Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay.
Things to Remember when Considering Early Withdrawals from Retirement Plans Read More »
The Internal Revenue Service today urged taxpayers to remain vigilant in protecting their personal and tax information. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.
Guard personal, financial, tax info Read More »
The Internal Revenue Service announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.
Taxpayers with undisclosed foreign assets urged to come forward Read More »
Every company needs to upgrade its assets occasionally, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year.
Business Owners: Bonus Depreciation Read More »
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law.
Popular Tax Benefits Retroactively Renewed for 2017 Read More »
The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed.
Scam Alert IRS Watch Out for Erroneous Refunds Read More »
The earned income tax credit is a benefit for working people with low and moderate incomes. To qualify, taxpayers must meet certain requirements and file a tax return, even if they don’t owe any tax or aren’t required to file.
The Earned Income Tax Credit Read More »
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return.
When an Elderly Parent Might Qualify as Your Dependent Read More »
Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit (EITC). The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents who care for children are often not
Grandparents Caring for Grandchildren Should Check Read More »
Many Hurricane Victims Qualify for Earned Income Tax Credit; Special Method Can Aid Workers Whose Income Dropped The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS,
Many Hurricane Victims Qualify Read More »