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IRA and Retirement Plan Limits for 2018

December 11, 2017
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IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2018 is $5,500 (or 100% of your earned income, if less), unchanged from 2017. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a…

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Understanding the Net Investment Income Tax

December 26, 2016
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If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax). This 3.8% Medicare tax applies to some or all of your net investment income if your modified adjusted gross income (MAGI) exceeds certain…

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Mo Money Preparers Plead Guilty – Is this a real company name?

March 17, 2016
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Yes it is.  Apparently there is a real company franchise called Mo Money Tax (apparently with about 300 stores and 18 states) and they were caught with tax return fraud.  The owners of this particular franchise plead guilty to falisying paystub (W2) information in order to defraud the IRS.  They each face a maximum sentence…

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For Small Business Week, IRS Spotlights Two Webinars

May 13, 2014
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May 8, 2014   WASHINGTON — The Internal Revenue Service is marking Small Business Week, May 12 to 16, by holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees. The webinars will cover payments…

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

May 6, 2014
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IR-2014-52, April 11, 2014 WASHINGTON — The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monday, June 16, 2014,…

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IRS Reiterates Warning of Pervasive Telephone Scam

May 2, 2014
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IR-2014-53, April 14, 2014 WASHINGTON — As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to rise nationwide. These scams won’t likely end with the…

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Early Retirement Plan Withdrawals and Your Taxes

April 3, 2014
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Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you made a withdrawal from a plan last year,…

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Five Tax Credits That Can Reduce Your Taxes

April 2, 2014
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Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund. Here are five tax credits you shouldn’t overlook when filing your 2013 federal tax return: 1. The Earned Income Tax Credit is a refundable credit for people who…

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Itemizing vs. Standard Deduction: Six Tips to Help You Choose

April 1, 2014
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When you file your tax return, you usually have a choice whether to itemize deductions or take the standard deduction. Before you choose, it’s a good idea to figure your deductions using both methods. Then choose the one that allows you to pay the lower amount of tax. The one that results in the higher…

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Four Tax Facts about the Health Care Law for Individuals

March 31, 2014
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There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015. 1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014. 2. If…

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