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Watch Out for Coronavirus Scams

Posted by Scott Farnes on Apr 28, 2020 7:56:00 AM

Taxpayers should be on the lookout for calls and email phishing attempts regarding the Coronavirus, or COVID-19 that could lead to tax-related fraud and identity theft. Because criminals take every opportunity to perpetrate a fraud on unsuspecting victims during times of need, taxpayers should also be skeptical about text messages received and websites and social media attempts to request money or personal information.

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Topics: Personal Finance, Tax Scam

Five Tips to Protect Against Identity Theft

Posted by Taylor Bennett on Apr 23, 2020 8:32:00 AM

Tax-related ID theft occurs when someone uses a taxpayer's stolen personal information to file a tax return claiming a fraudulent refund. Thieves then use personal information like a stolen Social Security number. While the accounting profession and IRS work hard to prevent identity theft, taxpayers also play an important role.

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Topics: Personal Finance, Taxes, Record Keeping

High-deductible Plans Cover Costs for Coronavirus

Posted by Taylor Bennett on Apr 14, 2020 8:22:00 AM

You can use high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status and you may continue to contribute to a health savings account (HSA).

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Topics: Personal Finance

Tax Refunds: Just the Facts

Posted by Taylor Bennett on Apr 8, 2020 7:56:00 AM

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such, those refunds may take longer.

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Topics: Taxes, Tax Return

New Tax Law Affects Tax-Exempt Organizations

Posted by Missy Dennis on Mar 31, 2020 8:06:00 AM

The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of legislation that affect nonprofit organizations:

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Topics: Business Ownership, Taxes

Reporting Tip Income: The Basics

Posted by Taylor Bennett on Mar 25, 2020 8:17:00 AM

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation

Tax Treatment of State and Local Tax Refunds

Posted by Scott Farnes on Mar 17, 2020 8:01:00 AM

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.

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Topics: Taxable Income, Taxes, Tax Return

Home Equity Loan Interest Still Deductible

Posted by Missy Dennis on Mar 10, 2020 8:22:00 AM

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled.

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Topics: Personal Finance, Tax Deduction, Tax Return, Home Ownership

Six Facts About Form 1040-SR

Posted by Taylor Bennett on Mar 5, 2020 8:17:00 AM

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:

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Topics: Taxes, Tax Return, Tax Preparation

Figuring out Your Correct Filing Status

Posted by Taylor Bennett on Mar 3, 2020 8:03:00 AM

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.

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Topics: Taxes, Tax Preparation

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