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IRS Warns Employers and Taxpayers of Form W-2 Scam
The Form W-2 scamming continues for the third year in a row. As the Internal Revenue Service (IRS) gears up for tax season, they not only feel the need to warn taxpayers of phishing scams, but employers as well. In recent years, cybercriminals have targeted companies...
Homeowners in Des Moines Rush to pay Property Taxes
In Des Moines, Iowa, homeowners are rushing to pay their property taxes for next year due to the limitation of $10,000 in property tax deduction placed by Congress. The property tax deductions maximum of $10,000 is motivating people to begin paying little by little so...
Experts Say Tax Plan Is Filled With Glitches
The newly formulated tax plan (upon being signed into law) is potent enough to cause disruption in the long run as it is full of glitches and many other issues. There can be misutilization of certain provisions that have been created to reduce the taxes, specifically...
How Increased Standard Mileage Rates Can Affect Your Taxes
Taxpayers have received the Internal Revenue Service’s 2018 optional standard mileage rates, which they can use to deduct from their taxes. If you didn’t know, any driving that has business, medical, or charity ties can be deducted from annual tax filings according to...
How The GOP Tax Plan Will Hit Your Wallet
The new tax bill comprising 500 pages has a lot of variables, is on its way to be signed by President Donald Trump. There are certain significant provisions in the bill that would define the amount of tax one has to pay, ranging from his residential location to his...
Online Shopping Tips to Keep Your Information Safe During the Holidays
As holiday sales start to roll out, we’re all tempted to avoid the bustle at our local mall and shop from the comfort of our own homes. If you plan on shopping online anytime during the holiday season, then you may be more prone to identity theft. Shoppers are more...
Paul Ryan Says That Every Income Group Will Get a Tax Cut Under the GOP Tax Reform Bill
“Every income group on average gets a tax cut,” says Wisconsin congressman and House Speaker Paul Ryan at a Herndon, Virginia, town hall hosted by Martha MacCallum and Bret Bauer. He said this in an attempt to reassure taxpayers who are worried that their taxes will...
Senate’s GOP Tax Reform Bill Seeks Repeal of Obamacare
The Republican tax reform bill being proposed by the GOP will call for a repeal of the individual mandate of Obamacare that requires most Americans to have health insurance or receive penalties, said GOP leaders on Tuesday. This means that, once again this year,...
IRS Releases Rules For Tax Filing
The IRS has released tips and rules all applicants must follow when filing their taxes. Because of the continuing confusion regarding tax filing, both manually and digitally, it is recommended to use the IRS e-file, or Free File, on their official website, IRS.gov. It...
St. Clair County Council Votes To Raise Property Taxes
In a case of a false-positive in local politicking, the St. Clair County council have voted to take a pay cut on a pension coming from the state’s Municipal Retirement Fund while also voting to raise property taxes. The former vote helps prevent elected members from...
IRS Offers Tax Relief to Puerto Rico and Virgin Islands
In the aftermath of the horrific hurricane strikes from Irma and Maria, the Internal Revenue Service (IRS) has issued a specialized declaration to help give relief to all residents in Puerto Rico and the Virgin Islands. Puerto Rico was listed as a disaster area by the...
Chicago To Raise Taxes On Uber & Lyft
Having seen a loss of $40 million in public transportation revenue, Chicago Mayor Rahm Emanuel has presented a plan on raising taxes on non-public transportation services, namely Uber and Lyft. Despite improvement in cab drivers’ pay and minor increase of fees against...
Equifax Confirms Security Incident
Credit reporting agency Equifax has confirmed that they suffered a cyberattack prior to the attack that took place in September. It is thought that the hackers have gained access to months’ worth of consumer information. The company is thought to have exposed the...
IRS Announces Disaster Tax Relief for all Georgia Residents
The Internal Revenue Service (IRS) has announced that all victims of Hurricane Irma throughout Georgia will have until January 31st, 2018 to file specific business and individual tax returns as well as making particular tax payments. Having already granted the same...
