Should You Obtain An IP PIN?

An IP PIN, you ask – what is it?  Well, it is an Identity Protection PIN which prevents the filing of a tax return using your Social Security Number by someone other than you.  These PINs have been around for several years but were issued only when someone had fraudulent activity on their account or […]

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IRS Urges Caution With Email, Social Media And Phones

The Internal Revenue Service continues in its fight against cyber criminals and is constantly finding new ways that these criminals are obtaining information.  There is no limit to the means in which crimes can occur.  Whether through a telephone call, text message or email, the con artist tries to convince the recipient that they need […]

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Income Tax Extension Deadline Is Nearing. Are Your Taxes Filed?

If you didn’t file your income taxes by May 17, 2021, and requested an extension, October 15, 2021 will be here before you know it.  If you haven’t filed your 2020 taxes yet, time is running out for the filing of returns and payment of taxes owing – although getting an extension was not an […]

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IRS Tax Return Processing Update

The IRS National Taxpayer Advocate Service recently released the mid-year report to Congress.  Here are a couple of the highlights of the report which you may find interesting: During the 2021 tax filing season, the IRS processed 136 million individual income tax returns and issued 96 million refunds totaling about $270 billion. In addition to […]

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Estimated Income Tax Payments

When you file your individual income tax return, do you usually owe taxes?  If you do, then this is an indication that you are either not having the proper withholdings from your paycheck OR if you do not receive a W-2 for income, then you should be making estimated payments. What is the consequence if […]

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Good Information That Bears Repeating

We seem to be inundated with information to the extent that we can be overwhelmed.  What should we pay attention to? What isn’t relevant to our situation? Is the information being provided valid and authentic?  So, what should we do?  First of all, be cautious on the source of the information.  Is it from a […]

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Love Notes from the IRS

This year, tax season was extended to May 17, 2021; an extra month to file those Forms 1040 or to request an extension to file.  You may have timely filed the Form 1040 or Form 4868 for an extension, but you receive a notice from the IRS about your return not being filed timely or […]

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Paying the Right Amount of Taxes

Take a look at your paystub and you realize the amount of taxes that are being withheld from your pay.  It can be disheartening, but that is the way we pay our taxes if we are employed.  If you don’t get a paycheck with withholdings, then you may be required to make estimated payments throughout […]

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Safe Deposit Boxes

Do you have a safe deposit box?  If so, do you know what is in it?  Do you need it?  In my years of estate administrations, I have seen safe deposit boxes containing very valuable items such as jewelry, coins, silver and cash all the way to empty utility envelopes and the “stuffers” that we […]

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Saying “I DO”

You or someone you know is planning or has taken the step to say “I DO”.  Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.  And the effect happens long before you file your first “Married, filing jointly” income tax return.  Here […]

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