Taxes

What’s New To Consider When Filing Your 2020 Income Taxes

Looking for highlights of items to keep in mind for your 2020 income taxes and the changes that could impact you?  The IRS has a special page on IRS.gov that outlines many tips and explanations about returns for 2020.       Here are some of the highlights to remember: If you received a Recovery Rebate Credit/Economic […]

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A New Year and It’s Time To Think Taxes

Finally, 2020 is in the rearview mirror and we are all looking forward to a healthier 2021 around the globe.  And, as we look forward, we all have income taxes to look forward to.  So, what can you do NOW to ease the overwhelming feeling when you start the process?  Here are some helpful tips: […]

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Don’t Forget The Special Income Tax Deductions For 2020

Do you think that there are no holiday gifts when it comes to income taxes?  If you said no, then read on.  I know that I did a similar blog, but this will provide a reminder as we near the end of the year if you haven’t already made donations. For this year, 2020, there […]

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2020 Charitable Contributions for Income Tax Purposes

What a year this has been.  So many events never dealt with.  And, as we approach the end of the year, perhaps you are thinking about charities that you have or would like to support but feel that because you don’t itemize deductions on your personal income tax returns, you don’t get the benefit of […]

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What Should You Do If You Get A Letter Or Notice From The IRS

The IRS mails letters or notices to taxpayers for many different reasons.  Other than panicking, what should you do if you receive such a notice?    Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice […]

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Are You One of the 13.9 Million Americans to Receive IRS Tax Refund Interest?

If you had an overpayment on your 2019 federal income tax return, you may be receiving interest on the overpayment.  Interest payments, averaging about $18, have been made to individual taxpayers who filed a 2019 return by this year’s July 15 deadline and either received a refund in the past three months or will receive […]

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Death Taxes

Death taxes are commonly referred to as INHERITANCE tax or ESTATE tax.  Some states have both, some states have neither and some states have one or the other.  For Federal purposes, there is only estate taxes to be concerned with.  If you become subject to Federal Estate Tax, that means that you have a gross […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 4

Fake Payments with Repayment Demands: Criminals are always finding new ways to trick taxpayers into believing their scam including putting a bogus refund into the taxpayer’s actual bank account. Here’s how the scam works: A con artist steals or obtains a taxpayer’s personal data including Social Security number or Individual Taxpayer Identification Number (ITIN) and […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 3

Scams targeting non-English speakers: IRS impersonators and other scammers also target groups with limited English proficiency. These scams are often threatening in nature. Some scams also target those potentially receiving an Economic Impact Payment and request personal or financial information from the taxpayer. Phone scams pose a major threat to people with limited access to […]

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IRS Unveils ‘Dirty Dozen’ List of Tax Scams For 2020 – Part 2

This week we continue our IRS Dirty Dozen list of tax scams. Social Media Scams: Taxpayers need to protect themselves against social media scams, which frequently use events like COVID-19 to try tricking people. Social media enables anyone to share information with anyone else on the Internet. Scammers use that information as ammunition for a […]

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