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[12 Mar 2020 | No Comment | ]

From: Tax Connections
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.
Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return.
Your income and filing status affect whether you must pay taxes on your Social Security. An easy method of determining whether any of your benefits might …

IRS Tax Tips »

[11 Mar 2020 | No Comment | ]

Issue Number: Tax Tip 2020-34
When the IRS makes a determination about someone’s tax return, that person can challenge the IRS’s decision. In fact, the taxpayer has a right to do so. This is one of ten rights laid out in the Taxpayer Bill of Rights. They also have the right for that challenge to be heard by the agency.
This means taxpayers have the right to:
Object to formal IRS actions or proposed actions and provide additional documentation in their response.
Expect the IRS to consider their timely objections and documentation promptly …

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[20 Feb 2020 | No Comment | ]

FEBRUARY 19, 2020 • LAURA DAVISON
There’s a new incentive to file a tax return this year: an Internal Revenue Service agent may be making a house call if you don’t.
The IRS is increasing efforts to reach high-income individuals who have failed to file at least one or more tax returns in recent years as a last-ditch attempt to encourage compliance, the agency said on Wednesday. This would be the final step before the agency would pursue more severe procedures, including civil or criminal action against that individual, the IRS said.
The …

IRS Tax Tips »

[6 Feb 2020 | No Comment | ]

Source: IRS.gov: https://www.irs.gov/newsroom/nine-common-filing-errors-to-avoid
Errors can slow down the processing of your return and potentially delay your refund. So, before you hit send or seal the envelope to file your 2019 tax return, make sure your return is IRS-ready. According to the IRS, these are some of the common errors people make when filing their tax returns.
Social Security number errors
Did you remember to include your Social Security number on your return, and does it match the information on your Social Security card? Missing or incorrect numbers are common issues on many taxpayers’ …

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[17 Jan 2020 | No Comment | ]

JANUARY 8, 2020 • JEREMIAH BARLOW
The SECURE Act went into effect on January 1, 2020 and brings significant changes for retirement and other financial planning. Here are the notable provisions and takeaways from the SECURE Act that you need to know.
Age Limit Removed For IRA Contributions: There is no longer an age cap on contributions to a traditional IRA. Traditional IRAs will now be aligned with Roth IRAs. Before the SECURE Act, there was an age cap for contributing to a traditional IRA of age 70 ½. Individuals who continue …