April 15, 2019 has come and gone, but scam artists work year-round. By remembering these guiding principles, you can help yourself avoid tax season’s most common scams. Matthew Cochrane (TMFCochrane) Feb 8, 2019 at 6:07AM As peak tax season approaches, many Americans are gathering their tax documents and preparing for the effects — both good and bad — of the Tax Cuts and Jobs Act on their returns. […]
Divorcees can save on taxes — if they take this one step
Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET Mon, 26 Nov 2018 Updated 3:22 PM ET Mon, 26 Nov […]
9 awful things that could happen if you don’t pay your taxes
msn money ~ Maryalene LaPonsie You could get hit with penalties IRS penalties can include: Failure-to-file penalty: If you don’t file taxes, the IRS generally charges 5 percent of the amount owed for each month or part of a month that a return is late. Failure-to-pay penalty: If you file a return but don’t pay the taxes due, your penalty is generally 0.5 percent of your […]
The 10 Tax Law Changes Most Likely to Affect Your 2018 Personal Return
By Bill Bischoff, MarketWatch Almost all of the Tax Cuts and Jobs Act (TCJA) changes that will affect individual taxpayers kick in starting with their 2018 Form 1040. Here are the 10 changes that are most likely to affect your return. Lower Individual Rates Much bigger standard deductions but no more personal and dependent exemptions. New limits on deductions for state and local taxes. Read Full […]
Want a Tax Cut? Here’s How Much Typical Americans Saved in 2018
~ Dan Caplinger (TMFGalagan) Find out how middle-income taxpayers will benefit from tax reform — in most cases. Tax time is nearly upon us, and for once, taxpayers are actually looking forward to filing their 2018 returns. That’s because tax reform laws took effect for the 2018 tax year, and so people are naturally curious how much they’re going to save as a result of […]
IRS Forms 1099 Are Coming: Pay Attention To What You Receive
~ Robert W. Wood, Contributor Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever the forms come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off at the IRS. Read Full Story Here
It’s tax season — this is how email scammers are trying to fool you
~ Kari Paul, reporter for MarketWatch If the IRS is going to contact you, they’ll initiate contact with a paper letter in the mail, an IRS spokesperson confirmed to MarketWatch. The IRS will only call you in rare circumstances. “Tax season is prime phishing season for cybercriminals,” said Atif Mushtaq, chief executive officer of Pleasanton, Calif.-based security provider SlashNext. “Because email security tools have become […]
Be Tax Smart About Leaving Assets to Your Heirs
By ROGER A. YOUNG, CFP®, Senior Financial Planner | T. Rowe Price January 31, 2019 The way you withdraw money in retirement can affect the next generation’s tax burden. Sometimes it’s best to go against conventional wisdom when it comes to when to tap taxable, tax-deferred and tax-free retirement savings. So, you’ve planned well enough to be able to leave some money to your children […]
One big way to play the new tax law: Start an LLC
Small businesses may be able to snag a 20 percent deduction. You may get this break if your taxable income is below $157,500 if single or $315,000 if married. Entrepreneurs may push the envelope on the new tax law to maximize savings. Read Story from CNBC Here
Never open an email from the Internal Revenue Service
There is a current tax scam where fraudulent emails are being sent with the subject “tax transcripts”. Opening the email will cause your computer and network to be infected by malware. https://on.mktw.net/2R55oo8
IRS Watch
- An error has occurred, which probably means the feed is down. Try again later.