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Five Things to Know about Estimated Taxes and Withholding
With 10 million taxpayers a year facing estimated tax penalties, the IRS offers some simple tips to help prevent a surprise at tax time. People pay taxes on income through withholding on their paycheck or through estimated tax payments. Taxpayers who pay enough tax...
Charity Travel: Tips to Keep in Mind for Taxpayers
During the summer, some taxpayers may travel because of their involvement with a qualified charity. These traveling taxpayers may be able to lower their taxes. Here are some tax tips for taxpayers to use when deducting charity-related travel expenses: Qualified...
Taxable Gift or Not Taxable Gift
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts. The general rule is that any gift is...
Estimated Tax Payments Tips
Taxpayers usually will have taxes withheld from their pay if they are an employee. However, if a person doesn’t have taxes withheld, or they don’t have enough tax withheld, they may need to make estimated tax payments. Taxpayers that are self-employed normally have to...
Higher Education Tax Benefits
Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the...
Dirty Dozen Top Tax Scams Led by Phishing Schemes
As it does every year during filing season, the IRS released its annual list of the top 12 Dirty Dozen tax scams, updated for the 2017 filing season. Anyone following the news this year and last will not be surprised that the No. 1 scam was phishing, which has...