IRS News / 49 posts found
2017 Tax Filing Season Updates
EIC Scam Alert!
Warning!! In 2010 Obama signed the Improper Payments Elimination and Recovery Act and then in 2012 he signed the Improper Payments Elimination and Recovery Improvement Act . These Acts have tasked the IRS to get control of rampant fraud taking place among Earned Income Tax Credit filers and preparers.
Since its inception individuals have tried to manipulate the system to get their hands on this FREE money that the government has set aside to help low income families struggling to raise their families.
Over the years the amount of abuse has reached staggering proportions. A minimum of $13.3 billion and a maximum of $15.6 billion — billion, not million — is wasted in this one program in a single year.
Last fall, the inspector general estimated that somewhere between $110 billion and $132 billion had been thrown away in improper Earned Income Tax Credit payments in the last decade. Now add somewhere around $15 billion more — with no indication the rate of fraud will be reduced anytime in the future.
Even though the IRS has been lacking in attacking this problem in the past they can no longer ignore the waste, fraud and abused taking place and they are now utilizing a very streamed line and effective audit process to help reduce and stop these abusive practices.
Understanding The Obama Care Individual Shared Responsibility Payments?
IRS Warns: Obamacare Tax Must Be Paid
10 Special Tax Benefits for Members of the Armed Forces
5 Tax Tips on Travel While Giving to Charity
Protect Yourself From IRS Audits
The tax filing season is almost ove and in the rush to get your taxes prepared before April 15 mistakes can be made that could trigger an audit. These 10 tips will help you save time and help to protect you in the event of an IRS audit:
1. Gather your records. Collect all tax records you need to file your taxes. This includes receipts, canceled checks and records that support income, deductions or tax credits that you claim on your tax return. Store them in a safe place.
2. Report all your income. You will need to report your income from all of your Forms W-2, Wage and Tax Statements, and Form 1099 income statements when you file your tax return.
Is The IRS Your Puppet Master?
Living Trusts: Why Anna Got One
Are You Affected By Obama Care AKA The Affordable Health Care Act?
Obama Care has within it numerous different taxes. However everyone one is not affected the same. Let's take a look at how Obama Care's taxes affect certain income groups.
Obama Care (Affordable Health care Act) Taxes for High Earners and Large Businesses
Most of the new taxes are on what on so called high end earners. This group includes anyone making over $200,000 and families that making over $250,000. If you own a business with over 50 full-time equivalent employees making over $250,000 you are included in this group. Also if you are in an industry that profits from healthcare you are also included in this group. Essentially who will see gains under Obama Care are required to put money back in the program via taxes.
FACT: Tax increases generally affect single filers with an adjusted gross income (AGI) above $200,000 and married couples filing jointly above $250,000. Some of the tax increases don't kick in until single AGI hits $400,000 and married filing jointly AGI hits $450,000.
Obama Care (Affordable Health care Act) Taxes for the Average American With Health insurance
For most of the 85% of Americans with health insurance, making less than $250,000, most of the new taxes won't mean much of anything, however if you fall in one of the categories below there are certain taxes that will affect you and your family.
Obama Care (Affordable Health care Act) Taxes for the Average American Without Health insurance
There are approximately 15% of Americans without health insurance. These are primarily younger Americans who are just starting out looking for jobs. They will be required to obtain health insurance (Note: this is called the Individual Mandate) or will they will face a "tax penalty".