Income Tax

Tax ID Theft 1  54d6d07eafd9c

October 22, 2015 

IRS Working with States and Tax Companies to Prevent ID Theft

As part of the Security Summit process, members from the IRS, states and industry are co-chairing and serving on several teams. The teams have focused on a number of areas including improved validation of the authenticity of taxpayers and information ...

tax-planning1_10774420

October 22, 2015 

Tax Year 2015: Top 10 Tax Planning Issues

As 2015 draws to a close, a turbulent economic and legislative environment means taxpayers need to keep a close eye on several major planning issues, according to Grant Thornton LLP.

pay federal income tax 1  5627d09b15e9f

October 21, 2015 

IRS Announces 2016 Income Tax Brackets and Tax Rates

For tax year 2016, the Internal Revenue Service has announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments.

paying taxes 1  562297f103a6b

October 17, 2015 

How to Secure Extra Tax Exemptions at Year-End

As with itemized deductions, the tax benefit of personal exemptions, including exemptions for dependents, is subject to a special phase-out rule. However, unlike deductible expenses that might be moved from one tax year to another, the approach for ...

tax deductions 1  56213c60b3270

October 16, 2015 

Time to Rethink 2016 Tax Planning Strategies and Itemized Deductions

(This is part of our series of “sweet 16” year-end tax planning ideas.) The conventional year-end tax wisdom is to push deductible expenses into the current year to offset the tax bill you’ll be paying come April, especially if you expect to be in the same or a higher tax bracket each year. The old...…

TAX SCAM 1  54d39dfa3c63b

October 16, 2015 

Taxpayers Urged to Be On High Alert for Income Tax Scams

TIGTA continues to receive reports of thousands of contacts every month in which individuals make unsolicited calls to taxpayers fraudulently claiming to be IRS officials and demanding that they send them cash via prepaid debit cards, he said.

senior scam alert 1  56203de29e571

October 15, 2015 

How Online Scammers Target Their Fraud Victims

Scams and con artists are everywhere and they'll do just about anything to gain access to your personal information and steal your hard-earned money. One of your best defenses against fraud is learning to recognize scammers' more common tactics and ...