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Millions of taxpayers depend each year on tax deductions and tax credits to cut their annual tax bills.The main tax reduction strategy is claiming the standard or an itemized amount. Adjustments for the 2018 tax year to these tax write-offs were …
Tax deductions & credits affected in 2018 by inflationRead More
Where the heck has 2017 gone? Dec. 31 [is] the deadline for most moves that could affect this year's taxes.The Internal Revenue Service, however, has its eyes on November, which is just little more than a week away.The start of that 11th …
To err on tax returns is human. To forgive is Xtraordinary, and yes, the misspelling is intentional.Tax law lets us correct mistakes we make on our 1040s via another form, the 1040X.Most people file 1040X, which is known as amending your …
[Friday the 13th is] a terrible day if you're superstitious or suffer from paraskevidekatriaphobia. And making things even more frightening, the Internal Revenue Service has some terrifying news about tax scams.This week alone, the IRS has issued …
Friday the 13th alert: Beware these 13 tax ID theft scamsRead More
Based on Internal Revenue Service tax return filing data, it looks like around 7 million Americans have yet to submit their 2016 forms.They need to get busy. (Yes, I get to say they, not we, this year since I filed my 1040 this summer.) The …
10 filing tips for folks who got a Form 1040 tax extensionRead More
Human error, specifically one human's error, is why 145 million of us are worrying about what crooks will do with the data that was stolen earlier this year in a data breach of Equifax.Richard Smith, the credit reporting bureau's former CEO, in …
One thing is true when it comes to tax law changes. Some people win and some people lose.The big question as we await the Trump Administration's tax reform proposal is who will end up in which group.One segment seen as a potential big loser …
Expect tax reform fight to keep state and local deductionsRead More
It seems a bit too little, too late, but the Internal Revenue Service is continuing its efforts to make it harder for identity thieves to get their hands on our tax documents.The IRS this week (Sept. 20) published a notice on its proposed …
IRS wants to cut off crooks’ tax info access by truncating Social Security numbers on W-2sRead More
One of the major drivers of the latest federal tax reform effort is the corporate tax rate.The Trump Administration is still pushing for a 15 percent corporate tax rate, the White House's budget director, Mick Mulvaney, told CNBC last …
Most of the time, younger — and that's definitely a relative term — folk think of grandparents as ancient. In many cases, elderly grandparents (and parents) do need some help, physically and financially, from their children or grandchildren. If …
Tax-advantaged ways grandparents can give to grandchildrenRead More
Maybe you didn't think the hurricane's flood waters would reach your neighborhood. Or maybe you just never kept copies, either paper or digital, of your financial and tax records.Now, however, you find you're among the millions dealing with …
Reconstructing tax & other records after a natural disasterRead More
Among the things to think about as fall nears is, of course, taxes.Here are four quick tax tasks to consider this month. Source: 4 tax moves to make in September 2017 …