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Energy Efficiency Tax Credits Still in Effect for 2016

energy-tax-credits-3A few years ago, the government announced that taxpayers could spend money to install energy efficient systems and receive tax breaks. Those tax credits have been set to expire for some time, but Congress has renewed them for another year. In some cases, the tax credits have been renewed for even longer.

If you want to save money with energy efficient installations, this might be the year to do it. Tax credits have been renewed for tax year 2016, and are even retroactive to purchases made in 2015. That means that if you have been […]

June 7th, 2016|Uncategorized|0 Comments

Do Millionaires Really Leave States with Higher Taxes?

wealthy leave over taxes?One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nominee and then goes on to win, is raising taxes on the wealthy.

However, the other side of that argument is that higher taxes on millionaires could lead to flight. It’s long been assumed that raising state income taxes on millionaires results in the rich fleeing to states where income taxes are lower — or non-existent. Stories of millionaires leaving […]

June 7th, 2016|Blog Post Categories, Tax News|0 Comments

Tax Fraud on the Rise. Can Congress Combat It?

tax fraud on rise congress to fightWhat’s the fastest-rising form of identity fraud in the United States?

According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor to a recent spike in ID theft. According to the FTC, there was a 47% spike in ID theft in 2015. That’s a pretty big hike, and large portion of it is due to tax refund fraud.

The FTC says that tax refund fraud represents the fastest growing and largest ID theft category that they track.

How Does Tax Refund Fraud Work?

One of the […]

May 24th, 2016|Tax News|0 Comments

What are FICA Taxes?

estimated-taxes-dueWhen you received your first paycheck, you were probably surprised to discover that what you told you are earning, and what you actually come home with, are two different things. Due to tax withholding from your paycheck, your take-home pay is usually less than you earn.

Your federal and state income tax payments are usually withheld from your paycheck, and you might even expect that since you usually need to fill out a W-4 when you begin working. However, what you might not account for is the withholding of FICA taxes.

FICA Taxes

These taxes are different […]

May 20th, 2016|Uncategorized|0 Comments

IRS Adds More Staff for Audit and Enforcement

irs treasuryIn recent months, the IRS has complained that it doesn’t have the budget to properly enforce tax law or to provide adequate customer service. IRS Commissioner John Koskinen recently pointed out that budget cuts mean that the agency will be unable to replace up to 1,800 workers.

However, the IRS just announced that it is adding 700 new workers to help with audit and enforcement. This comes on the heels of information that IRS audits of individuals dropped to a low not seen for 11 years.

Could You Be Audited?

The new personnel means that […]

May 17th, 2016|Blog Post Categories, Tax News|0 Comments