by bjenkinsone in Newsletter on Jul. 25, 2017
Taxpayers Should Review Their Withholding; Avoid Having Too Much or Too Little Federal Income Tax Withheld
WASHINGTON — The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe in 2018.
Reviewing the amount of taxes withheld can help taxpayers avoid having too much or too little federal income tax .
by bjenkinsone in Newsletter on Jun. 26, 2017
IRS Cautions Taxpayers to Watch for Summertime Scams
WASHINGTON – The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.
“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS .
by bjenkinsone in Newsletter on Jun. 5, 2017
Eight Tips for Deducting Charitable Contributions
Charitable contributions made to qualified organizations may help lower your tax bill. The IRS has put together the following eight tips to help ensure your contributions pay off on your tax return.
1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates. See IRS .
by bjenkinsone in Newsletter on May. 1, 2017
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 taking cash out of a retirement plan before the taxpayer is 59½ years .
by bjenkinsone in Newsletter on Feb. 28, 2017
Get Credit for Making a Home Energy Efficient
Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits:
Non-Business Energy Property Credit
- Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items added to a taxpayer’s main home last year. Qualified improvements include adding insulation, .
by bjenkinsone in Newsletter on Feb. 9, 2017
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 taking cash out of a retirement plan before the taxpayer is 59½ years .
by bjenkinsone in Newsletter on Jan. 5, 2017
All Employers: Give your employees their copies of Form W-2 for 2016 by January 31, 2017.
All Businesses: Give annual information statements to recipients of certain payments you made during 2016.
NOTE: W2’s for employees and 1099’s for workers who are not considered employees now must be filed with the IRS by January 31, 2017. This due date used to be February 28th. Penalties will accrue if not filed on time.
by bjenkinsone in Newsletter on Jan. 3, 2017
IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft
No matter how careful you are, identity thieves may be able to steal your personal information. If this happens, thieves try to turn that data quickly into cash by filing fraudulent tax returns.
The IRS, state tax agencies and the nation’s tax industry ask for your help in their effort to combat identity theft and fraudulent returns. Working in partnership with .
by bjenkinsone in Newsletter on Dec. 7, 2016
Tax Preparedness Series: Tax Records – What to Keep
WASHINGTON – As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents.
Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file .
by bjenkinsone in Newsletter on Oct. 28, 2016
IRS and Security Summit Partners Warn of Fake Tax Bills
The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.
The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the .