Tax Returns

You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars … or until Congress suddenly resurrects some expired tax breaks,
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Waiting until the last minute to pay your taxes can cost you if you are expecting a refund, since the government hangs on to your money and receives more interest on it. However, if you owe money to the government, that same principle applies to you. Why not wait until the last minute? There is
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Are you a procrastinator who waits until the very last moment to file your taxes? Thanks to Emancipation Day, the filing deadline is April 17, 2018, to file your taxes for the 2017 tax year. That gives you a few more days to consider last-minute ways to lower your taxes. Start by reviewing your possible
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In general, deducting pet expenses on your tax return can get you into hot water with the Internal Revenue Service (IRS). Usually pet expenses will not hold up should the IRS audit you. However, specific cases exist that allow you to take legitimate tax deductions for spending on your pet. Regardless of how you justify
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The Internal Revenue Service (IRS) budget has been cut by $900 million since 2010 and it now has 21,000 less employees than it did then, making IRS customer service challenging to say the least. The latest figures show that the IRS subjected 8.8 million taxpayers to “courtesy disconnects” through the 2015 tax-filing season that ended
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Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions,
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Some taxpayers love to test the IRS boundaries on allowable deductions. Consider the business owner who had his store burned down and tried to deduct the arsonist’s payment as a “consulting fee”, or the businessman who amortized the value of his own life and tried to deduct it as a business expense. While those efforts
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You’ve submitted tax forms for many years. How difficult can it be to submit them in retirement? It isn’t difficult – as long as you take into account basic changes that occur in retirement and the corresponding tax challenges. Fortunately, you can learn from those who have retired before you. We are happy to pass
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If you have done your homework leading into retirement, you probably already know that Social Security benefits may be subject to federal taxes under certain circumstances. Did you know that some states also impose taxes on Social Security? Currently there are thirteen states that impose at least some tax on the benefits of Social Security
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Computers and the Internet have become mainstays in virtually every area of American life in the 21st century. There are tremendous benefits and conveniences to this, of course, but there are also some downsides — such as the increased risk of identity theft that arises as we share more of our personal information online. In
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Your smartphone is probably full of fun apps, but we have one more app to add to help you deal with a painful task: your taxes. Did you know that the IRS has a free smartphone app to help taxpayers handle basic tax-related functions? They do, and it has been in existence since 2011. The
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The IRS recommends that you keep tax records for at least three years from the date you filed your original return, and longer for special situations. You may need copies of your tax returns for tasks like filing future years’ taxes, applying for a mortgage loan or student aid, or settling IRS inquiries. How to
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Formed in 2003, IRS Free File is the product of a partnership between the Internal Revenue Service and a group of twelve online tax software suppliers that form the Free File Alliance – including such familiar names as TaxSlayer and H&R Block. Free File was intended to increase electronic filing by making the process easier
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Congratulations! You have just been handed your first little bundle of joy in the hospital and have embarked on the long journey of parenthood. It is a trip full of joyful experiences that make the corresponding aggravations worthwhile, and it comes with many benefits — some of which are tax-related. You can look forward to
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The 2017 Tax Cuts and Jobs Act will bring significant changes to individual taxpayers, but states will also be affected by some of the law’s provisions. The limitation on deductions for state and local taxes has grabbed the most headlines, because by definition, it affects taxpayers in states with high property values and high taxes
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After weeks of negotiations between the House and the Senate, Congress finally passed tax legislation designed to lower taxes and stimulate the economy. President Trump signed the Tax Cuts and Jobs Act on Friday, December 22 – right before leaving for the Christmas holiday. As a homeowner, did this bill leave financial presents under your
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