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Topic: Federal Income Tax

Lamar Alexander says “Sweeping Relief” On Its Way to Keep Paychecks Coming For Workers, Relieve Financial Burdens For Americans Hurt by Coronavirus

 

Unprecedented legislation will provide $1,200 checks for individuals, increase unemployment compensation, defer tax and student loan payments, generate trillions in economic support to keep businesses open and billions to help hospitals buy medical supplies and speed development of tests, treatments and vaccines

U.S. SenateWashington, D.C. – United States Senator Lamar Alexander (R-Tenn.) said legislation he voted for and the Senate passed today by a vote of 96-0 will send “sweeping relief to keep paychecks coming for workers and relieve financial burdens for Americans hurt by coronavirus (COVID-19).”  

The senator said that unprecedented legislation will provide $1,200 checks for individuals, increase unemployment compensation, defer tax and student loan payments, generate trillions in economic support to keep businesses open and billions to help hospitals buy medical supplies and speed development of tests, treatments and vaccines.

U.S. Senator Lamar Alexander

U.S. Senator Lamar Alexander

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Frazier Allen: Double-Check Before Filing Your IRS Return

 

It may seem like common sense, but going back over the information you enter may be the most important part of your tax filing duties.

F&M Investment Services - Raymond James - Clarksville, TNClarksville, TN – It’s tax time. And as you work with your advisor or tax preparer to maximize your refund, or at least minimize what you owe, keep in mind that one of the most important things taxpayers can do to limit errors is to double-check the information they input into software or a printed form.

It may seem like common sense, but going back over the information you enter may be the most important part of your tax filing duties.

Frazier Allen

Frazier Allen

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Frazier Allen: Making Tax Planning a Priority

 

F&M Investment Services - Raymond James - Clarksville, TNClarksville, TN – Contrary to popular belief, tax planning isn’t limited to the months between year-end and the filing deadline. In fact, smart tax planning goes beyond deductions and credits and should be incorporated throughout the year. Keep in mind that this year’s filing deadline will take place on April 18th, as the District of Columbia is celebrating Emancipation Day on Friday, April 15th.

As Americans prepare to file their 2015 returns, there are some things we should be thinking about – and if lowering your taxes is a priority, starting a conversation with your tax advisor about ways to save money come April 18th can be a good idea.

Frazier Allen

Frazier Allen

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IRS says 2016 Tax Season opens January 19th for Nation’s Taxpayers

 

IRS - Internal Revenue ServiceAtlanta, GA – Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced today that the nation’s tax season will begin as scheduled on Tuesday, January 19th, 2016.

The IRS will begin accepting individual electronic returns that day. The IRS expects to receive more than 150 million individual returns in 2016, with more than four out of five being prepared using tax return preparation software and e-filed. The IRS will begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.

Income Taxes

Income Taxes

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New IRS Tax Guide Helps People With Their 2013 Taxes

 

IRS - Internal Revenue ServiceWashington, D.C. – Taxpayers can get the most out of various tax benefits and get a jump on preparing their 2013 federal income tax returns by consulting a newly revised comprehensive tax guide now available on www.IRS.gov.

Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, and the Child Tax Credit and Earned Income Tax Credit for low- and moderate-income workers.

https://www.youtube.com/watch?v=NPo7KDXBBe0 «Read the rest of this article»

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IRS offers Tips for Taxpayers Who Missed the Tax Deadline

 

Internal Revenue Service - IRSWashington, D.C. – The IRS has some advice for taxpayers who missed the tax filing deadline.

File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.

Penalties and interest may be due. If you missed the April 15th deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late. «Read the rest of this article»

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Internal Revenue Service now Accepting All 2012 Returns

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns.

Over the weekend, the IRS completed reprogramming and testing of its systems for tax-year 2012 including all remaining updates required by the American Taxpayer Relief Act (ATRA) enacted by Congress in January.

http://www.youtube.com/watch?v=26ESO1dqip0 «Read the rest of this article»

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No Easy Answers as Fiscal Cliff Looms

 

Frazier AllenTax increases and automatic spending cuts that take effect in 2013 will increase government revenue and significantly cut the budget deficit. However, that comes at the cost of economic conditions “that will probably be considered a recession.”

That’s the conclusion reached by the nonpartisan Congressional Budget Office (CBO) in a recent report. The report also documents some of the factors and conditions that make addressing the situation so contentious. (Source: Congressional Budget Office , An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022, August 2012.) «Read the rest of this article»

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IRS Offers Relief for Unemployed, Options for Others Who Can’t Pay Taxes Due

 

Internal Revenue Service - IRSWashington, D.C. – The Internal Revenue Service today reminded taxpayers that 2011 federal income tax returns, extension requests and tax payments are due by April 17th, 2012. For people unable to pay their taxes in full by that date, payment agreements and other relief are usually available and can even be requested online.

Taxpayers will avoid late filing penalties if they file either their income tax return or a request for a tax-filing extension by midnight on Tuesday. The late-filing penalty, normally five percent per month based on the unpaid balance, applies to returns filed after the deadline. Taxpayers should file, even if they can’t pay the full amount due.

http://www.youtube.com/watch?v=Cp4FcCGeHL4

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IRS: Eight Tips to Determine if Your Gift is Taxable

 

Internal Revenue Service - IRSWashington, D.C. – If you gave money or property to someone as a gift, you may owe federal gift tax.

Many gifts are not subject to the gift tax, like those to a spouse or charity. The Internal Revenue Service (IRS) offers the following eight tips about gifts and the gift tax.

http://www.youtube.com/watch?v=bPnR3U8Wk04

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