Tax return

Are You Thinking You Need to Amend Your Return?

Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The IRS offers tips on how […]

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Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.   If you are under full retirement age for the entire year, […]

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Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

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Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

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What’s a W-4?

New job?  Did they hand you a Form W-4 to fill out? Confused? Well you aren’t alone. This form seems to confuse a lot of people. What you are doing is telling your employer how much to withhold from your paychecks. The higher the number of allowances, the less they withhold and the less you […]

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IRS audits and notices

The good news though is that the amount of audits has gone down. In 2010 the audit rate for individuals was 1.1% and in 2015 it was .8%.  So 350,000 fewer people were audited in 2015 than in 2010. You are more likely to receive a Notice than an actual Audit.  Notices are normally much […]

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Refund or Balance Due?

If you filed your return and are expecting a refund you can check this IRS handy on-line tool to find out the status of it. You can check it 24 hours after it has been e-filed or 4 weeks after it has been mailed. Have a balance due?  You should pay it by April 18th.  If […]

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Advance Payments of the Premium Tax Credit

Time is running out if you received advance payments of the premium tax credit in 2015 and have not filed your 2015 tax return yet. You must file your 2015 return and reconcile any advance credit payments you received in 2015 in order to help prevent losing eligibility for future premium assistance. The IRS is sending […]

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