Ten Things to Know About Identity Theft & Your Taxes
Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be […]
How Long to Keep Your Tax Documents
The tax deadline has come and gone – time to breathe a sigh of relief. But before you throw all of your tax documents up in the air to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you should store […]
Tax-Related Identity Theft
What is tax-related identity theft? Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Generally, an identity thief will use your SSN to file a false return early in the year. You may be unaware you are a victim until you try to […]
IRS Tips About Taxable and Nontaxable Income
Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. […]
Tax Season Will Open As Planned Following Extenders Legislation
Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of “extender” provisions […]
New Standard Mileage Rates for 2015
The Internal Revenue Service announced yesterday the 2015 optional standard mileage rates used to calculate the deductible costs of ordinary and necessary business expenses of local transportation or travel away from home for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup […]
Top Four Year-End IRA Reminders
Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs: 1. Know the limits. You can contribute up to a maximum of $5,500 ($6,500 if you are […]
IRS Announces New Increases for 2015 Tax Brackets, Deductions, & More
For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. It’s worth noting that these are the numbers effective beginning January 1, 2015 — not for 2014 tax returns filed […]
6 Major Tax & Financial Implications of Gay Marriage Ruling
The impediments to same-sex marriages throughout the country are being washed away. This trend has continued in the wake of the landmark Supreme Court decision last year (Windsor v. U.S, No. 12-307, 6/26/13) invalidating Section 3 of the Defense of Marriage Act (DOMA). In the latest development on October 6, 2014, the U.S. Supreme Court […]
IRS Fast Track Settlement Program- Help for Small Businesses & the Self-Employed
Fast Track Settlement offers Small Business/Self-Employed taxpayers an opportunity to resolve tax disputes at the earliest possible stage in the examination process. Once your application is accepted, the goal is resolution within 60 days. With FTS, a trained mediator from the IRS Office of Appeals is assigned to help you and the IRS reach an […]
Don’t Gamble with the IRS – Reporting Winnings & Losses
Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic […]
Summer Weddings Mean Tax Changes
Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum: Name change. The names and Social Security numbers on your tax return must match your Social […]
Moving and Your Taxes
Summer is a time where many families decide to move, since the kids are out of school and it may be easier to get vacation time from work. Below, we detail the many ways moving can affect your taxes. Moving Out of State Texas is one of seven states that does not collect a state income […]
Alert of New Email Phishing Scam
The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, […]
Tax Information for Students Who Take a Summer Job
Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer […]
