IRS

Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty

Leave a Comment / Bookkeeping, IRS, IRS Audit, Local Business, Tax Planning, Tax Preparation, Taxes /

There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits […]

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EFTPS Phone Scam Alert: Fake Certified Letters

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Taxpayers should be aware of the most recent scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to

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Income Tax Exemptions

IRS, Small Business Deductions, Tax Credit /

Eight Tax Facts about Exemptions and Dependents Most people can claim an income tax exemptions on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1.

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Taxable Income?

Leave a Comment / Barter, IRS, Tax Preparation, Taxes /

What Income is Taxable? Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes

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Are your Social Security Benefits Taxable?

Leave a Comment / IRS, Retirement Planning, Tax Preparation /

Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2016, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount. Note: Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not be

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Six Overlooked Tax Breaks for Individuals

Leave a Comment / IRS, Tax Credit, Taxes /

Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state

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IRS Will Employ Private Debt Collectors in 2017

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Over the past two decades, the IRS has twice employed private debt collectors to aid the agency in pursuing delinquent tax debts. Both of the previous partnerships were ended when it was determined that the projects were ineffective. The authority for the latest round of private collections was laid out in the Fixing America’s Surface

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Beware of IRS Scams during Tax Season

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There are always taxpayer phone and email scams going around throughout the year. However, they tend to intensify during the tax filing season. Scammers prey upon those that are most vulnerable such as the elderly, recent immigrants, and those whose first language is not English. IRS Telephone Scam: Persons claiming to be from the IRS

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10 Tax Deductions You Probably Never Heard Of

Leave a Comment / IRS, Tax Preparation /

It is always a good idea to start preparing for tax day at the beginning of the year. You should have most of your W2s from employers, bank statements, and other documents needed to complete your 2014 return. Now it is just a matter of putting everything together and getting your return filed. Toward that

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