Increase in standard deduction

The new tax bill increases the standard deduction to $12,000 for individuals and $24,000 for married couples. As a result, some taxpayers may wish to accelerate their itemized deductions into 2017 because they will no longer be able to itemize in 2018. In addition, in the future, grouping your deductions into one year and taking …

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PayPal Phishing e-mail – Another reason not to click on links in emails

Paypal phishing e-mail  . I don’t know how many times I have said this, but NEVER EVER click on a link in an email you receive even if you know who the person or company is.   If it’s a company, go to your web browser and open up the company website and sign in …

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Health Care Information for Individuals for filing their 2015 tax returns

The IRS has announced that it will allow taxpayers to file their 2015 tax returns, even though they may not receive their Health Care information, and will not have to will file an amended return if there are discrepancies, as long as they rely on other reasonable sources. IRS Notice 2016–4 states “Nonetheless, some employees …

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Additional information employee versus independent contractor

There is a previous post in which I discuss whether anyone could be an independent contractor, given the current governmental “push” to reclassify them as employees. Now the Department of Labor has come out with the new interpretation in which they are moving away from the 20 point test that has been used for years. …

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IRS sends out erroneous letters

It was announced this week that letters were sent out giving taxpayers an identity theft pin number for filing their 2015 tax returns. Unfortunately, they did not do enough proofreading and the letters say that the pins are supposed to be used for filing the 2014 tax returns which have come and gone, rather than saying …

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