Category: Tax Focus

The truth about Affordable Care Act and your taxes

The truth about Affordable Care Act and your taxes

The ACA will have the biggest tax implications for those who received the Advance Premium Tax Credit?also known as a subsidy?or those who did not have health insurance coverage. There are a lot of changes to this year?s tax code?46 to be exact?as a result of the Affordable Care Act (ACA). What?s most important is to be aware if your […]

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Some historical highlights of IRS development

Ever wonder about the historical development of the Internal Revenue Service. Here?s an abbreviated timeline of the highlights. 1862: President Abraham Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation?s first income tax. It levied a 3 percent tax on incomes between $600 and […]

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IRS sets Jan. 31 as first day of tax filing season

IRS sets Jan. 31 as first day of tax filing season

The IRS cautions that it will not process any tax returns before Jan. 31, so there is no advantage to filing on paper before the opening date. The Internal Revenue Service has announced plans to open the 2014 filing season Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new […]

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Tips for avoiding costly errors on your tax return

Making mistakes is one of Americans? biggest fears at tax time. A single error can delay the processing of your return or even cause it to be rejected by the IRS. If that happens and you?re entitled to a refund, get ready to wait. Today?s sophisticated tax preparation products make doing your own taxes perfect the first time at an […]

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Tax-advantaged investments can pay off in the end
Tax-advantaged investments can pay off in the end

Tax-advantaged investments can pay off in the end

Taxes can take a big bite out of your total investment returns, so it?s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn?t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of the investment. Tax deferral is […]

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Tips for building a successful investment portfolio

You?ve identified your goals and done some basic research. You understand the difference between a stock and a bond. But how do you actually go about creating an investment portfolio? What specific investments are right for you? What resources are out there to help you with investment decisions? Do you need a financial professional to help you get started? ? […]

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IRS warns of e-mail scam going around

The Internal Revenue Service warns taxpayers that a scam e-mail is circulating that fraudulently uses the IRS name and logo as a lure. The latest scam e-mail targets both businesses and individuals. It claims a federal tax payment has been rejected and directs the recipient to complete an attached form. That attachment contains a virus that may infect your computer […]

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Exemptions, deductions rise due to inflation

In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, an official with the Internal Revenue Service said. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar […]

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Tax season starts on time for most taxpayers

Following tax law changes Dec. 17, the Internal Revenue Service recently announced the upcoming tax season will start on time for most people. But taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns. In addition, said Doug Shulman, IRS commissioner, taxpayers who itemize deductions on Form 1040 Schedule […]

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What to look for when you?re shopping for online help
What to look for when you?re shopping for online help

What to look for when you?re shopping for online help

It now takes more than 71,000 pages to cover and explain federal tax laws. So it?s not surprising the vast majority of taxpayers look for help preparing and filing their tax returns. Use of online tax preparation and e-filing continues to grow at record rates. In fact, more than 32 million taxpayers e-filed their tax returns from home last year, […]

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