IRS to Revive Debt Collection Program for Old Back Taxes
Sep30

IRS to Revive Debt Collection Program for Old Back Taxes

The Internal Revenue Service announced that it plans to begin private collection of certain overdue federal tax debts next spring and has selected four contractors to implement the new program. The new program, authorized under a federal law enacted by Congress last December, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. As a condition of receiving a contract, these...

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Miscellaneous Deductions Can Trim Taxes
Sep22

Miscellaneous Deductions Can Trim Taxes

Miscellaneous deductions may reduce your tax bill. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some IRS tax tips you should know about regarding these deductions: The Two Percent Limit. You can deduct most miscellaneous costs only if...

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How Looking For Work Impacts Your Taxes
Sep20

How Looking For Work Impacts Your Taxes

If you are looking for a job in the same line of work, you may be able to deduct some of your job search costs. The Internal Revenue Service offers these key tax facts you should know about when searching for a new job: Same Occupation.  Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation. Résumé Costs.  You can deduct the cost of preparing and mailing...

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New IRS Procedure Helps Retirement Plan Rollovers
Sep16

New IRS Procedure Helps Retirement Plan Rollovers

The Internal Revenue Service provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, posted on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify...

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What Is Minimum Essential Coverage?
Sep13

What Is Minimum Essential Coverage?

The individual shared responsibility provision requires you and each member of your family to have basic health coverage – also known as minimum essential coverage – qualify for a health coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return. Many people already have minimum essential coverage. If you do, you’ll simply...

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