Special Tax Benefits for Military Members

July 14, 2017

Members of the military may qualify for tax breaks and benefits. Special rules could lower the tax they owe or give them more time to file and pay taxes. In addition, some types of military pay are tax-free. Members of…
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Renting Residential or Vacation Property? Plan Ahead!

July 7, 2017

Plan for tax time when renting out residential or  vacation property Summertime is a time of year when people rent out their property. In addition to the standard cleanup and maintenance, owners need to be aware of the tax implications…
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IRS Warns of New Phone Scam

June 22, 2017

The IRS warns of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), in which fraudsters call to claim that certified letters were sent but undeliverable and to demand an immediate tax payment through a prepaid debit…
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U.S. Census Bureau Releases Report on Young Adulthood

May 22, 2017

In an April 2017 report, the U.S. Census Bureau examines changes in young adulthood over the last 40 years. The study looks at how the economic and demographic characteristics of young adults (ages 18 to 34) have changed from 1975…
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IRS Announces 2017 Standard Mileage Rates

December 23, 2016

The IRS has announced the 2017 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2017, the standard mileage rates are as follows: Business…
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New IRS Due Dates: W-2 & 1099-MISC

November 16, 2016

In years past, the filing and reporting due dates for IRS Forms 1099-MISC for independent contractors and W-2’s has been March 31 with the due date to recipients by January 31st.  Now, BOTH are due on January 31st. This is…
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IRS Relaunches “Get Transcript Online” Site

June 9, 2016

The IRS has announced that its “Get Transcript Online” site is once again available for taxpayers to access copies of their tax transcripts and similar documents that summarize important tax return information. The new site uses a more secure access…
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The IRS Revised its Offer-in-Compromise Procedures

June 9, 2016

In its e-News for Tax Professionals (issue 2016-19, dated 5/13/16), the IRS announced that, effective immediately, it will return newly-filed Offer-in-Compromise (OIC) applications if the taxpayer hasn’t filed all required tax returns. Any fees included with the OIC will be…
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Presidential candidates differ sharply on taxing corporations

June 8, 2016

Based on an article by David Morgan, Reuters The corporate income tax is a major revenue source for the U.S. government, but it has been shrinking for decades, and the three main presidential candidates could not differ more dramatically on…
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There’s Still Time to Contribute to an IRA for 2015

February 9, 2016

You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2015 ($6,500 if you were age 50 by December 31, 2015). For most taxpayers, the contribution deadline for 2015 is April 18, 2016…
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