Federal Income Taxes

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation. Have you considered using your tax refund to build your credit? Granted, credit building doesn’t compare with lying on the beach enjoying the sunshine, but
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How many people like the IRS? According to Facebook, it’s almost 110,000! Does it bother you that the Internal Revenue Service is more popular than you are? If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal
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Can you eliminate debt by settling with a creditor to pay less than you owed and still come out on the short end? It is possible, based on potential tax liabilities. Not only that, but “…any time an account is settled for less than you originally owe, it’s going to hurt your credit scores,” cautions
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Wouldn’t it be nice if you could deduct your credit card debt from your taxes? For most Americans, that’s just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act
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Let’s assume that you drew the short straw on the 2018 tax cuts, and you owe Uncle Sam this year. How do you plan to pay? There are plenty of ways other than the old-fashioned check submitted with a paper tax return. If you file electronically, why not pay electronically? Electronic Funds Withdrawal (EFW) is
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Chances are that if you have student loans, you need every bit of extra cash that you can get. Did you realize that your student loans might be able to generate some cash for you? Under certain circumstances, you may be able to save on your tax bill by deducting the interest that you pay
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Your smartphone is probably full of fun apps, but we have one more app to add to help you deal with a painful task: your taxes. Did you know that the IRS has a free smartphone app to help taxpayers handle basic tax-related functions? They do, and it has been in existence since 2011. The
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One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year. According to the
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Identity thieves have many ways to steal your money – including fraudulent tax returns. They file a return in your name as early as possible to beat your legitimate return, with fake financial data designed to claim a large refund. You won’t realize this until your tax return is denied because there’s already been a
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The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at
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The term “administrative offset” brings to mind meaningless governmental jargon. It is governmental jargon – but if you are affected, it’s not meaningless at all. In layman’s terms, administrative offset is the government’s way of applying money that would normally be owed to you (such as tax refunds and certain Social Security benefits) to outstanding
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Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life. Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
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A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, “Why is so much of my paycheck withheld?
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You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars … or until Congress suddenly resurrects some expired tax breaks,
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