Tax Tip – Itemize or Choose the Standard Deduction

Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS offers the following six tips to help taxpayers… Read More

No Dependency Exemption for Grandmother Who Supported Grandchildren:

The taxpayer provided financial and household support to her grandchildren because their father (her son) was an unemployed drug addict. She claimed the grandchildren as dependents on her tax return after being assured by her son that he wouldn’t claim them. On audit, the taxpayer’s dependency exemptions for the grandchildren were disallowed because they had… Read More

6 Tax Tips for the Self-Employed

It’s called “beat the FICA tax game” Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed… Read More

Five Things to Know About the Child Tax Credit

  The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, a qualifying child must pass several… Read More

Fake Charities on the IRS “Dirty Dozen” List of Tax Scams for 2017

The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” Tax Scams for the 2017 filing season. “Fake charities set up by scam artists to steal your money or personal information are a recurring problem,” said IRS Commissioner John Koskinen. “Taxpayers… Read More

Choose your tax return preparer carefully

The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. The vast majority of tax professionals provide honest, high-quality service. But there are some dishonest preparers who set up shop each filing season to perpetrate refund… Read More

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