Eight Things to Know about the Taxpayer Advocate Service
Uncategorized1. TAS is Your Voice at IRS. The Taxpayer Advocate Service, or TAS, is your voice at the IRS. They are an independent organization within the IRS. 2. TAS Helps Resolve Problems. TAS helps individuals, businesses and exempt organizat...
Tips on Travel While Giving Your Services to Charity
UncategorizedIf so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity. • Qualified Charities. In order to ded...
Recipients of the Advanced Premium Credit (Subsidies) for Health Insurance Should File Their Taxes
UncategorizedIf you received advance payments of the premium tax credit in 2014 under the health care law, you should file your 2014 tax return as soon as possible this summer to ensure you can timely receive advance payments next year from your Ma...
Get to Know the Small Business Health Care Tax Credit
UncategorizedTo be eligible for the credit, you must: have purchased coverage through the Small Business Health Options Program – also known as the SHOP marketplace have fewer than 25 full-time equivalent employees pay an average wage of less than $5...
Update on Coming Changes to Overtime Laws
UncategorizedOn March 13, 2014 President Obama signed a memorandum for the Secretary of Labor relating to updating and modernizing overtime regulations. The main thrust of this was to address people who are classified as managers who are exempt from ...
Top 10 Tips for Deducting Losses from a Disaster
Uncategorized1. Casualty loss. You may be able to deduct losses based on the damage done to your property during a disaster. A casualty is a sudden, unexpected or unusual event. This may include natural disasters like hurricanes, tornadoes, floods ...
IRS, Industry, States Take New Steps Together to Fight Identity Theft, Protect Taxpayers
UncategorizedThe agreement — reached after the project was originally announced March 19 — includes identifying new steps to validate taxpayer and tax return information at the time of filing. The effort will increase information sharing between ...
Report Changes in Circumstances that could Affect Your 2015 Premium Tax Credit
UncategorizedAdvance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Marketplace. Having at least some of your credit paid in advance directly to your insurance company will redu...
What is a 529 Plan for Higher Education?
Uncategorized1) Who can setup a 529 plan? a) Anyone can setup a plan. Typically it is setup by a parent or a grandparent. 2) Who can be a beneficiary of a 529 plan? a) The beneficiary can be anyone including yourself. 3) What are the main benefits of...
Benefits for Military Personnel
UncategorizedCombat pay is partly or fully tax-free. Reservists whose reserve-related duties take them more than 100 miles from home can deduct their unreimbursed travel expenses on Form 2106 or Form 2106-EZ, even if they don’t itemize their ded...