Deadline nears for combat-injured vets to claim tax refunds of up to $3,200

The Internal Revenue Service is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund. Veterans should take action soon if they received a notice (letters 6060-A and 6060-D) and have not already filed Form 1040-X, Amended [...]

By |2019-07-15T11:22:19-08:00July 16th, 2019|Finance|Comments Off on Deadline nears for combat-injured vets to claim tax refunds of up to $3,200

Can divorce or separation effect your taxes?

Are you recently separated or planning to divorce? Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file [...]

By |2019-07-08T15:00:52-08:00July 9th, 2019|Finance|Comments Off on Can divorce or separation effect your taxes?

IRS tax forum: up-to-date info on cybersecurity, ethics for tax pros

Tax professionals interested in attending the IRS Nationwide Tax Forum in Chicago, July 23-25, to learn cutting-edge information on tax reform, cybersecurity and more can save by registering now. IRS Commissioner Chuck Rettig will be the keynote speaker. Enrolled agents, certified public accountants, certified financial planners, Annual Filing Season Program [...]

By |2019-07-07T14:00:24-08:00July 2nd, 2019|Finance|Comments Off on IRS tax forum: up-to-date info on cybersecurity, ethics for tax pros

Members of the armed forces are entitled to certain tax benefits

Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe or allow them more time to file and pay their [...]

By |2019-07-07T14:02:05-08:00June 25th, 2019|Finance|Comments Off on Members of the armed forces are entitled to certain tax benefits

IRS issues global intangible low-taxed income news

The Treasury Department and the Internal Revenue Service recently issued final and proposed regulations concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner, and the treatment of income of a controlled [...]

By |2019-07-07T14:04:11-08:00June 18th, 2019|Finance|Comments Off on IRS issues global intangible low-taxed income news

$38 billion decrease in credit card debt in Q1 + results by city

Personal-finance website WalletHub released its latest Credit Card Debt Study, which found that consumers paid off $38 billion of their roughly $1 trillion in credit card debt during the first quarter of 2019. Given that this year’s first-quarter paydown was smaller than last year’s, WalletHub now projects a $70 billion [...]

By |2019-07-07T14:05:01-08:00June 13th, 2019|Finance|Comments Off on $38 billion decrease in credit card debt in Q1 + results by city

June 17 is next deadline for those who pay estimated taxes

The Internal Revenue Service reminds taxpayers who pay estimated taxes Monday, June 17, is the deadline for the second estimated tax payment for 2019. Examples of those who may need to pay quarterly estimated taxes include self-employed individuals, retirees, investors, and some individuals involved in the sharing economy, among others. [...]

By |2019-07-07T14:05:53-08:00June 11th, 2019|Finance|Comments Off on June 17 is next deadline for those who pay estimated taxes

Taxpayers should include tax plans in wedding plans

Couples who are getting married this year already know there are plenty of big and small details when planning a wedding. Along with the dress, cake, guest list and gift registry, their first tax return as a married couple should also be on their checklist. The IRS has tips and [...]

By |2019-06-02T10:49:57-08:00June 4th, 2019|Finance|Comments Off on Taxpayers should include tax plans in wedding plans

Tax tips for teens working a summer job

With summer around the corner, many students will turn their attention to making money by working a summer job. Whether it’s flipping burgers, waitressing, or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes. Not all the money they earn will make [...]

By |2019-05-27T10:00:42-08:00May 28th, 2019|Finance|Comments Off on Tax tips for teens working a summer job

IRS releases ‘Data Book’ for 2018 showcasing range of tax data

For those interested in stats and numbers the Internal Revenue Service has released its 2018 IRS Data Book which looks at agency's activities for the fiscal year. The 2018 IRS Data Book shows activities conducted by the IRS from Oct. 1, 2017, to Sept. 30, 2018, and includes information about [...]

By |2019-05-20T13:08:38-08:00May 21st, 2019|Finance|Comments Off on IRS releases ‘Data Book’ for 2018 showcasing range of tax data