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A Parent Cannot Be a Noncustodial Parent if He Lives With the Custodial Parent

A taxpayer married. Their relationship was described as “on-again, off-again.” At some point, the taxpayer and his wife were again separated and undergoing divorce proceedings. On his tax return, the taxpayer claimed a dependency exemption deduction for his children, earned income tax credit, the child tax credit, and the head of household filing status. The […]

2017 Standard Mileage Rate:

Business rate per mile                              $0.53 Medical and moving rate per mile         $0.17 Charitable rate per mile                            $0.14 Depreciation rate per mile                        $0.25   Vehicle Expenses and Office in Home: In general, the cost of commuting from home […]

Market Reform and HRAs

HRA: A health reimbursement arrangement (HRA) is an employer sponsored plan that reimburses the cost of qualified medical expenses incurred by the employee. Similar to n accountable plan, the employee submits receipts to the employer for proof of medical costs, and the employer reimburses the employee for such costs up to a maximum dollar amount […]

Is It Really The IRS At Your Door?

The Internal Revenue Service has created a special new page on IRS.gov to help taxpayers determine if a person visiting their home or place of business claiming to be from the IRS is legitimate or an imposter.   IRS employees do make official, unannounced, visits to taxpayers as part of their routine casework. Visits usually […]

Last Minute Tips

Need more time to pay taxes? All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Here are four tips for those who can’t pay their taxes in full by due date: File on time and pay as much as […]

Nine Common Filing Errors to Avoid:

1.Missing or Inaccurate Social Security Numbers 2.Misspelled Names 3.Filing Status Errors 4.Math Mistakes 5.Errors in Figuring Tax Credits or Deductions 6.Incorrect Bank Account Numbers 7.Forms Not Signed 8.Electronic Filing PIN Errors 9.Filing with an expired ITIN

Tips for Selecting a Tax Professional

Here are some basic tips to keep in mind when selecting a tax professional: Select an ethical preparer. Taxpayers entrust vital personal data with the person preparing their tax return, including income, investments and Social Security numbers. Review the tax return and ask questions before signing. Taxpayers are legally responsible for what’s on their tax […]

TAX ADMINISTRTAION NEWS

If Only Folks Had Remained Silent on Silent Returns: Affordable Care Act’s (ACA) is still fully in effect. The IRS’s announcement on silent returns means that they will continue to accept e-filed tax returns that are “silent” on whether or not a taxpayer was insured under employer coverage, met the personal mandate requirement or paid […]

7 Tax Moves You Need to Make Before Year’s End to Save in 2017

1. Evaluate any life changes you’ve had this year. 2.Get you tax documents and financials in order. 3. Reduce your taxable income-legally. 4. Looking for a new job? Now’s the time to get one. 5. Contribute to your retirement accounts. 6. See your doctor or dentist. 7. Make charitable contributions for the holidays.