Tax Tips

12
Nov

100% Depreciation Deduction Benefit for Business Taxpayers

If you’re a business owner, you can reap the benefits this year of changes in the tax code enacted in December 2017. You can write off most of your depreciable business assets in the year the assets were used. Here is what you need to know about the new deductions: Business assets with 20-year recovery periods or less may be

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5
Nov

What Do the Different Filing Statuses Mean?

What are you? That may sound like a trick question, but we’re talking taxes. The IRS provides five different filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child. You can only choose one, right? No, not necessarily. Is it important which filing status you claim? Yes, it’s very important. Your status

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29
Oct

Tax Preparer’s Should Watch for Signs of Information Theft

If you’re a tax preparer or professional, how do you detect theft? What are the subtle signs that indicate information has been stolen? The IRS has joined forces with Security Summit to combat information and identify theft. State tax agencies, tax preparation firms, software developers, payroll and tax financial product processors, tax professional organizations, and financial institutions are part of

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22
Oct

Use the Paycheck Checkup if You Have Other Sources of Income

If you’re working for an employer and have other income sources outside your job, you should get a Paycheck Checkup. For more information, go to https://www.irs.gov/newsroom/time-for-a-paycheck-checkup. Doing a paycheck checkup with the Withholding Calculator may help you avoid paying taxes at tax filing time. Go to https://apps.irs.gov/app/withholdingcalculator/. Other income sources may come, for example, from the exchange of products and

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15
Oct

IRS Provides Helpful Tools

Filing your taxes shouldn’t be stressful and confusing. The IRS provides online tools and resources to help make taxes less taxing. Here are the agency’s most popular: IRS Free File allows you to prepare and file your taxes online. IRS Free File is free to anyone with incomes below $66,000. Learn more at https://www.irs.gov/filing/e-file-options. Direct Deposit provides you with the

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8
Oct

Is It Time for a ‘Paycheck Checkup’?

That big tax return may have allowed you to pay bills, build your savings, or buy something you’ve wanted for some time. With passage of the Tax Cuts and Jobs Act in late 2017, the tax code changed, making potentially for an even rosier tax picture for some at the end of this year. However, the IRS urges taxpayers to

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1
Oct

You Have More Time to Challenge IRS Levy

New tax laws enacted in December 2017 extend the time allowed to file an administrative claim or sue for wrongful levy or seizure. The new limit is two years. Here are the facts about levies and the time extension: The IRS can seize and sell property to pay a tax debt. “Property” is defined as wages, money in your bank

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24
Sep

Monitor Your Tax Information Online

Looking to monitor your federal tax information? The IRS provides taxpayers with secure access to their personal tax information at https://www.irs.gov/account. You may view: The amount of taxes you owe Your payment history Your tax history Information about your most recent tax return You’re able to view the same information that is available to IRS representatives. If you owe taxes,

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17
Sep

IRS Provides Businesses with Resources on Tax Reform

Running a business in a complicated marketplace can pose quite a few challenges. In a constantly changing political climate, prospering—or even surviving—can get even more confounding. Add into the mix changes in tax law, and you start to wonder where you can go to find some sound advice. How about the source? To help businesses, the IRS makes available these

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4
Sep

IRS Provides Tax Credits to Help with College Expenses

Tuition at a private 4-year college can cost $35,000. Tack on another $12,000 for room and board and the annual bill can reach $50,000. The IRS provides two tax benefits to taxpayers who are paying for higher education in 2018 for themselves, their spouses, or dependents. The American opportunity credit and the lifetime learning credit may help lower their tax

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