College Expenses Getting You Down?

August 14, 2014

If you have children in college, you know how expensive putting a child through school can be. Fortunately, the U.S. tax code may provide you some relief — in the form of the American Opportunity and Lifetime Learning credits. How the Credits Work The American Opportunity credit (formerly known as the “Hope” credit) has been extended…

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Collectibles And Taxes: Be Prepared For The Consequences

June 27, 2014

If you are one of the 5 million-plus viewers of the TV show “Pawn Stars” or an avid “Antiques Roadshow” fan, you know that a random collectible — say, the first issue of the Superman comic books or one of the five 1913 Liberty Head V nickels known to exist — may be worth a…

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What Employers Need to Know About the 0.9% Additional Medicare Tax

May 15, 2014

Although it hasn’t garnered as much attention as some of the other provisions in the Affordable Care Act (ACA), the 0.9% additional Medicare tax went into effect Jan. 1, 2013. The tax applies to wages and self-employment income over certain levels and is in addition to the regular 2.9% Medicare tax. Unlike the regular Medicare…

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Where is My Refund?

May 6, 2014

Are you one of the many taxpayers who is wondering where your tax refund is? Buchbinder has compiled a list of useful sites that can help you track down your money. Click the links below to be forwarded to the appropriate jurisdictions. Federal Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia…

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Six Ways to Survive An IRS Audit

March 18, 2014

The chances that an IRS agent will come calling with news that your tax return was selected for an audit are mercifully low. Overall, about 1% of individual tax returns are audited each year, according to the 2012 Internal Revenue Service Data Book. Of those, about three-quarters are correspondence audits that are handled by exchanging…

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The IRS Offers a Simpler Home Office Deduction

March 17, 2014

If you’re one of the approximately 3.4 million U.S. taxpayers who claim a home office deduction on your tax return, you may find the calculations a bit easier going forward. Earlier this year, the IRS announced a simplified option also known as the “safe harbor” option, for calculating the home office deduction. You can use…

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