Capital Gains Tax - How it Works
Capital Gains is applied when you sell an asset at a price higher than you paid to acquire it, the profit is referred to as “capital gains.” If you owned the asset for one year or less, the capital gains are considered “short term.” Capital gains on assets that are sold after you’ve owned them longer than one year are considered “long term.” Short-term gains and long-term gains are taxed at differ...
Standard Mileage Rates for 2017 Announced
The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:53.5 cents per mile for business miles driven, down from 54 cents for 201617 cents ...
2017 Tax Filing Season Begins Jan. 23, Tax Returns due April 18
The Internal Revenue Service has announced that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminds taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns on the 23rd, with more than 153 million individual tax returns expected to be filed in 2017. -LB [...]
Stay Alert to IRS Tax Scams
Stay alert to scams that use the IRS as a lure. Tax scams can happen any time of year, not just at tax time. For more, visit “Tax Scams and Consumer Alerts” on IRS.gov. - LB [...]
IRS Phone Scam? Here's what to do
If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:If you don’t owe taxes, or have no reason to think that you do:Do not give out any information. Hang up immediately.Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page. You can also call 800-366-4484.Report it to the Federal Trade Commission. Use the ...
Beware of IRS Impersonations and Tax Scams
If you get a call from the “IRS” threatening you with lawsuits or jail unless you pay up immediately … Guess what? It’s a scam. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will NEVER:Call to demand immediate payment, nor call about taxes owed without first having mailed you a bill.Demand that you pay taxes...
IRS Launches Online Tool to Assist Taxpayers with Basic Account Information
The Internal Revenue Service announced today the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Taxpayers may also continue to take advantage ...
Filing of W-2 and 1099-Misc by January 31
Beginning in 2017, for the 2016 reporting year, filers must send W-2 and 1099-MISC recipient copies and submit to the SSA/IRS by January 31, regardless of method (paper or e-file). In many cases, this is months earlier, increasing workload and stress for filers. In addition, Forms 1095-B and 1095-C filing deadlines also fall at the end of January for recipient delivery. - LB [...]