Tax Tips

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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27
Aug

Tips for Tax Preparers to Protect Data

The IRS offers tips to tax preparers to protect their clients’ information. The agency is working with its Security Summit partners on an effort called “Protect Your Clients; Protect Yourself: Tax Security 101.” For more information, go to https://www.irs.gov/newsroom/protect-your-clients-protect-yourself-tax-security-101. The guide outlines ways tax preparers can protect client data. Tax preparers should: Learn how to recognize phishing emails. Scammers often

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20
Aug

IRS Provides Helpful Tools, Resources for Retirees*

The IRS provides resources to people who have recently retired or who are planning to retire. The resources can help taxpayers with challenges and tips to prepare for retirement.   Here are some links with information for retirees.   “The Individual Arrangement FAQs – Withdrawals” answers basic questions about retirement account withdrawals: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals.   “Publication 915” provides an in-depth look

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13
Aug

IRS’s ‘Free File’ Available Until October 15*

October 15 is the filing deadline for taxpayers who requested extensions on their 2017 tax returns. The IRS provides several resources to help taxpayers file their forms: Taxpayers who made $66,000 or less can go to https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free for information on filing for free. Those who made more may use the IRS’s Free File Fillable Forms, which are the agency’s electronic

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6
Aug

What Do You Do If You Get a Letter From the IRS?

You get a letter from the IRS. First, don’t panic. The agency sends millions of letters to taxpayers every year. What do you do? Here are some tips: Don’t ignore the letter. Most IRS correspondences are about tax returns or tax accounts and deals with specific issues. The letters provide specific instructions about what to do. Don’t panic. Most of

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30
Jul

Scammers Don’t Take Summer Vacations

While many of us may be enjoying the summer with vacations and outdoor activities, cyber thieves are busy trying to steal our identities and personal data. Although it’s been more than three months since the end of the 2017 tax filing season, scammers are coming up with new ploys, such as phishing emails and telephone scams. The IRS offers several

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24
Jul

Valuable Credits Available for Certain Small Businesses*

The IRS is reminding small business owners who provide health insurance coverage to employees about the Small Business Health Care Tax Credit.[i] The agency provides tax relief for some small businesses who want to claim the Small Business Health Care Tax Credit but have faced difficulty finding coverage in the Small Business Health Options Marketplace. Notice 2018-27[ii] provides small businesses

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16
Jul

IRS Provides Small Businesses with Tax Videos*  

  Small business owners looking for tax information can now watch tax videos and webinars by the federal agency. Video (https://www.irsvideos.gov/) topics include: Starting a Small Business New business tips Business taxes for the self-employed Who should file for Schedule C Questions to ask accountants Avoiding the big tax mistakes Business Income Business income and expenses Recordkeeping Tip reporting requirements

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9
Jul

Tax Act May Affect Small Business Depreciation Deduction*

The passage late last year of the Tax Cuts and Jobs Act may lessen the tax load on small business by expanding deduction allowances, the IRS states. Tax deductions on depreciation increased, which means small business owners may see their taxes decline. Businesses are allowed to depreciate “tangible property except land, including buildings, machinery, vehicles, furniture and equipment.” Highlights include:

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2
Jul

What is Phishing and How to Protect Yourself

  Everyone wants a piece of your pocketbook, especially cyber swindlers who send enticing or threatening messages hoping you’ll go along with their scam. It’s called phishing, and Internet hucksters use the tactic to persuade their victims to hand over personal or financial information. The information is then used to steal victims’ identities. The IRS periodically issues taxpayer alerts on

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