Why Different Companies Pay Different Taxes
Corporate tax is defined as “an assessment levied by a government on the profits of a company. The rate of corporate income tax paid by a business varies between countries, although since corporations are legal entities distinct from their owners and operators, they...
The Ultimate Guide to Understanding Tax Forms
It may seem like the Internal Revenue Service (IRS) is always asking for a ton of paperwork, but understanding which to complete and submit to them shouldn’t take too much time. You’ll definitely want to know the difference between a 1040, 1040A and 1040EZ …...
Protecting Yourself from Identity Theft
The Internal Revenue Service is just as frustrated with attempts at identity theft as taxpayers are. They’ve joined forces with the states and tax industry to verify the identity of taxpayers and the validity of tax returns through the “Taxes. Security. Together.”...
Filing Vehicle Charges on Your Taxes
Writing off your vehicle on your taxes might sounds simple, but like anything else regarding the IRS, there are specifics that must be addressed. If done accurately, itemizing your vehicle expenses can result in a portion of a lease payment being used as a business...
Requesting Penalty Abatement
Are your penalties for failing to file a tax return, not paying on time, and/or to depositing taxes when due piling up? Read on to learn how you can reduce or completely eliminate those costs. If such penalties exist on your file, the Internal Revenue Service (IRS)...
How to Deduct Home Office Expenses
When it comes to deducting expenses for small business owners who work from home, the Internal Revenue Service (IRS) has two methods for Home Office Deduction: regular and simplified. According to the regular method, you would have to calculate the usage of your home...
IRS Office Offers Virtual Appeal Option
Many Americans are going through the Internal Revenue Service (IRS) Appeals process. Often times the Appeals offices are located far from the Taxpayer’s home. So, the IRS has an option to conduct the conference by telephone. But, this is not the ideal option for those...
How Small Business Owners Can Prepare For Tax Season
As Founder and CEO of your business, you have enough to worry about when trying to make sure all day-to-day tasks are taken care of, but you must also think ahead. Don’t feel sideswiped by tax season ... We have a few tips to keep you organized until it’s time to file...
Dealing With Wage Garnishment
Garnishment is defined as a legal procedure by which a creditor can collect what a debtor owes. It is usually the result of a court order which initiates the process of deducting money from an employee's monetary compensation - including salary and wages. Wage...
Tax Tips to Get You Through the Summer
The weather is getting warmer, days longer and vacation costs are adding up which means summer is here! While it’s a great time to relax, taxpayers should also make sure they have their expenses under control and take a moment to get organized, in order to avoid tax...
Handling a Letter or Notice from the IRS
The Internal Revenue Service (IRS) offers some great advice on handling a letter or notice from them. The main takeaway is that whether or not you agree with the contents of the letter, you should stay calm and respond in a timely fashion. If you are unsure about...
Deadline to File for Taxpayers Abroad Rapidly Approaches
If you live or work abroad, today (June 15) is the last day to file your federal income tax return for 2016. This includes those with dual citizenship. You can digitally request an extension if you can’t meet the deadline. The extension is granted to those who attach...
Scam Alert: Taxpayers Beware
It was recently brought to our attention that scammers are still on the hunt … this time asking taxpayers for 8821 and 2848 forms. Prior to releasing such documents, which authorizes the release of your tax information and the power of attorney (POA) and declaration...
What To Do If Your Spouse Owes Back Taxes
Your spouse owing money back on taxes could cause significant tax problems. You can fix the situation by changing the number of exemptions when filing, utilizing the innocent spouse or injured spouse option or by filing separately. How do you know if you qualify for...
How to Identify IRS Scammers
Here’s what you should know in order to avoid falling for the fake trap set by potential scammers who claim they are from the Internal Revenue Service (IRS): When requesting information, the IRS would never initiate contact with taxpayers by email, text messages or...
Write Off Business or Personal Trips on Your Taxes
With summer just around the corner, it’s time to start thinking about a much needed vacation. It might sound too good to be true when you know work will just keep piling up, but what if you knew how to use the trip as a tax write off, without facing tax problems?...