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Understanding Tax Terms: Basis – Covering the bases on basis

Understanding Tax Terms: Basis – Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property. Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange …Read More

Private Agencies Now Collecting for IRS – Your scam alert should be on high

Private Agencies Now Collecting for IRS – Your scam alert should be on high The IRS recently announced its outside collection agencies are now actively collecting past due tax bills. This will impact all of us. Here is what you need to know In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result …Read More

Tax Tips for Those Getting Married – Know someone getting married? Send them this tip now.

If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling out Form SS-5. The IRS matches names with the SSA and may reject your joint tax return if the names don’t match what the SSA has on …Read More

Five Steps to Take if You’re Audited

Five Steps to Take if You’re Audited Getting audited is no one’s idea of a good time, yet you can get through it if you take the right approach. Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for …Read More

Your next audit may be an “audit lite” – The IRS is handling more reviews with form letters

Your next audit may be an “audit lite” – The IRS is handling more reviews with form letters In-person audits with an IRS agent are becoming more uncommon. The IRS is instead handling their reviews through form letters called correspondence audits. Here is what you need to know. In-person audits with an IRS agent are becoming more uncommon. The IRS is instead handling many routine reviews through form letters called …Read More

Taxpayers to forfeit more than $1 billion in refunds – Are you one of them?

Taxpayers to forfeit more than $1 billion in refunds – Are you one of them? The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. Refunds have to be claimed …Read More

Tax Credits versus Tax Deductions – Which is worth more to you?

Tax Credits versus Tax Deductions – Which is worth more to you? Deduct this or take a Tax credits? Which is worth more to you? Often the answer is not as simple as you think. Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within …Read More

The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits

The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children age A higher tax bill in your future At age 13: loss of your Dependent Care Credit. If your children are in daycare …Read More

Ten Commonly Overlooked Deductions Don’t forget these ideas to lower your taxes

Ten Commonly Overlooked Deductions Don’t forget these ideas to lower your taxes The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. Check out this list of commonly overlooked deductions. You might wind up with a bigger refund than you expected. State sales tax alternative You can choose to deduct state and local sales taxes rather than state income …Read More

Small Business Filing Deadline Approaching Fast Form W-2s and 1099-MISCs are Due Jan. 31

Small Business Filing Deadline Approaching Fast Form W-2s and 1099-MISCs are Due Jan. 31 If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year. The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. These W-2 …Read More