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The Premium Tax Credit – The Basics

If you – or anyone on your federal tax return enrolled in health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. Here are some basic facts about the premium tax credit. What is the premium tax credit? The premium tax credit is a credit that helps eligible [...]

By | January 19th, 2016|Blog|Comments Off on The Premium Tax Credit – The Basics

Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

The Internal Revenue Service today reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients [...]

By | October 29th, 2015|Blog|Comments Off on Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. However, other limitations [...]

By | October 21st, 2015|Blog|Comments Off on IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016

In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar amounts: [...]

By | October 21st, 2015|Blog|Comments Off on In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

IRS Warns Consumers of Possible Scams Relating to South Carolina Flood Victim Relief

The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states. "When making donations to assist flood victims in South Carolina and elsewhere, taxpayers should take steps to ensure their hard-earned money goes to legitimate and currently eligible charities,” [...]

By | October 9th, 2015|Blog|Comments Off on IRS Warns Consumers of Possible Scams Relating to South Carolina Flood Victim Relief

Business E-File Up almost 9 Percent This Year; More Than Three-Quarters of Corporate and Partnership Tax Returns are Now Filed Electronically

The Internal Revenue Service announced today the number of tax returns e-filed by businesses rose nearly 9 percent this year, continuing the growth in the number of corporate and partnership returns filed electronically. This year, an additional 625,000 corporations and partnerships chose to e-file their tax returns. As of Sept. 20, almost 8 million corporations [...]

By | October 8th, 2015|Blog|Comments Off on Business E-File Up almost 9 Percent This Year; More Than Three-Quarters of Corporate and Partnership Tax Returns are Now Filed Electronically

Health Coverage Providers: Understanding Minimum Essential Coverage

The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals. These reporting requirements affect: • Health insurance issuers or carriers • The executive department or agency of a governmental [...]

By | October 2nd, 2015|Blog|Comments Off on Health Coverage Providers: Understanding Minimum Essential Coverage

Job Search Expenses May be Deductible from the IRS

People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job: • Same Occupation. Your expenses must [...]

By | August 26th, 2015|Blog|Comments Off on Job Search Expenses May be Deductible from the IRS

Key Tax Tips on the Tax Effects of Divorce or Separation from IRS

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced [...]

By | August 24th, 2015|Blog|Comments Off on Key Tax Tips on the Tax Effects of Divorce or Separation from IRS

IRS Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2015 and Years Ahead

With another school year just around the corner, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 federal income tax returns. In general, the American Opportunity [...]

By | August 18th, 2015|Blog|Comments Off on IRS Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2015 and Years Ahead