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Combating Tax Return Fraud – What You Need to Know

WASHINGTON, DC (January 12, 2016) How do you know if someone has filed a tax return using your Social Security number? And what do you do then? This is happening more and more—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns in 2013. IRS does have […]

Tips to Protect Your Personal Information While Online

The IRS, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect your tax and financial information and guard against identity theft. Treat your personal information like cash – don’t hand it out to just anyone. Your Social Security number, credit card numbers, […]

The “Protecting Americans from Tax Hikes Act of 2015”

Overview of the Provisions PERMANENT PROVISIONS The bill makes over 20 tax relief provisions permanent, including provisions from 11 different bills marked up by the Ways and Means Committee in 2015. Research and Development Credit (base credit, 14% ASC, AMT and Payroll provisions) Section 179 expensing ($500,000 and $2 million limits, no limitation on real […]

Tax Penalties and How to Avoid Them

The only thing worse than owing a tax bill: owing even more when the IRS tacks on penalty charges. The IRS has many ways to collect extra money. There are tax penalties for: Not having health insurance. Filing what the IRS considers a frivolous tax return. A variety of retirement account actions or inactions. Most […]

Fighting Tax Scam Phone Fraud

WASHINGTON, DC (October 21, 2015) The Internal Revenue Service has a warning for many Americans (and it’s not about paying your taxes). Instead, the agency has tips on how to protect yourself from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or say you have a refund […]

Reporting Gambling Income and Losses on Your Tax Return

If you play the ponies, play cards or pull the slots, your gambling winnings are taxable. You must report them on your tax return. If you gamble, these IRS tax tips can help you at tax time next year: Gambling income.  Income from gambling includes winnings from the lottery, horse racing and casinos. It also […]

If You Get an IRS Notice, Here’s What to Do

    Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do: Don’t Ignore It.  You can respond to most IRS notices quickly and easily. It is important that you reply right away. Focus on the Issue.  IRS notices […]

Five Tax Tips about Hobbies that Earn Income

  Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report […]

Keep Track of Miscellaneous Deductions

Miscellaneous deductions can cut taxes. 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. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize.  Here are some […]

Reminder: Stop Reimbursing for Health Insurance by June 30

It’s common practice for small employers to reimburse or pay health insurance premiums for individual policies. If they continue to do so, they may be subject to an excise tax of $100 per day, per employee. Notice 2015-17 provides transitional relief from the $100 per day per employee excise tax for small employers. The IRS will […]