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Archive for the ‘Tax Advice’ Category

When Should You Expect an IRS Notice?

June 29, 2016  |   Tax Advice   |   Tags: , , , ,  

While the sun may have set on tax season, you may have a nagging feeling that you overlooked something important when you filed your return. You may be inclined to dismiss this feeling, assuming that the IRS would have immediately notified you of any problem with your taxes. There’s a chance, though, that you’ll be informed of a tax issue long after you filed. When You’re Notified In some cases, the IRS will send out prompt notice ...

Are You Earning Unusual Income This Year?

This year might be like any other, as you bring in the usual wages from your employer(s), without any additional income to speak of. However, there is a chance that before the year is out, you’ll enjoy an unexpected windfall. If this is the case, it’s critical to understand how this can affect your tax return next year – and, ultimately, how much you may have to pay in. Extra Work

IRS Determines Winners in Website Revamp Competition

Last week, the IRS announced a handful of winners in a recent public competition to reimagine the collection agency’s website. Participants submitted a series of proposed changes to enhance various aspects of the IRS’ online platform. Tax-News.com shares the details: “The US Internal Revenue Service (IRS) has announced the winners of the ‘Tax Design Challenge,’ its first crowdsourcing competition to construct a future web page design for ...

Are You Currently Not Collectible?

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too ...

IRS Failed to Help All Taxpayers Affected by ‘Get Transcript’ Breach

‘Get Transcript’ is an online service by the IRS that allows taxpayers access to the transcripts of their tax returns. A security breach of ‘Get Transcript’ in May, 2015 enabled cyber thieves to steal the sensitive information of close to four hundred thousand taxpayers. Following this, the IRS re-launched the service this July with additional security. To add to the IRS’ woes, shortly after the re-launch, the Treasury Inspector General for the Tax Administration released ...

Deducting Business Expenses

A business can deduct a variety of ordinary and necessary expenses to bring down its tax liability. An ordinary expense is a common expense in your type of business. For example, expenses on files and papers are ordinary expenses in a publishing business. A necessary expense is one that is helpful and appropriate based on the work being completed. Generally, you can deduct the full amount ...

IRS Warns Taxpayers about ‘Federal Student Tax’ Scam

The newest tax scam that people may encounter is about a fictitious tax: the federal student tax. No such tax exists. However, scammers are deceiving taxpayers into paying it. The Internal Revenue Service has issued a warning about the ‘federal student tax’ scam where scammers pretend to be the IRS and make bogus phone calls to taxpayers, demanding payment of this fake tax. Forbes shares: “The ...

Rental Income and Taxes

If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...

Marijuana Industry Could Bring in $28 Billion a Year: Study

The legalization of marijuana has benefited people struggling with illnesses, not to mention the government. The marijuana industry may ultimately generate up to $28 billion in tax revenue for the federal, state and local governments, a study from the Tax Foundation reveals. The states that have legalized marijuana are already reaping some tax benefits. Alaska, Colorado, Oregon, and Washington have legalized the use of both recreational and ...

What is FBAR and Do I Have to File One?

You might be required to file the Report of Foreign Bank and Financial Accounts (FBAR) if you have funds in a foreign financial institution. Any U.S. person (explained below) having a bank account, brokerage account, mutual fund, trust, or any other kind of foreign financial account is required to file an FBAR, if the funds exceed a certain threshold. The FBAR can be filed electronically with the Department of Treasury every year. Do You Need to ...