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Here’s a sneak peek at what this month’s topics include: SAY GOODBYE TO THE COLLEGE TUITION DEDUCTION Congress decided not to extend the $4,000 deduction for 2017. Luckily, there are two popular education credits that may offer a more valuable tax break. AVOID THESE COMMON TAX MISTAKES The IRS faces thousands of tax returns with errors each year. Learn the most common mistakes to avoid possible penalties and fines....Read More
When it comes to income tax deductions, most people don’t look past the obvious real estate taxes and mortgage interest. The tax laws are now so complicated that if you try to do it all on your own, you’ll most probably end up paying way more than you should! Surprised? Check out these Top 10 Tips to save on your income taxes before this year ends: 1) Go Green: Going green is not only great for the environment and...Read More
In reality, the IRS audits quite a few returns considering the millions of tax returns they process annually. The average number of returns audited annually totals just under 1%. The IRS doesn’t routinely audit a tax return unless there is some key indicator. For instance, this could include a higher level of deductions compared to revenue earned, a deduction that requires documentation, or a specific item...Read More
In years past, the Internal Revenue Service (IRS) has never called taxpayers to collect back taxes. However, beginning this month, the IRS will use four private collection firms to deal with severely delinquent cases. Although this new strategy is said to be in place to help alleviate stress and prevent harassment for taxpayers they have experienced in the past, I believe this change may be an attempt to improve the...Read More
Phil Liberatore discusses why The Internal Revenue Service’s battle against fraud and identity theft is intensifying in 2017, as tax-filing season opens and the most needy taxpayers are getting caught in the middle. (PRWEB) February 27, 2017 “During recent years, it is quite disheartening to know, criminals now have the skills and capacity to impact our entire system and control how Internal Revenue Service issues...Read More
Dear Clients and Friends, As 2017 begins, the odds of comprehensive tax reform look promising. Individual, business, and estate tax rules could undergo major changes for the first time in 30 years. The Affordable Care Act will likely be revised in ways that affect information filing requirements, payment of penalties, and fringe benefits. While a proposed plan for reform exists, the extent, timing, and details will...Read More
You already know that tax laws — and your opportunities to plan for them — change regularly. This year, with comprehensive tax reform a real possibility, early planning, combined with a commitment to adapt to changing conditions, will help you reap the most savings. Here are suggestions to get you started. Regardless of what other tax changes Congress makes, it's likely that a deduction for charitable donations...Read More
While last year was quiet in terms of tax legislation, you'll want to be aware of some changes that will have an impact on your 2016 personal and business tax returns and your 2017 planning. Here's a brief summary. In general, funds you withdraw from your IRA must be redeposited within 60 days of receipt. In some cases, when you inadvertently miss the 60-day deadline, you can get relief by "self-certifying" that the...Read More
As you prepare for the tax filing season, take note of changes to 2016 tax return deadlines. Here are changes for common forms. Contact us for a complete list. Form W-2. Forms W-2 for 2016 are due January 31 for all copies. In the past, employers had to provide Form W-2 to employees by January 31. Now the January 31 deadline also applies to copies submitted to the Social Security Administration. Form 1099-MISC. The...Read More
If you're doing business in more than one state, you need to know about "nexus." Nexus is the level of business presence that enables a state to require you to register and collect taxes.Presently, forty-five states and the District of Columbia have enacted comprehensive sales and use tax laws. While the remaining states have no statewide sales tax, certain local areas within those states can collect sales tax....Read More
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