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Monday, November 16, 2020

Every tax professional has their own electronic filing identification number, or EFIN. To help maintain security, tax pros can verify the number of returns submitted using their EFIN and look out for suspicious activity. Tax pros can...

Monday, November 16, 2020

The Week on Wall Street News of a COVID-19 vaccine ignited a rally in economically sensitive stocks and a broad retreat in technology companies last week, though enthusiasm was tempered by reports of rising new infections and fresh...

Monday, November 9, 2020

Veterans face unique tax considerations due to their status. This includes disabled veterans. Here are some things to consider for disabled veterans and their families: Disabled veterans may be eligible to claim a federal tax refund if...

Monday, November 9, 2020

The Week on Wall Street Stocks soared last week as investors anticipated that a split Congress would raise legislative hurdles to changing corporate taxes and adjusting regulatory oversight of big technology companies. The Dow Jones...

Monday, November 2, 2020

The Week on Wall Street Stock prices dropped last week as hopes for a fiscal stimulus bill faded and investors focused on rising COVID-19 infections, here and abroad. The Dow Jones Industrial Average slid 6.47%, while the Standard &...

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Monday, November 2, 2020

Unfortunately, criminals often use the IRS as a gateway for common phone scams. These scams can differ, but they generally include someone posing as an IRS agent asking for payment. These calls can be scary, especially if you...

Monday, October 26, 2020

The Week on Wall Street The failure to reach an agreement on a new fiscal stimulus bill soured investor sentiment and sent stocks modestly lower for the week. The Dow Jones Industrial Average fell 0.95%, while the Standard &...

Monday, October 26, 2020

The adoption credit is designed for families who adopted or started the adoption process. These taxpayers may be able to claim up to $14,080 of credit for each eligible child. To determine eligibility, taxpayers should fill out Form...

Monday, October 19, 2020

The Week on Wall Street Stocks treaded water last week amid fading prospects for a stimulus bill, fears of a second wave of COVID-19 cases, and increasing political and regulatory pressures on Big Tech companies. The Dow Jones...

Monday, October 19, 2020

School may look a little different this year, but eligible teachers can still deduct certain unreimbursed expenses on their tax return next year. The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor,...

Monday, October 12, 2020

The Week on Wall Street Stocks staged a powerful rally last week, riding a wave of optimism over the prospect of the passage of a new fiscal stimulus bill. The Dow Jones Industrial Average rose 3.27%, while the Standard & Poor’s...

Monday, October 12, 2020

According to the Taxpayer Bill of Rights, the IRS won’t share any information that a taxpayer gives with outside parties unless allowed by the taxpayer themselves or the law. This right to confidentiality is one of the 10 rights...

Monday, September 28, 2020

The Week on Wall Street Stocks were mixed last week as worries that stretched from Washington D.C., where prospects of a new fiscal stimulus bill dimmed, to Europe, which saw an increase of new COVID-19 cases. The Dow Jones Industrial...

Monday, September 28, 2020

Check Out the IRS YouTube Channel for Tips Did you know that the IRS has its own YouTube channel? The channel is full of informational videos that answer common questions from taxpayers. They cover everything from filing a tax return...

Monday, September 21, 2020

The earned income tax credit may be able to help taxpayers put more money in their pocket. There are a few groups of people that should consider looking into the credit more. These groups may include: Native Americans - If a Native...

Monday, September 21, 2020

The Week on Wall Street Stocks slipped as the technology sector remained under pressure and a mid-week announcement by the Federal Reserve failed to inspire investors. The Dow Jones Industrial Average declined 0.03%, while the Standard...

Monday, September 14, 2020

One of the most frequently asked questions by taxpayers is, “How long should I keep my tax records?” On its website, the Internal Revenue Service (IRS) offers some guidelines. Note: The IRS suggests taxpayers keep copies of...

Monday, September 14, 2020

The Week on Wall Street Stocks traveled a volatile path last week as investors appeared concerned about the upcoming elections, an uncertain economy, and more delays with additional fiscal stimulus. The Dow Jones Industrial Average...

Wednesday, September 9, 2020

The Week on Wall Street A late week sell-off sent stocks broadly lower as investors took some profits after stocks reached all-time highs earlier in the week. The Dow Jones Industrial Average slid 1.82%, while the Standard &...

