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Early Withdrawals from Retirement Plans

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here [...]

By | February 7th, 2017|Comments Off on Early Withdrawals from Retirement Plans

How Exemptions and Dependents Can Reduce Taxable Income

Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows [...]

By | January 31st, 2017|Comments Off on How Exemptions and Dependents Can Reduce Taxable Income

IRS Contracts with Private Debt Collection Agencies

IRS has contracted with private debt collectors to pursue overdue taxes.  These calls will start this spring but no start date has been determined. This comes as another attempt for the IRS to gain revenue [...]

By | January 27th, 2017|Comments Off on IRS Contracts with Private Debt Collection Agencies

2017 Tax Filing Season Opens

IRS Post: IR-2017-06 People have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. The deadline is later this year due to several factors. The usual April 15 deadline [...]

By | January 25th, 2017|Comments Off on 2017 Tax Filing Season Opens

Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit

IRS Newswire: Issue #IR-2017-07 The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. [...]

By | January 24th, 2017|Comments Off on Special Rules Help Many People With Disabilities Qualify for the Earned Income Tax Credit; Up to 1.5 Million Fail to Claim Valuable Benefit