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Posts in ‘Tax News’

Posts in ‘Tax News’

  • WATCH OUT FOR ‘DIRTY DOZEN’ TAX SCAMS

    On March 30, 2015 posted in IRS Information, Specialty Tax Services Blog, Tax News

    The IRS has released its annual list of tax scams for 2015, and it notes that scam artists are getting more aggressive. Early in this year’s filing season, crooks were making threatening phone calls claiming to be from the IRS and demanding immediate tax payments. Other illegal practices include identity theft, bogus emails seemingly from […]

  • FEDS RAKE IN MONEY FROM TAX ON SOCIAL SECURITY BENEFITS

    The Congressional Budget Office has estimated that the income taxes on social security benefits will cost retirees $51 billion in 2014. About one-half of social security recipients have to pay tax on their monthly benefits and the average tax rate is 6 ½%. Of course, higher income taxpayers, those with income from other sources, pay […]

  • Survey Says…….

    On February 28, 2014 posted in Specialty Tax Services Blog, Tax News

    According to a survey conducted by the Internal Revenue Service’s Oversight Board, 95% of those surveyed said they either completely or mostly agree that “it is every American’s civic duty to pay their fair share of taxes”.  In 2013, according to the Tax Policy Center only 43% of households pay no federal income tax at […]

  • The MyRA

    On January 31, 2014 posted in Politics, Specialty Tax Services Blog, Tax News

    In his State of the Union address last Tuesday, President Obama introduced a new retirement savings plan called a “MyRA”.  Unlike a 401(k), however, MyRA will offer “principal protection” so a saver’s account balance “will never go down,” the White House said. “The product will be offered via a familiar Roth IRA account, and savers […]

  • New Business Owner Mistakes

    In the January 13, 2014 edition of the Business News Daily, Chad Brooks wrote an article called “4 Big Mistakes New Business Owners Make”. Quoting other sources, the article goes on to say the four common mistakes made by new business owners are 1) comingling personal spending with business spending, 2) not properly classifying employees […]

  • Education Deduction for MBA?

    On October 24, 2013 posted in Specialty Tax Services Blog, Tax News

    Can I deduct the cost of my tuition for an MBA? According to Treas. Reg. §1.162-5, it depends. Your costs qualify for a tax deduction if 1) the degree is required for to meet the express requirements of your employer to keep your job or 2) improves your skills in your current employment or trade […]

  • Obamacare Tax

    On September 24, 2013 posted in Politics, Tax News

    Patient Protection and Affordable Care Act & Health Care and Education Reconciliation Act of 2010 a.k.a.  “Obamacare Tax Increases”   §  Excise Tax on Charitable Hospitals In Effect – Charitable hospitals are required to pay $50,000 if they fail to meet new rules related to “community health assessment needs”, “financial assistance” and “billing and collection” […]