5 minutes read
Certain provisions of the Patient Protection and Affordable Care Act (PPACA) are set to take effect in 2014, some of which may have an impact on taxpayers. The PPACA, more colloquially known as “Obamacare,” is the new healthcare law that sets up either a state or government run health exchanges. Along with the change in healthcare accessibility comes a change in taxes.
5 minutes read
IRS audits are feared for good reason: at best, they’re disruptive, and at worst they can cost you vast amounts of money. Though the percentage of audited returns is relatively low, every year the IRS still audits a huge number of returns. Following these tips can help you reduce the chances you’ll end up as one of their targets.
4 minutes read
Each year, the Internal Revenue Service (IRS) puts out a list of common tax scams—dubbed the “Dirty Dozen”—to warn taxpayers. Ranging from identity theft to return preparer fraud, the list is intended to remind tax payers to use caution preparing, filing and discussing their annual taxes. Personal and other sensitive information can get into the wrong hands if the proper precautions aren’t taken. It’s wise to periodically review the IRS’ Dirty Dozen to keep...
4 minutes read
Although the Earned Income Tax Credit (EITC) can sound daunting and confusing for taxpayers and tax professionals alike, there are ways to navigate the murky waters of this credit to maximize its benefits. This tool can be important for low- and middle-income families and singles looking to save money where they can. Breaking down this tax credit isn’t difficult once you understand what it is and how to file for it.
2 minutes read
In a recent report by National Taxpayer Advocate Nina Olsen, the IRS was only able to answer 61% of phone calls made by taxpayers to the agency. Just 10 years ago, the IRS was able to address 87% of calls. The reasons cited were the increasing complexity of tax questions unable to be answered by automated systems as a result of the overall increasing complexity of the tax code. This coupled with budget cuts to the agency resulted in nearly 4 out...
1 minute read
Yasmin D. Brenner has been tapped to lead R&G Brenner’s newly created Insurance division. The Affordable Care Act (ObamaCare) is now in effect, which means that every citizen must have health insurance which meets a minimum standard of coverage by March 31st, 2014 or be assessed a monetary penalty (this penalty can grow to over $2000 per family by 2016!).
3 minutes read
The notion of taxes can be stressful for anyone, and so can the holiday season. While reading about taxes and finances could destroy the holiday spirit for some, it is a great idea to be cognizant of the various holiday tax deductions to make the season much less stressful. Below is an overview of some common last minuet tax deductions and tax break opportunities that you can take advantage of this holiday season before you close the books on 2013
4 minutes read
The IRS put everyone one notice not long after the end of the latest government shutdown that the 2014 tax filing season would be delayed by “1 or 2 weeks”. Well not surprisingly, the IRS recently released that the first date that they will be accepting 2013 tax returns for processing will be January 31st: