Taxes

How the Tax Cuts and Jobs Act Tax Affects Itemized Deductions

Due to the TCJA or recent tax reform, in addition to nearly doubling standard deductions, several itemized deductions that can be claimed on Schedule A, Itemized Deductions have changed. Many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Here are some of the changes to Schedule A for […]

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Has Your Personal Information Been Stolen?

As tax professionals, we most likely have more firewalls and tools in place than individuals to protect the information residing on our servers.  We are constantly checking to see if any breach has occurred and take steps to prevent any such breach. Many individuals prepare their own income taxes using any one of the various […]

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Attention Retirees

You have worked hard and have now retired.  You receive pension and/or annuity benefits, have taxes withheld and all is well when you file your income taxes.  True – well, maybe in the past, but perhaps not in the future due to changes to income tax by way of the Tax Cuts and Jobs Act […]

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Avoid Penalty for Underpayment of Taxes

So, as much as we grumble and grouse about paying taxes, imagine how you would feel if you received a notice from the IRS that you were assessed a penalty for underpayment of taxes. If we are employed as W-2 employees, taxes are routinely withheld from paychecks.  But, that only takes into consideration taxes on […]

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Paycheck Checkup

Like most working Americans, when we start a new job, we complete a Form W-4 to direct our payroll withholdings for federal income taxes.  Unless we have a life-changing event such as marriage or children, we don’t give it another thought about our withholdings.  We become complacent with whatever the bottom line is on our […]

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Tax Return Copies and Transcripts

The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or […]

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Did You Get A Letter Or Notice From The IRS?

First of all, DON’T panic until you read the letter or notice. Every year, the IRS sends millions of notices and letters to taxpayers, and some of them, believe it or not, are benign. Next, you should IMMEDIATELY forward the letter/notice to your tax preparer.  They are much more accustomed to these notices/letters and can […]

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Let’s Not Go Phishing

Sadly, the internet has brought new found problems as well as the tremendous benefits proven over the years.  With regard to the IRS, there are everyday challenges to protect taxpayers and their sensitive data.  You’ve heard it before, but the information in this blog bears repeating. In their attempt to avoid theft of taxpayer information […]

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Do You Need To Amend Your Income Tax Return?

So tax season is over and you have filed your returns.  You are finished with taxes for yet another year.  Yippee! That is until you go to your mailbox and find a corrected income tax statement.  A financial institution discovered an error in what was previously reported and the numbers have changed.  So now what […]

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Conclusion – Taxpayer Bill of Rights

We have addressed the first seven Rights that taxpayers have according to the Taxpayer Bill of Rights.  As we conclude this mini-series, we will look at the final three Rights. THE RIGHT TO CONFIDENTIALITY.  Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by […]

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