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Reviewing tax credits and deductions now helps set taxpayers up for success at tax time

Most people probably only think about tax credits and deductions when they’re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of...

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  • December 1, 2022

Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible. Donations to charities...

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  • November 18, 2022

Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity

WASHINGTON —The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans...

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  • November 17, 2022

Taxpayers should stay on top of taxes all year to avoid a surprise tax bill

The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or...

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  • October 18, 2022

IRS sending letters to over 9 million potentially eligible families who did not claim stimulus payments, EITC, Child Tax Credit and other benefits; Free File to stay open until Nov. 17

WASHINGTON – Starting this week, the Internal Revenue Service is sending letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a...

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  • October 17, 2022

People who still haven’t filed a 2021 tax return should file electronically to avoid these common mistakes

Summer is winding down and the filing deadline for people who requested an extension is quickly approaching. Everyone who still needs to file a 2021 tax return should do so as soon as possible. Don’t wait until the deadline...

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  • September 14, 2022

$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible...

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  • September 13, 2022

Help wanted? Businesses that are hiring should know about the work opportunity tax credit

Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The...

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  • September 7, 2022

IRS: Sept. 15 is the deadline for third quarter estimated tax payments

WASHINGTON – The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2022. Taxpayers not subject to withholding, such as those who are self-employed, investors or retirees,...

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  • September 6, 2022

IRS Provides Update on Unprocessed Returns

As of Aug. 19, the IRS had 8.7 million unprocessed individual tax returns that were submitted in 2022, but continues to open mail within its normal timeframes, according to an update posted to the IRS’s website Aug. 29. The...

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  • September 2, 2022

Understanding federal tax obligations during Chapter 13 bankruptcy

Bankruptcy is a last resort for taxpayers to get out of debts. For individuals, the most common type of bankruptcy is a Chapter 13. This section of the bankruptcy law allows individuals and small business owners in financial difficulty...

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  • August 30, 2022

Understanding taxpayer rights: Every taxpayer has the right to privacy

The privacy of America’s taxpayers is paramount at the IRS. The right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination, or...

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  • August 18, 2022

Tax Court Offers Relief to Innocent Spouse

by Ken Berry When clients file a joint tax return with their spouse, they are “jointly and severally” liable for the tax payments. This means that the IRS can come after either one of them, or both, if they owe...

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  • August 17, 2022

Taxpayers should be sure to have all their info before going to a tax pro

Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to prepare their return is critical...

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  • August 16, 2022

College students should study up on these two tax credits

Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education...

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  • August 15, 2022

Tax Court Approves Vehicle Deductions for Side Gig

by Ken Berry Do you client have a “side hustle” going on in addition to your full-time job? If you qualify, you may deduct certain expenses incurred by the self-employed business, including costs attributable to your vehicle. The recent...

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  • August 12, 2022

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022

WASHINGTON – As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax...

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  • August 11, 2022

Some things to know about crowdfunding and taxes

Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable. Some money raised through...

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  • August 9, 2022

People without a filing requirement may miss out on a refund if they don’t file a 2021 tax return

Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022...

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  • July 26, 2022

IRAs are one tool in the retirement planning toolbox

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with...

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  • July 18, 2022