On February 9, 2018, the President signed the Bipartisan Budget Act of 2018. This legislation retroactively extended through 2017 several provisions of the Internal Revenue Code that had expired at the end of 2016. These provisions generally allowed taxpayers to
Continue readingYou need to act now to claim your 2014 refund
The IRS has just reminded taxpayers that, after April 17, 2018, it will be too late to claim refunds from 2014. If you have not filed a return for 2014, or if you have changes to your 2014 return that
Continue readingThe Stealth Tax Increase and Means Test on Your Social Security Benefits (via McGovern Financial Advisors)
This is a great post by my brother, Gene McGovern, of McGovern Financial Advisors, LLC, concerning the the tax treatment of Social Security benefits. To read more, follow the link at the end of the post. The income threshold that
Continue readingDon’t fall for this tax refund scam
Earlier this week, the IRS warned taxpayers about a tax scam that is becoming increasingly common. The scam involves a large, fraudulent refund being deposited in a taxpayer’s own bank account. How the Scam Works In this scam, the perpetrators
Continue readingWhy you should check the taxes being withheld from your paychecks
Earlier this week, the IRS issued new withholding tables for use by employers. Employers use these tables to determine the amount of federal taxes to withhold from your paychecks. Because the 2017 Tax Cuts and Jobs Act made major changes in
Continue readingThe IRS has announced it will begin accepting 2017 returns on January 29
Earliest Filing Date and Filing Deadline Earlier today, the IRS announced that it will begin accepting 2017 federal income tax returns on January 29, 2018. This means that the earliest a 2017 tax return can be filed, either electronically or
Continue readingYear-End Tax Planning in Light of the Tax Cuts and Jobs Act of 2017
In the Tax Cuts and Jobs Act of 2017, Congress made significant changes to the federal income tax laws. You can take steps before the end of 2017 to benefit from the new law or to preserve tax benefits that
Continue readingDon’t lose your tax refund by waiting too long to file your tax return
You could lose your ability to obtain a tax refund if you wait too long to file your federal income tax return. Here’s what you need to know. Many people who know they will get a federal income tax refund
Continue readingWhy you should file your federal tax return even if you cannot pay the tax due.
You should file your federal tax return even if you owe tax and cannot pay it. This is true for a few reasons. The primary reason is that the penalty for filing a federal tax return late is ten times
Continue readingMany taxpayers have until January 31, 2018, to file their 2016 tax returns
Residents of areas affected by Hurricanes Harvey, Irma, and Maria, as well as those living in areas affected by the California wildfires, may have until January 31, 2018, to file their 2016 federal income tax returns. Many taxpayers file a
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