Monday, September 7, 2020

Treasury bills, notes, and bonds may be exempt from state and local taxes, but they are fully taxable on the federal level. Municipal bonds, on the other hand, are exempt from federal income tax. Municipal bonds also may be exempt of...

Monday, August 31, 2020

Child Tax Credits: By the Numbers Here are some Child Tax Credit numbers to know from the website, IRS.gov. The numbers were updated in March 2020. $2,000: The maximum amount of the child tax credit per qualifying child. $1,400: The...

Monday, August 31, 2020

The Week on Wall Street Stocks advanced relentlessly last week on positive COVID-19 developments, encouraging economic data, and a supportive policy shift in the Fed’s approach to its target inflation rate. The Dow Jones...

Monday, August 24, 2020

The Week on Wall Street Stocks powered to another week of gains as the S&P 500 and Nasdaq Composite set multiple new record highs along the way. The Dow Jones Industrial Average was essentially unchanged while the Standard &...

Monday, August 24, 2020

Deductions may help you manage the amount of taxes you owe, but it’s important to understand the different types of deductions. You have the choice of either taking a standard deduction or itemizing your deductions. Here are some...

Monday, August 17, 2020

When you’re looking for a tax preparer, you want to make sure to find someone you trust. These tips will help you find a responsible professional and wisely prepare yourself: Check the preparer’s qualifications Ask about...

Monday, August 17, 2020

The Week on Wall Street Stock prices drifted higher in an otherwise quiet news week, as a slowdown in new COVID-19 cases outweighed a Congressional impasse on a new fiscal-spending measure. The Dow Jones Industrial Average gained 1.81%...

Monday, August 10, 2020

IRS Free File, a tool from the IRS, helps some taxpayers file for free. This may include military members and their families. The tool is designed for individuals or families whose adjusted gross income was $69,000 or less last year,...

Monday, August 10, 2020

The Week on Wall Street Overlooking stalled efforts by Congress to pass a new fiscal stimulus bill, stocks marched higher last week with the Dow Jones Industrials leading the way and the NASDAQ Composite setting multiple fresh record...

Monday, August 3, 2020

The Week on Wall Street Stocks were mixed last week amid a busy week of earnings, some troubling economic data, and seemingly little progress on a new fiscal stimulus package. The Dow Jones Industrial Average slipped 0.16%, while the...

Monday, August 3, 2020

The IRS has established a Taxpayer Bill of Rights to protect all taxpayers. You have the right to: Receive prompt, courteous, and professional service from the IRS Easily understand what the IRS is saying Receive clear and...

Monday, July 27, 2020

Bonds are sometimes used as an investment vehicle, but as with any investment, there are tax considerations as well. The interest you receive from corporate bonds may be taxable, which means that those taxes impact a portion of your...

Monday, July 27, 2020

The Week on Wall Street Stocks slipped in the final days of trading last week on higher jobless claims and rising tensions in the U.S.-China relationship. The Dow Jones Industrial Average lost 0.76%, while the Standard & Poor’s...

Monday, July 20, 2020

Whether you’re donating to a local animal shelter, a soup kitchen, or an arts program, it feels great to give back. There are many different types of organizations to support. Let’s look at two of the most common: 501(c)(3)...

Monday, July 20, 2020

The Week on Wall Street Stocks were mixed last week as investors reacted to positive economic data, progress on a COVID-19 vaccine, and the continued nationwide increase in COVID-19 cases. The Dow Jones Industrial Average gained 2.29%,...

Monday, July 13, 2020

More and more couples are starting to do business together. There are some considerations to working together, though, and they’re not just who’s going to drive the car to work that day. In terms of taxes, there are a few...

Monday, July 13, 2020

The Week on Wall Street Stock prices notched solid gains last week, looking past an increase in COVID-19 cases and any potential economic concerns raised by the trend. The Dow Jones Industrial Average increased by 0.96%, while the...

Monday, July 6, 2020

The Week on Wall Street In a holiday-shortened week, stock prices turned higher as encouraging economic data outweighed an increase in COVID-19 cases and a rollback in economic re-openings. The Dow Jones Industrial Average rose 3.25%,...

