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Receive Copies of Fraudulent Tax Returns – What did thieves try to steal?
Receive Copies of Fraudulent Tax Returns – What did thieves try to steal? Taxpayers who are IRS identity thief victims have been long frustrated by their inability to see what thieves have filed under their Social Security Number. In a recent announcement, the IRS is now allowing taxpayers to obtain copies of these fraudulently filed tax returns Along with tax season comes the season of tax identification theft. Those who have become victims know how frustrating the experience can be. The frustration Until now, if you were a victim of tax identity theft, you would be unable to receive information
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File That Final Tax Return – Five reasons death and a tax return makes sense
File That Final Tax Return – Five reasons death and a tax return makes sense Often when a loved one dies, a final tax return is not required. Here are five good reasons to consider filing the tax return even when one is not needed. If a parent or loved one died this past year, you may wish to consider filing a final tax return even if not technically required to do so. Background When a deceased’s estate is more than the federal threshold of $5.45 million in 2016, an estate tax return is required. This limit requires only a
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In the News: Tax Extenders Bill Passes – Many tax changes impact 2015
Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) is the latest edition of retroactive tax law changes being implemented at the end of a tax year. Some of the changes require your immediate attention. Here is what you need to know.
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The Lost Art of Tracking Home Improvements – How a tax law makes us sloppy and creates a tax risk
When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion. One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What if you rent out your home? What if you cannot prove the cost of your
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Do You Need to File a Tax Return? – Getting this wrong can cost you
Do You Need to File a Tax Return? – Getting this wrong can cost you Do you need to file a tax return this year? Here are some handy tips to help you decide. One of the more common tax questions is whether you need to file a tax return this year. The answer is: It all depends. Here are some quick tips to help you determine your answer. Income If your gross income is less than the sum of your standard deduction plus the amount of your personal exemption(s) you usually do NOT need to file a tax return.
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return. Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
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