• 6 Key Tax Questions for 2023 Right now, you may be more concerned about your 2022 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have […]

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  • What’s Your Taxpayer Filing Status? For many people, December 31 means a New Year’s Eve celebration. However, from a tax perspective, it’s a key date in determining the filing status you’ll use when filing your tax return for the year. The one you’ll use depends partly on whether you’re married on that date. The five […]

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  • Year-end Gifts And The Gift Tax Annual Exclusion With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your gift tax annual exclusion, those gifts can reduce the size of your taxable estate. For 2022, the annual exclusion is $16,000. […]

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  • For the more than 40 forms that cannot be e-filed, the IRS permits paper filing of those forms with an electronic or digital signature through a temporary policy through October 31, 2023. While the IRS makes no distinction between electronic and digital signatures, taxpayers who choose to paper file should carefully consider the differences...

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  • Since 2018, TAS has been urging the IRS to stop assigning to private collection agencies (PCAs) the accounts of taxpayers who receive Supplemental Security Income (SSI) or Social Security Disability Income (SSDI). In 2019, Congress passed the Taxpayer First Act (TFA), which required the IRS to exclude these accounts.

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  • After several decades of working in the tax controversy arena, both in the private sector and with the Office of Chief Counsel, I am amazed at how many people have never heard of or availed themselves of the benefits that the Taxpayer Advocate Service (TAS) provides for taxpayers.

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  • Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support? Under the 2017 Tax Cuts and Jobs Act, these expenses aren’t deductible if they’re considered investment expenses to produce income.

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  • If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.

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  • Unexpected disasters can happen anywhere, causing damage to your home and personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But restrictions make it tougher to qualify for these deductions.

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  • Many businesses need to invest in heavy sport utility vehicles (SUVs) to transport equipment and provide timely services. Fortunately, they may be able to claim valuable tax deductions for the purchases. If you’re thinking about buying one (or if your bought one in 2021), brush up on the tax rules.

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