Tax Tips Archives

With 2017 Extension Deadline Passed, All Eyes on 2018

Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018. Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations …read more

7 States with the Highest Income Tax

Many Americans, especially those who haven’t moved around much, are often surprised at the range of tax burdens there are across the United States. States with the highest property taxes, for example, have average rates that are more than four times that of the states with the lowest property taxes. Income taxes vary even more. On one …read more

Exploring the Estate Tax

This is the first installment of a two-part article on the federal estate tax. Part 1 discusses the unified federal estate and gift tax rules, the exemption amount, the definition of a gross estate, gifts made within three yearof death, estate valuation, and portability. The second part, to appear in the November JofA, covers estate tax planning techniques, …read more

IRS Offers Email Option For Tax Payment Notifications

The Internal Revenue Service has introduced an email feature that enables taxpayers to get notifications in their personal email accounts about their payments using IRS Direct Pay or the Electronic Federal Tax Payment System. In an email to tax professionals Friday, the IRS said tax clients can now opt into the new system. “Your clients …read more

Summer Newlyweds Should Also Think About Taxes

Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation. The IRS has some tips to help in the planning: …read more

Voices Tax Consequence of Domestic and Foreign Child Adoptions

We favor Americans adopting American children from foster care when feasible, but current U.S. tax law benefits domestic and foreign adoptions. The tax law enables adopters to replace American adoptees with foreign adoptees. As a result, Americans children are waiting longer than ever in foster care for their permanent families. Section 23 of the tax …read more

IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People To Remain Vigilant Against Scams, Schemes This Summer

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest …read more

Keys to Unlocking the Home-Office Deduction

The IRS recently reminded small business owners – especially individuals who are self-employed – that there are two methods of deducting home-office expenses. A lesser-known “simplified” method can provide a flat-dollar write-off without the usual recordkeeping hassles. But what the IRS didn’t say is this: Many taxpayers will be in line for a bigger deduction if …read more

The 7 Things To Do Right Now To Save on Taxes This Year

The beginning of summer is a great time to take stock of your financial picture and make any necessary changes. Why? You have a number of 2017 pay periods under your belt and you’ve had several months to work through any changes from 2016. A quick review now can save hundreds (or thousands) of dollars …read more

IRS: Home Office Deduction Often Overlooked by Small Business Owners

The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips …read more