Monday, July 6, 2020

Due to the COVID-19 pandemic, the deadlines to file and pay federal income taxes were extended to July 15, 2020, which is just around the corner! If you haven’t yet, make sure to get your taxes in order or file for an extension....

Monday, June 29, 2020

The Week on Wall Street A jump in COVID-19 cases dampened investor enthusiasm last week, sending stock prices lower on worries that rising infections could derail the economic recovery. The Dow Jones Industrial Average slumped 3.31%,...

Monday, June 29, 2020

With the COVID-19 pandemic changing the way nearly everyone works in 2020, many people have found themselves working from home. While it is true that some home office expenses can be tax deductible, there’s a specific distinction...

Monday, June 22, 2020

The Week on Wall Street Stocks moved higher last week on news of more Federal Reserve market support and diminished concerns that new COVID-19 cases might lead to another economic shutdown. The Dow Jones Industrial Average rose 1.04%,...

Monday, June 22, 2020

The tax preparer you choose to help you file taxes can have different representation or “practice” rights. These rights may affect how they can represent you before the IRS. As you manage your tax details within your...

Monday, June 15, 2020

The Week on Wall Street Investor sentiment turned negative last week, amid an increasing number of COVID-19 cases in states where reopening has been underway as well as a subdued economic forecast from the Federal Reserve. The Dow...

Monday, June 15, 2020

Sometimes taxpayers owe more money in taxes than they can afford to pay to the IRS. When this happens, you have the option to file an Offer in Compromise, which allows you to pay less than you owe. If you opt to pursue this route, here...

Monday, June 8, 2020

The Week on Wall Street A positive jobs report sent stocks soaring last Friday, capping a solid week as evidence of a global economic recovery outweighed concerns over civil unrest and tensions with China. The Dow Jones Industrial...

Monday, June 8, 2020

Are you a teacher? Are you looking to put money directly back in your pocket after the semester? You're in luck! Educators may be able to deduct unreimbursed expenses on their tax returns. Here are some things to know about this...

Monday, June 1, 2020

The Week on Wall Street The shortened week, which began with a powerful two-day rally of trading, was enough to drive the markets into another week of solid gains. The Dow Jones Industrial Average rose 3.75%, while the Standard &...

Monday, June 1, 2020

Do you rent a spare room in your house or provide car rides for a fee? If so, you may be a part of the sharing or “gig” economy. If you made any income from such platforms, you have some key financial details to address...

Tuesday, May 26, 2020

The Week on Wall Street Upbeat comments by the Federal Reserve Chairman and more signs of an economic turnaround combined to help fuel a powerful rally in the stock market last week. The Dow Jones Industrial Average rose 3.29%, while...

Tuesday, May 26, 2020

These days, you can do almost anything online, including filing taxes. That can sometimes mean being more vulnerable to security compromises, such as a breach of data or identity theft. Here are tips for keeping your data safe. Always...

Monday, May 18, 2020

The Week on Wall Street Stocks drifted lower last week, weighed down by Federal Reserve Chairman Jerome Powell’s unsettling comments on the economy and signs of renewed tensions with China. The Dow Jones Industrial Average fell 2...

Monday, May 18, 2020

If you discover that you’ve made an error on your tax return, you may need to file an amended return. Though you don’t need to file if you’ve made a simple math error or left out forms (the IRS corrects for those...

Monday, May 11, 2020

The Week on Wall Street Despite a historic downturn in employment, stocks managed to climb higher last week as investors were emboldened by the pace of economic re-openings, both here and abroad. The Dow Jones Industrial Average gained...

Monday, May 11, 2020

The Taxpayer Advocate Service is an independent group within the IRS that works to protect taxpayers under the Taxpayer Bill of Rights. They also help taxpayers resolve issues and act as the taxpayer’s voice within the IRS....

Monday, May 4, 2020

The Week on Wall Street Stock prices ended the week slightly lower, despite news of positive results from a test trial of a COVID-19 drug treatment and several states easing their economic lockdowns. The Dow Jones Industrial Average...

Monday, May 4, 2020

With this year’s tax deadline moved to July 15th, you might be tempted to push your taxes to the back of your mind. Now is a good time, however, to set up a system that will keep your tax records safe and easy to find....

