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Some popular tax benefits renewed for 2019

Certain individual tax provisions extended: Deduction for above the line qualified tuition and related expenses, Tuition and Fees deduction Deduction for mortgage insurance premiums treated as qualified residence interest Deduction for unreimbursed medical and dental expenses as the floor was lowered to 7.5% of adjusted gross income Credit for nonbusiness energy property , Residential Energy […]

Things taxpayers should remember when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their tax return. It’s important for people to remember […]

IRS increases visits to high-income taxpayers who haven’t filed tax returns

IRS increases visits to high-income taxpayers who haven’t filed tax returns As a part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced it will step up efforts to visit high-income taxpayers who in prior years have failed to file one or more of their tax returns. Following recent hiring […]

Taxpayers must reconcile marketplace advance payments and file Form 8962

Taxpayers must reconcile marketplace advance payments and file Form 8962 Failing to file Form 8962, Premium Tax Credit, to reconcile 2019 advance payments of the premium tax credit may affect return processing, and delay the taxpayer’s refund. Taxpayers who do not file and reconcile their advanced payments may not be eligible for advanced payments of […]

Filing Taxes 101: Common Errors Taxpayers Should Avoid

Filing a tax return electronically reduces errors. Using a reputable enrolled agent can also help avoid errors. Mistakes can result in a processing delay, which can mean it takes more time to get a refund. Here are some common errors to avoid: Missing or inaccurate Social Security numbers. Each SSN should appear exactly as printed […]

Record Keeping

Well organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS Notice. You must keep records such as receipts, cancelled checks, and other documents that support an item of income, a deduction, or a credit appearing on a […]

Tax Season Stress Busters

Tax season can be a stressful season for some people. Taxpayers can keep these tips in mind. Following them will help get this year’s taxes done accurately and on time. Gather records: Good record keeping ensures nothing gets overlooked. Records can provide proof of expenses and deductions File electronically- Most taxpayers file electronically for ease […]

New Form 1040-SR, alternative filing option available for seniors

The Internal Revenue Service wants seniors to know about the availability of a new tax form. Form 1040-SR featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to read and use. The Bipartisan Budget Act of 2018 required the IRS to create a tax form for […]

January 31 is EITC Awareness Day

On Jan. 31, EITC (Earned Income Tax Credit) nationwide awareness campaign kicks off for the 14th year. The EITC awareness campaign alerts millions of workers to this significant tax credit. The EITC is a vital tax credit that helps millions of hard-working families around the nation. It’s critical that people review the credit to see […]

Taxpayer Bill of Rights

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. The Right To Be Informed – they have the right to be informed of IRS decisions and receive clear explanations of the outcomes The Right to Quality Service- to receive prompt, courteous, professional assistance, and […]