How Long Should You Keep Old Tax Records?

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Article Highlights: The general statute: 3 years  Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed…

The Treasury Green Book of Biden Proposed Tax Changes

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Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death …

Did You Get a Letter from the IRS? Don’t Panic.

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Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’…

Haven’t Received Your Tax Refund Yet?

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Article Highlights Slow Refunds COVID-19 Economic Impact Payments Recovery Rebates Unemployment Debacle Using 2019 Income to Compute 2020 EITC and Additional Child Tax Credit Other Issues Where’s My Refund Tool …

Tax Issues Related to Renting Your Vacation Home  

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Article Highlights: If You Don’t Rent Your Property If You Rent Your Property Rented Fewer Than 15 Days Personal Use Is Less Than the Greater of 15 Days or 10% of the Rental Days Personal Use Exceeds the Greater of 14 Days…

Taxes and Divorce

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Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Alimony If…

Recordkeeping Tips to Keep the IRS Away 

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Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax…

Made a Mistake on Your Tax Return - What Happens Now?  

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Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Generally speaking, tax return mistakes are a lot more common than…

Owe Taxes and Can’t Pay by the Due Date? 

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Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who…

Unpaid Debt Taking Your Tax Refund?

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Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? …