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IRS

This information is from the IRS website.

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Deducting Disaster Losses: 10 Tips Taxpayers Should Know

Posted by IRS on Tue, Aug 22, 2017

As we enter the height of hurricane season here on the Atlantic Coast, it's a good time to review what losses can and can't be deducted in the case of a natural disaster.

If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.

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Topics: Individual tax planning

IRS Warns Taxpayers of New Scam Involving Phony Certified Letters

Posted by IRS on Tue, Jun 20, 2017

The IRS last week issued a warning about a new nationwide phone scam involving phony certified letters.

The fraud attempts involve phone calls where the caller claims to be from the IRS and tells the victim about two certified letters sent to them in the mail but returned as undeliverable. The caller then threatens arrest if a payment is not made through a prepaid debit card they claim is linked to the Electronic Federal Tax Payment System, or EFTPS.

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Taxes Won’t be Done by April? The Easy Way to get an Extension

Posted by IRS on Thu, Mar 23, 2017

Don’t think you can get your taxes done by April 18? Even the IRS says not to worry.

The Internal Revenue Service reminded taxpayers this week that if they are unable to file their tax returns by this year’s April 18 deadline there is an easy, online option to get more time to complete their return.

Taxpayers who need more time to complete their return can request an automatic six-month extension. An extension allows for extra time to gather, prepare and file paperwork with the IRS, however, it does not extend the time to pay any tax due.

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Topics: Individual tax planning

IRS Warns Businesses About W-2 Email Scam

Posted by IRS on Fri, Jan 27, 2017

The IRS, along with state tax authorities and the tax preparation industry, is warning businesses of an email phishing scam using a corporate officer’s name asking for employee W-2 forms from payroll and human resources departments at companies.

The IRS said Wednesday it has been hearing complaints this week the email scam is making its way across the country for a second time. The IRS urges company payroll officials to double check any executive-level or unusual requests for lists of Forms W-2 or Social Security number.

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2017 Tax Season to Start; IRS Warns of Some Delays

Posted by IRS on Thu, Jan 19, 2017

With the 2017 tax season opening Monday, Jan. 23, the IRS is warning taxpayers claiming certain tax credits to expect a longer wait for refunds.

A new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15.

“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said in a press release.

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Topics: Individual tax planning

IRS Warns Taxpayers of Numerous Tax Scams Nationwide – See the Most Recent Schemes

Posted by IRS on Tue, Dec 13, 2016

As tax season approaches, the IRS is warning taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud.

Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and on-line. The IRS and Security Summit partners remind taxpayers to be on the lookout for these deceptive schemes.

“Whether it's during the holidays or the approach of tax season, scam artists look for ways to use tax agencies and the tax industry to trick and confuse people,” IRS Commissioner John Koskinen said in an announcement last week.

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How Selling Your Home Can Impact Your Taxes

Posted by IRS on Tue, Sep 27, 2016

Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain.

Here are 10 tips from the IRS to keep in mind if you sell your home this year:

  1. Exclusion of Gain: You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the eligibility test. Parts of the test involve your ownership and use of the home. You must have owned and used it as your main home for at least two out of the five years before the date of sale.
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Topics: Individual tax planning

Are You an Airbnb or VRBO Landlord? What You Need to Know for Tax Time

Posted by IRS on Tue, Sep 6, 2016

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return.

You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tax tips from the IRS you should know:

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Topics: Individual tax planning

IRS Warns about 'Federal Student Tax' and Other Back-to-School Scams

Posted by IRS on Thu, Sep 1, 2016

The IRS is warning taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”

People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the nation prepare to re-open, it is important for taxpayers to be particularly aware of this scheme going after students and parents.

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Educational Tax Credits in Time for Back to College

Posted by IRS on Tue, Aug 23, 2016

If you pay for college for your child or yourself this year, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S.

Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of tax you owe, but only the AOTC is partially refundable.

Here are a few things you should know about education credits from the IRS: 

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Topics: Individual tax planning

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