Federal Income Taxes

If you’re a traditional employee, every year you receive a W-2 form from your employer that records your earnings for the year and the amount of taxes withheld from those earnings. IRS 1099 forms are complements to the W-2 form for non-traditional employee relationships. They are generally designed to record sources of income that have
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To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply.
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Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund. Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent.
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One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year. According to the
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Identity thieves have many ways to steal your money – including fraudulent tax returns. They file a return in your name as early as possible to beat your legitimate return, with fake financial data designed to claim a large refund. You won’t realize this until your tax return is denied because there’s already been a
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Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information. The 2019 Tax Season Begins on January 28 Despite the partial government shutdown, the IRS announced that the 2019 tax season will begin on
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The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at
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The term “administrative offset” brings to mind meaningless governmental jargon. It is governmental jargon – but if you are affected, it’s not meaningless at all. In layman’s terms, administrative offset is the government’s way of applying money that would normally be owed to you (such as tax refunds and certain Social Security benefits) to outstanding
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Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life. Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
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A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, “Why is so much of my paycheck withheld?
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You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars … or until Congress suddenly resurrects some expired tax breaks,
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When your identity is stolen, you have so many potential issues to deal with — changing passwords, closing accounts, dealing with fraudulent charges, and placing fraud alerts with the credit bureaus — that you may forget about potential tax fraud. Armed with your personal information, identity thieves can file a fraudulent tax return in your
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Waiting until the last minute to pay your taxes can cost you if you are expecting a refund, since the government hangs on to your money and receives more interest on it. However, if you owe money to the government, that same principle applies to you. Why not wait until the last minute? There is
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Are you a procrastinator who waits until the very last moment to file your taxes? Thanks to Emancipation Day, the filing deadline is April 17, 2018, to file your taxes for the 2017 tax year. That gives you a few more days to consider last-minute ways to lower your taxes. Start by reviewing your possible
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