Early Withdrawals from Retirement Plans

  Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution: Early Withdrawals. An early withdrawal normally is… Read More

3 Reasons to Hire a Hero

As thousands of American employers know, hiring veterans is a smart move. There are more than 7 million veterans in the U.S. labor force, meaning they’re either employed or actively looking for work. If you’re curious about working with veterans, here are three great reasons to hire one: 1.Teamwork Military service emphasizes the value of… Read More

Dangerous W-2 Phishing Scam

Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal… Read More

Your Taxes and Choosing the Correct Filing Status

  When taxpayers file their tax return, it’s important they use the right filing status because it can affect the amount of tax they owe for the year. It may even determine if they must file a tax return at all. Taxpayers should keep in mind that their marital status on Dec. 31 is their… Read More

IRS Taxpayer Bill of Rights

Your Rights as a Taxpayer, highlights a list of taxpayer rights and the agency’s obligations to protect them. Here is a wrap-up of the Taxpayer Bill of Rights: The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of… Read More

New IRS Rules on Gambling Winnings

The IRS has released final regulations that simplify the reporting requirements for bingo, keno, and slot machine winnings. The final rules retain the reporting thresholds specified by proposed regulations issued in March 2015 $1,200 for slot machine and bingo winnings and $1,500 for keno winnings. In addition, the final regulations allow for an additional form… Read More

Police raids in India cut down IRS imposter calls

Over the last few years, we’ve warned about a lot of imposter scams. In one of the most common types, callers pretending to be from the IRS demand payments and threaten to arrest people. Last fall, we mentioned raids on illegal telemarketing operations by the police in India. After that, the US Department of Justice… Read More

Early detection signs signs that you may be a victim of tax-related identity theft

No matter how careful you are, identity thieves may be able to steal your personal information. And never be as careless as John Podesta, a former White House chief of staff and the chairman of Hillary Clinton’s 2016 U.S. presidential campaign.  He was negligent is a phishing email.  We’ve all gotten them before and will again…. Read More

1040 Stats the IRS sees that you don’t…

Cumulative 2016 Filing Season Information for Tax Returns Processed by the IRS Through May 26, 2016 [Money amounts are in thousands of dollars] Size of adjusted gross income (AGI) Number of returns Adjusted gross income Income tax after credits Percentage of AGI composed of capital gains (1) (2) (3) (4) Total ########     7,954,660,340    … Read More

Check out the Military Consumer Toolkit for tips on financial readiness, including how to use credit, deal with debt, and spot the latest scams and fraud.

Handy web site from USA.gov https://www.military.consumer.gov/toolkit   tools for important financial decisions for both you and your family. Knowing how to manage your money and be a smart consumer can help you stay on course.