Federal Income Taxes

How many people like the IRS? According to Facebook, it’s almost 110,000! Does it bother you that the Internal Revenue Service is more popular than you are? If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal
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Wouldn’t it be nice if you could deduct your credit card debt from your taxes? For most Americans, that’s just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act
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The Internal Revenue Service has plenty of ways to penalize you for mistakes on your tax return. Some of these potential penalties are so convoluted and complex that there may well be disagreement within the IRS on when they apply. However, most people accrue tax penalties for very simple mistakes. Below are some of the
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What two words cause the most panic to Americans? There are probably a hundred funny responses running through your mind right now, but we were thinking of a less humorous response: “IRS audit.” Your odds of avoiding an audit are usually pretty good. The IRS reviewed less than 1.1 million tax returns in fiscal year
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MoneyTips The last few years have been difficult ones for the IRS with respect to security issues, and the agency is determined to improve security during this year’s filing. Electronic filing is particularly vulnerable because of the speed of the process — it is a favorite method among thieves who steal information from taxpayers and
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Chances are that if you have student loans, you need every bit of extra cash that you can get. Did you realize that your student loans might be able to generate some cash for you? Under certain circumstances, you may be able to save on your tax bill by deducting the interest that you pay
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The Premium Tax Credit (PTC) may sound like it is a credit only available to top-tier incomes, but it is actually quite the opposite. “Premium” in this case refers to health care premiums, and the PTC is a way to help those with relatively low incomes to afford health insurance premiums and avoid the potential
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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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