Tag Archives: Internal Revenue Service

Deducting Un-reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both “ordinary” and “necessary” in connection with your profession.  The IRS defines “ordinary” as common and accepted in a particular profession and “necessary” as helpful and appropriate for a … Continue reading

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IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

[Editor’s Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented … Continue reading

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IRS Delays Tax Season

The IRS has announced it will delay the start of tax season due to the Federal government shut-down.  The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest … Continue reading

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1040 Extensions Due Oct. 15

Reminder: If you filed a 6-month extension for your 1040/A/EZ, your deadline is next week, October 15, to file your 1040 return.

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Tips if you Owe Taxes

While most taxpayers get a refund when they file their taxes, some do not.  Here are some tips and options from The IRS if you owe federal taxes: 1. Tax bill payments. If you get a bill from the IRS this summer, you … Continue reading

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Keep Financial Records Safe in Case of a Disaster

From IRS News: Hurricanes, tornadoes, floods and other natural disasters are more common in the summer.  We encourage you to take a few simple steps to protect your tax and financial records in case a disaster strikes. Here are five … Continue reading

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Renting Your Vacation Home?

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may … Continue reading

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Tips for Taxpayers Who Travel for Charity Work

From IRS Tax Tips Newsletter: Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS … Continue reading

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