What To Do To Be Prepared For December 31st, the End of the 2016 Tax Year
Dec22

What To Do To Be Prepared For December 31st, the End of the 2016 Tax Year

As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2016 count for the 2016 tax year, even if the bill isn’t...

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Tax Benefits of Owning a Home
Dec18

Tax Benefits of Owning a Home

Owning your own home is a dream of many families and provides the pride of home ownership as well as tax benefits that renters simply do not have. As a homebuyer, you should be aware of the tax deductions and credits that can help save you money and and offset some of the cost of home ownership. If you have never filed an itemized tax return, home ownership is a great incentive to do so and take advantage of these tax breaks. Mortgage...

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Beware of Fake IRS Tax Bill Notices
Dec15

Beware of Fake IRS Tax Bill Notices

IRS impersonation scams take many forms: threatening phone calls, phishing emails and demanding letters. The Internal Revenue Service and its Security Summit partners are warning taxpayers of fake IRS tax bills related to the Affordable Care Act. The IRS has received numerous reports of scammers sending a fraudulent version of a notice labeled CP2000 – for tax year 2016. The issue has been reported to the Treasury Inspector...

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Some Tax Benefits Increase for Tax Year 2017
Dec12

Some Tax Benefits Increase for Tax Year 2017

The Internal Revenue Service has announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018.   The tax items for tax year 2017 of greatest interest to most taxpayers include the following dollar...

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