It's the season for the IRS to start identifying scammers as they emerge from hiding to make life more difficult for both tax preparers and taxpayers alike. While it is true that tax scams can pop up almost anytime of the year, the time directly following...
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What differences will the new tax law bring?
The new Tax Cut and Jobs Acts, also known as TCJA, has changed expensing, tax credits, deductions, and depreciation for business tax filers. There have also been recent changes that were designed to affect individual taxpayers that have had ramifications for how...
Answer this before using online, do-it-yourself tax software
Frugality is often beneficial, but there are certain situations when a good deal ends up costing a lot more than expected in the long run. This can be the case when using a low cost, do-it-yourself tax software program. These programs are not always bad, some tax...
Will the new tax law lead to more tax scams?
Tax filers beware: scammers are working hard this tax season. Their attempts generally increase this time of year, as tax payers are putting together their filings. However, it is likely that fraudsters will find even more success this year as confusion over the new...
Tax considerations for military members
Life in the military is not the same as the life of a civilian. Those in the military are often required to move for training and other obligations. The basics of their compensation can be different than those who work within the private sector. Due to these and other...
Taxpayers beware: IRS and settled credit card debt
The Internal Revenue Service (IRS) rarely makes life easy. This is particularly true for those who are able to negotiate with a credit card company about an outstanding debt. In some cases, a successful negotiation can result in a dismissal of the debt. Although the...
Will the temporary government shutdown impact tax returns?
The Internal Revenue Service (IRS) is in the midst of a very stressful January. In addition to the passage of a new tax law, the federal agency has also had to deal with a government shutdown.What happens during the shutdown? CNN recently published a piece answering...
Will the quality of tax administration suffer due to new tax law?
The Internal Revenue Service (IRS) has experienced a number of budget cuts in recent years. These budget cuts have made it difficult for the agency to maintain the staff needed to provide quality tax administration. This reality has led many tax advocates to voice...
Businesses respond to Trump’s tax law
President Donald Trump signed the recently passed tax reform bill into law earlier today. The bill makes a number of changes to tax law. Two of the main changes include a reduction in the top individual tax rate. This rate is currently set at 39.6 percent and is...
Finish the year strong: 3 tax tips to use before the New Year
The New Year is less than a month away. There are some important tax steps to take before that first bit of confetti falls. Three of the more general examples include:Donations. Charitable giving is often deductible. Donations made with a credit card are deductible...