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 [...]
For many Americans, tax refunds are typically spent before they are received. We anticipate a tax refund and the next thing we know, we're planning a vacation or buying a new car or furniture. Some people want to use the tax refund to pay off a bill or to purchase something they have been waiting [...]
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 [...]
The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications. For the Child Tax Credit, a qualifying child must pass several tests: [...]
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 are a few key points to know about taking an early distribution: Early Withdrawals. An early withdrawal normally is taking [...]
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 [...]
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 [...]
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 [...]
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. The EITC is a federal income tax credit for workers who don't earn a high income ($53,505 or less for [...]
Unfortunately, when taxpayers wonder “Can the IRS really do that?” the answer is often yes. The IRS faces very few limitations when it comes to collection abilities. However, with Packey Law Corporation working for you against the IRS, can forestall and/or discontinue many collection efforts. Packey Law Corporation can advise you of your rights. It is [...]