Taxes

New Simplified 1040-SR for Seniors

The IRS has released a draft of Form 2019 1040-SR.  This is a U.S. tax return for seniors (individuals age 65 or older).  This is a simplified form (similar to the former 1040-EZ, but will be for seniors only). However, unlike the 1040-EZ, Social Security and distributions from qualified retirement plans, annuities or similar deferred-payment arrangements […]

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Is Summer Camp Deductible?

Summer Camp May Qualify for the Child and Dependent Care Credit Has your child attended day camp this summer?  If so, you may qualify for the Child and Dependent Care Credit. Following are some requirements to qualify: the child is under the age of 13 at the time of the camp  – or –  the child can […]

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IRS Sending Letters to Virtual Currency Owners

Have you received income from virtual currency transactions?  If so, this income must be reported on your tax return.  The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should […]

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Healthcare.gov Health Insurance

Tax Tip: Open Enrollment to get health insurance through Healthcare.gov for 2019 is only from November 1, 2018 through December 15, 2018. If you want insurance for 2019 and don’t enroll during these dates then you need a qualifying life event to obtain insurance outside those dates.   FYI: for 2018 there was still a […]

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View Your Income Tax Liability Account

Do you owe federal income tax from prior years and would like to see your current balance?  You can view your account information through this IRS tool. If you’re an individual taxpayer, you can use this tool to view: Your payoff amount, updated for the current calendar day The balance for each tax year for which […]

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