Blog Archives

IRS: Home Office Deduction Often Overlooked by Small Business Owners

Regular Method The first option for calculating the Home Office Deduction is the Regular Method. This method requires computing the business use of the home by dividing the expenses of operating the home between personal and business use. Direct business

Posted in Do You Know, Retirement Plans, Small Business Needs, Tax deductible, Tax Planning and Deductions Tagged with:

Tax Time Guide: ‘Where’s My Refund?’ Tool Best Way to Check Tax Refund Status

OK, you filed your 2016 returns some time ago, so where the heck, you’re wondering, is the refund?  The IRS addresses the issue, reminding taxpayers “that while more than 90 percent of federal tax refunds are issued in 21 days

Posted in Boomer Retirement, Company Retirement Plans, Retirement Plans, Tax deductible, Tax Planning and Deductions Tagged with:

EXCESSIVE CLAIMS FOR BUSINESS CREDITS MAKES THE “DIRTY DOZEN” LIST OF TAX SCAMS

The Internal Revenue Service warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2017 filing season. Compiled annually, the “Dirty Dozen” lists a variety of common

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IRS “Dirty Dozen” Series of Tax Scams for 2017 Includes Return Preparer Fraud

The Internal Revenue Service warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. The vast majority of tax professionals provide honest, high-quality service. But there

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Remarks of IRS Commissioner John Koskinen on 2017 Filing Season Kickoff

Here are excerpts from remarks delivered Jan. 5 by the IRS Commissioner outlining “some important changes this year [and] a few key details about this year’s filing season. This year, the IRS will begin accepting electronically filed returns on January

Posted in News, Retirement Plans, Tax Planning and Deductions

Tax Preparedness Series: Tax Records — What to Keep

Admit it, you’ve wondered: just how long should you keep tax returns and other documents? The IRS addresses the question in their Tax Preparedness Series. Generally, it recommends keeping copies of tax returns and supporting documents at least three years.

Posted in Protect Your Family, Tax Planning and Deductions

Tax Preparedness Series: How to Avoid a Refund Delay

WASHINGTON – As tax filing season approaches, the Internal Revenue Service is reminding taxpayers about steps they can take now to ensure smooth processing of their 2016 tax return and avoid a delay in getting their tax refund next year.

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TIPS FOR THE 2017 TAX SEASON: MOVES TO MAKE

Currently, there is no shortage of articles on tax tips and preparations for the tax season, and one of the best we’ve read is by Judy O’Connor for bankrate.com. Here are several of her “savvy tips for tax-filing season.” Maximize retirement

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IRS Tax Preparedness Series: Donations May Cut Tax Bills

WASHINGTON — As tax filing season approaches, the Internal Revenue Service reminds taxpayers who give donations (money or goods) to a charity by Dec. 31, 2016 that they may be able to claim a deduction on their 2016 federal income

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Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

WASHINGTON — The Internal Revenue Service reminded employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15 A new federal law, aimed at making it easier

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