick shoppers into giving up financial, identity or password information. The IRS has launched a public awareness campaign called “Taxes. Security. Together.” and also launched a series of security awareness tips that can help protect you from cybercriminals. Here are a few basic steps to make your shopping season safer: Look for the “s” in “https.” The “s” in the opening URL stands for...
IRA Year-End Reminders
IRA Year-End Reminders Whether you are still working or retired, you should periodically review your IRAs. Here are few things to remember.
Contribution limits
If you’re still working, review the 2016 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. You can make 2016 IRA contributions until April 17, 2017.Excess contributions
If you exceed the 2016 IRA contribution limit, you may withdraw excess contributions from your account by the due date of your tax...
Are you reporting ALL your income?
IRS Defines Income.. Are you reporting ALL your income? The Internal Revenue Code defines income as “…all income from whatever source derived…”. So we all know, or should now, that when we earn money, either received by check, charge, cash or trade, it is taxable. That also includes monies received even if we do not receive a tax form (i.e., 1099). This article will be talking about the oldest of business deals, trade or as it is commonly called Bartering. Quoting directly from
