Commonly asked question: Do I have to pay taxes on my Social Security benefits? Answer: Social Security benefits include monthly retirement, survivor and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable. The amount of Social Security benefits that […]
The IRS has seen a surge of phone scams in recent months as scam artists call unsuspecting taxpayers impersonating an IRS agent and proceed to threaten police arrest, deportation, license revocation and other things if the taxpayer does not pay a tax amount. The IRS […]
Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must […]
We all make mistakes. It’s a part of life. Sometimes mistakes are something you can laugh off and learn from. In other cases, mistakes can be costly. Errors on your tax return generally land in the last category. Below are three of the most common […]
Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs from the IRS: 1. Know the […]
A deduction is an expenditure that will reduce your taxable income. There are two kinds of deductions: adjustments to income and itemized deductions. The adjustments to income are the better of the two, as they reduce adjusted gross income, or “AGI.” Itemized deductions reduce your […]
WASHINGTON — The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them. “This is the largest scam of its kind […]
Tax Season 2014 has come and gone and now it’s time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions. Certain Life Events Have you recently had a birth, adoption […]
Are Social Security benefits taxable? Depends on your individual situation! Some people must pay taxes on part of their Social Security benefits. Others find that their benefits are not taxable. Here are a notes about how Social Security affects your taxes: If you received these benefits in […]
As the taxpayer claiming a child (or children), you need to provide documentation that the child/children actually live with you. Below is a list of documents that may be used to support that claim: School records or statement showing the child’s (your) address Landlord or […]
