What You Should Know about the Child Tax Credit
What You Should Know about the Child Tax Credit While many aspects of tax filing, and tax season in general, are a big drag, there is one aspect of tax filing that many look forward to- their refund. For the most part, refund money isn’t “free money” from the government, its money you overpaid during the year but even so, getting some dollars back in your bank account is never a bad thing. For parents of minor children, the Child Tax Credit is often to thank for taking at least a little off the top of your tax bill and, hopefully, adding a bit more to your refund. The Child...
Read MoreI got $10,000 for my college graduation. Do I have to tell the IRS?
On the Word on Wealth Radio show tonight (www.KPRZ.com and 1210AM San Diego, CA) The Retirement Professor (Marty Schneider) and I discussed the question – If I got $10,000 for my college graduation. Do I have to tell the IRS? The answer may surprise you: NO. Gifts under $14,000 per year do not get reported to the IRS or the state of California. They are not taxable. That’s right – not taxable. Do these gifts need to be in cash? No. Gifts that are excluded from reporting and from tax can be any type of gift valued @ $14,000 or less. The gift can be a partial interest in a...
Read MoreFake Charities: Dirty Dozen Tax Scams 2016
Fake Charities: Dirty Dozen Tax Scams 2016 Did you know that not all charities are truly charitable? Its a terrible and twisted concept but its reality. There are groups that pretend to be charitable, drawing you in and encouraging you to donate money and give your personal information with plans to scam you. The IRS recently warned tax payers to be aware of such fake charities in its recent update about its Dirty Dozen Tax Scams for the 2016 filing season. “Fake charities set up by scam artists to steal your money or personal information are a recurring problem,” said IRS...
Read MoreIdentity Theft: Dirty Dozen Tax Scams 2016
Identity Theft: Tax Scams With tax season upon us, the IRS has issued warnings that scam artists are on the prowl and they could be after you. They have again issued their list of the “Dirty Dozen” Tax Scams, this time identity theft tops the list. You can read about 2015’s number one, phone scams, in our post from last year. While identity theft can happen at any time of the year, many criminals take advantage of tax season to get their victims. Tax-related identity theft happens when someone uses your social security...
Read MoreTax Season 2016 Begins Tomorrow!
Let Tax Season 2016 Begin! With the start of the new year comes the start of tax season! Are you ready for tax season 2016? The IRS announced that the individual tax return fling season will begin tomorrow, Tuesday, January 19th and last a little longer than usual this year. While most tax seasons end on April 15th, this tax season 2106 will end on April 18th. This is due to the observance of Emancipation Day on Friday, April 15th. They expect over 150 million returns to be filed this tax season and to give refunds to more than seventy percent of those filers. Last year they gave out 109...
Read MoreTax Tips: Giving Gifts to Charity
Tax Tips: Gifts to Charity Tax Tips for Charitable Giving You must itemize your deductions in order to claim donations to charity. Give to qualified charities: You cannot deduct donations to charities not found on the IRS Select Check tool. Check it out here before you donate. You can deduct gifts to churches, synagogues, temples, mosques and government agencies, even if the Select Check tool does not list them. Keep records: You must have a bank record or written statement from the charity in order to deduct gift money on your tax return. Gifts of money include those made by cash, check,...
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