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What to Do if You Haven’t Filed a Tax Return

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money. Here’s What to Do When Your Return Is Late Monday, April 18, […]

IRS Dirty Dozen Tax Scams for 2016

Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter in the coming months. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year’s list: 1. Identity Theft Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Taxpayers should use caution […]

Who Should File a 2015 Tax Return?

Most people file a tax return because they have to, but even if you don’t, there are times when you should because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six tax tips below should help you determine whether you’re one of them. 1. General Filing Rules. Whether you need to file a tax return this year […]

Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2015 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid or state sales tax paid, whichever is greater. Here’s how it works. If you bought a big-ticket item like […]

Reduce Your Taxes with the Child Care Tax Credit

If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: Child, Dependent or Spouse.¬†You may be able to claim the credit if you paid someone to care for your child, dependent […]

Five Ways to Improve Your Financial Situation

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then here are some steps to take to avoid financial ruin in the future.   If you’ve accumulated a large amount of debt and […]

Tax Changes for 2016: A Checklist

Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than 50 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion. For […]

Teaching Your Heirs to Value Your Wealth

Some millionaires are reluctant to talk to their kids about family wealth. Perhaps they are afraid what their heirs may do with it. In a 2015 CNBC Millionaire Survey, 44% of families having at least $1 million in investable assets said that they had not yet told their children about their future inheritance. Another 27% said they had refrained from mentioning it until their children were 30 or older.1 It can be awkward to talk […]

Tax treatment of an Investment Clubs

Investment Clubs An investment club is formed when a group of friends, neighbors, business associates, or others pool their money to invest in stock or other securities. The club may or may not have a written agreement, a charter, or bylaws. Usually the group operates informally with members pledging to pay a regular amount into the club monthly. Some clubs have a committee that gathers information on securities, selects the most promising securities, and recommends […]

Tax Information for Employees

Filing Your Taxes Everything you need to file your individual federal income tax return. Get A Transcript You can get a transcript to view your tax account transactions or line-by-line tax return information for a specific tax year. Tax Withholding The federal income tax is a pay-as-you-go tax. There are two ways to pay as you go. If you are an employee, your employer probably withholds income tax from your pay. The amount withheld is […]

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