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Stock Market Losses? What You Need to Know About Taxes

stock market losses and taxesWe’ve seen quite a bit of volatility recently in the stock market, and that has some investors a little rattled. While long-term investors view these types of downturns complacently, waiting it out for eventual gains over a period of decades, other investors end up selling low and locking in losses.

Other investors view these times as opportunities to unload some of the underperforming stocks they’ve been wishing to rid themselves of for a while. They also lock in losses.

While it’s never fun to log investment losses, the reality is that you do […]

September 14th, 2015|Tax Tips|0 Comments

3 Ways to Reduce Tax Refund Fraud

tax fraud preventionConsumers and the IRS continue to grapple with the reality of tax refund fraud as the tax season continues. Tax refund fraud is attractive to many scammers because it’s hard to catch the perpetrators. Earlier this year, TurboTax even had to shut down for a short time due to a massive refund scam.

As tax identity fraud and refund fraud become more prevalent, the government is trying to figure out what to do. The United States Senate Committee on Finance recently held a meeting about ways to protect taxpayers from […]

August 26th, 2015|Tax Tips|0 Comments

Could the Supreme Court’s Same-Sex Ruling Impact Schools’ Tax Status?

supreme court same sex ruling and schoolsOne of the issues dominating tax and politics in recent years is same-sex marriage. For the last couple of years, issues related to same-sex marriage have been before the U.S. Supreme Court. Among the biggest changes in recent years was when the Supreme Court struck down the part of the Defense of Marriage Act that prevented federal agencies from recognizing same-sex marriages, even if states approved of these unions. That ruling changed the way that many same-sex married couples could file their taxes (and created interesting tax situations […]

August 26th, 2015|Tax News|0 Comments

Chicago Enacts “Cloud Tax” to Cover Streaming Services

new-cloud-tax-chicagoAs the Internet has grown in popularity over time, many consumers have found it a cost-effective way to shop and be entertained. In many cases, taxes that apply to other activities in daily life aren’t collected when that activity is completed through the medium of the Internet.

Over the years, many states and localities have made efforts to tax aspects of the Internet. Many states require Amazon to collect sales tax when residents complete purchases through the site. Now, the city of Chicago is looking to collect taxes when consumers use cloud devices and […]

August 26th, 2015|Uncategorized|0 Comments

Taxes After Death: Tax Fraud Using Old Social Security Numbers

social security fraud and taxesWhen we think of tax fraud, often our minds jump to activities like under-reporting income and overstating deductions and credits. Sometimes, we also consider fraudulent actions like identity theft. Many scam artists use others’ Social Security numbers to claim their refunds. However, another form of tax fraud is a concern to the IRS: It appears that people use old Social Security numbers to file taxes — and claim refunds.

Social Security Numbers from Before 1901

According to the Social Security Administration, the first Social Security […]

June 26th, 2015|Innocent Spouse Relief, Uncategorized|0 Comments