The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In…
Personal Taxes
Taxable and Nontaxable Income
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Section 61 of Internal Revenue Code states that “except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” and reflects the language of the 16th Amendment that authorized the Federal Income Tax. Under this…
Missing Your W-2? Here’s What to Do
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It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to…
Dependents and Exemptions
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While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. Here are six important facts about dependents and exemptions that will…
Who Should File a 2012 Tax Return?
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Who Should File a 2012 Tax Return? If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received…
New Questions on 2011/2 Forms Could Be a Trap for the Unwary
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From the Parker Tax Library New questions regarding the filing of Forms 1099 have popped up on 2011 tax forms and are giving practitioners heartburn. Starting in 2011 Forms 1120 and 1120S, and Schedule C of Form 1040, all contain the…
Disaster Payments to Employees
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As we are all aware, Sandy was a first class disaster the like of which this region has never seen before. One of the tax responses to this disaster, as in any federal disaster, is that employers may make reasonable…
Keep Good Records Now to Reduce Tax-Time Stress
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You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions,…
Things Social Security Won’t Tell You
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Things Social Security Won’t Tell You by Jonnelle Marte Wednesday, September 7, 2011 provided by 1. “Long-term deficit? We can hardly afford our bills today.” Worried about the future of Social Security? You’re far from alone. The Social Security Administration…
Taxpayers Who Receive an IRS Notice
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Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Many notices are routine and can be handled by the taxpayer. If you feel you need help with…