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Affordable Care Act and Silent Returns

One of the most recent political topics is the Obamacare and Affordable Care Act (ACA). Many people would say the ACA is not really affordable for the average household. Many Americans have complained that by forcing taxpayers to obtain a medical coverage is unconstitutional and un-American in that our freedom is being taken by forcing [...]

By | March 28th, 2017|Uncategorized|Comments Off on Affordable Care Act and Silent Returns

Common Reasons for IRS Tax Audits

Although we are still in the middle of tax season, there are things you need to be aware of when filing your tax returns. First, make sure you find a reputable company that can prepare the returns correctly like Packey Law Corporation.  Make sure you consider the likelihood of a tax audit and how to [...]

By | March 9th, 2017|Uncategorized|Comments Off on Common Reasons for IRS Tax Audits

Are Social Security Benefits Taxable?

If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so. Form SSA-1099.  If taxpayers received Social Security benefits in 2016, they should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount [...]

By | February 13th, 2017|Uncategorized|Comments Off on Are Social Security Benefits Taxable?

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 them to deduct $4,050 on their 2016 tax return. Here are six key points to keep in mind on dependents [...]

By | January 31st, 2017|Uncategorized|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 for past due taxes. In the 1990's and 2000's, this same effort was made by the IRS but instead of [...]

By | January 27th, 2017|Uncategorized|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 falls on Saturday this year, which would normally give taxpayers until at least the following Monday. However, Emancipation Day, a [...]

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

IRS Tests W-2 Verification Code for Filing Season 2017

For filing season 2017, the Internal Revenue Service will expand an initiative to verify the authenticity of Form W-2 data. This initiative is one in a series of steps to combat tax-related identity theft and refund fraud. The objective is to verify Form W-2 data submitted by taxpayers on e-filed individual tax returns. The IRS [...]

By | December 28th, 2016|Blog, Uncategorized|Comments Off on IRS Tests W-2 Verification Code for Filing Season 2017

New Returns Being Accepted by IRS

The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form 8863, [...]

By | February 13th, 2013|Blog, Uncategorized|Comments Off on New Returns Being Accepted by IRS

Taxable and Nontaxable Income

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable: Child support payments; Gifts, bequests and inheritances; Welfare benefits; Damage awards for physical injury or sickness; Cash rebates from a dealer or manufacturer for [...]

By | February 13th, 2013|Blog, Uncategorized|Comments Off on Taxable and Nontaxable Income

What is Your Filing Status

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return.Are you single, married or the head of [...]

By | February 13th, 2013|Blog, Uncategorized|Comments Off on What is Your Filing Status