Monday, April 27, 2020

If you’re putting your home on the market, you may be able to manage taxes on some of your capital gains. Read on to see what the IRS regulations say. If you show a capital gain on the sale of your home, you may be able to...

Monday, April 27, 2020

The Week on Wall Street Stock prices bounced around last week as investors reacted to wild swings in the price of oil and reports that called into question the efficacy of two potential virus treatments. The Dow Jones Industrial...

Monday, April 20, 2020

The Week on Wall Street Stock prices pushed higher last week as news of a White House plan to reopen the economy and reports of a potential COVID-19 treatment helped the market overcome weak economic data and an ugly start to the...

Monday, April 20, 2020

If you or someone in your family is a member of the U.S. Armed Forces, you may be eligible for some important tax benefits. According to the IRS, military families may benefit from: Filing deadline extensions if you served in a combat...

Monday, April 13, 2020

The Week on Wall Street The stock market staged a broad rally this week, buoyed by the prospect that COVID-19’s grip on the nation may be easing and news of another Federal Reserve program to help stabilize businesses. The Dow...

Monday, April 13, 2020

If you pay for childcare, so that you can work or look for a job, you may be able to deduct those expenses on your federal tax return. Here’s what the IRS wants you to know: You can only deduct expenses for the care of a...

Monday, April 6, 2020

The Week on Wall Street Modest declines in stock prices this week masked the volatile inter- and intraday price swings as investors digested poor economic data and a warning from the president that the worst days of the COVID-19...

Monday, April 6, 2020

If your child or grandchild has recently secured employment, pass along these helpful tips from the IRS: Don’t be surprised when your paycheck is smaller than you expect. Employers withhold taxes and pay them directly to the IRS....

Monday, March 30, 2020

If you’re on the lookout for a new job, you might be able to deduct some search-related expenses on your taxes. Here’s what the IRS wants you to know: You can only deduct expenses for a job search relating to your current...

Monday, March 30, 2020

An open-ended commitment by the Federal Reserve to support American businesses and capital markets along with the passage of a $2 trillion aid package improved investor sentiment and drove a strong rally in stock prices. The Dow Jones...

Monday, March 23, 2020

The Week on Wall Street The stock market suffered through another volatile week as it wrestled with the health and economic fallout of the domestic spread of the coronavirus. Swift and decisive actions by the Federal Reserve and policy...

Monday, March 23, 2020

If you or someone you love is getting married, keep these important tax issues in mind. Taking care of them now can help reduce your stress at tax time. Change names: IRS rules require that the names and Social Security numbers on your...

Tuesday, March 17, 2020

The Week on Wall Street Markets remained exceptionally volatile, buffeted by the spreading impact of coronavirus, uncertain responses from federal policymakers, and the sudden drop in oil prices. The Dow Jones Industrial Average fell...

Tuesday, March 17, 2020

April 15 was the tax filing deadline for most people in 2020. If you didn’t file a tax return or an extension to file, it’s not too late to take action. Here’s what you can do: File and pay soon. If you owe taxes,...

Monday, March 9, 2020

The Week on Wall Street Heightened coronavirus fears, falling yields, and Super Tuesday primary results sent stocks on a rollercoaster ride of sharp price swings, leaving stocks marginally higher for the week. The Dow Jones Industrial...

Monday, March 9, 2020

Tips for Gift Taxes If you gave someone money or property, you may owe taxes on the gift. Here are some tips to help you determine if your gift is taxable: Nontaxable Gifts. While the default assumption is that gifts are taxable, the...

Monday, March 2, 2020

Getting used to the clocks shifting back and forth during the onset and conclusion of daylight saving time can throw many of us for a loop, not to mention that “springing forward” tends to be more difficult than...

Monday, March 2, 2020

If you have a business and work out of your home, the IRS allows you to deduct certain expenses on your return. Here are a few key things to keep in mind: The IRS requires you to use your office (or a part of your home) for...

Monday, March 2, 2020

The Week on Wall Street Stocks fell sharply last week as Wall Street considered how the coronavirus outbreak might influence global business activity and household spending. The selloff became a correction for the U.S. markets. The S&P...