Category Archives: Tax Tips

TAX SEASON, IS HERE, LET’S REVIEW THE MOST IMPORTANT CHANGES

1. Do you own or use any virtual currency? Virtual or digital currency, such as bitcoin, has been around for a few years. What is new is where the IRS states that this convertible currency should be treated as property … Continue reading

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Earned Income Tax Credit Basics : What to Know to Claim It ( 1 of 2)

QUALIFYING FOR EARN INCOME TAX CREDIT Some taxpayers with lower-paying jobs may be eligible for an earned income tax credit (EITC), based on their income levels. The EITC is a refundable credit; if the credit amount exceeds the taxpayer’s tax … Continue reading

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On this Extra Day Keep Your Personal Information Extra Protected :TAX TIPS on Identity Theft

We know identity theft is a frustrating process for victims. Follow these Tips for Protecting your Identity this Tax Season. What is identity theft? Identity theft occurs when someone uses your personal information such as your name, Social Security number … Continue reading

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8 Tips to Save You Money in the 2012 Tax Season

Worried all tax saving options have been exhausted once the clock struck midnight on New Year’s Eve?  Yes, most money-saving options to defer income or claim deductions become a great deal more limited after December 31, there is still a … Continue reading

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12 More Things to add To Your To-Do List before 2012 (I promise it will be beneficial)

We are approaching year’s end.   In addition to landing those key deals and finalizing some year end business , it is also time to get your business in order.  You want to prepared and equipped to do business heading … Continue reading

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Disaster Relief & Your Taxes

NEW YORK — Victims of Hurricane Irene that began on Aug. 26, 2011 in parts of New York may qualify for tax relief from the Internal Revenue Service. The President has declared the following counties a federal disaster area: Albany, … Continue reading

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Disaster Preparedness & Your Finances

Here are some tips to keep in mind and prepare before a disaster happens, so you can safeguard your loved ones and your assets: Create a Backup Set of Records Electronically Keep a set of backup records in a safe … Continue reading

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Non Profit & Keeping Your Exempt Status

The Internal Revenue Service announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes the vast majority of these organizations … Continue reading

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Important Changes to The Innocent Spouse Rule

The Internal Revenue Service announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests. “In recent months, it became clear to me that we need to make … Continue reading

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IRS Changes Mileage Rates

The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and … Continue reading

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