Monthly Archives: April 2014

Seven Facts about Dependents and Exemptions

There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. These seven facts about dependents and exemptions will help you when you file your taxes this year. 1. Exemptions lower your income. There are two types of exemptions: personal exemptions and exemptions…
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Simplified Option for the Home Office Deduction

If you're one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), don't forget about the new simplified option available for taxpayers starting with 2013 tax returns being filed now. The new optional deduction is capped at $1,500 per year based…
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Itemizing vs. Standard Deduction

When you file your tax return, you usually have a choice about whether to itemize deductions or take the standard deduction. Before you choose, it's a good idea to figure your deductions using both methods and choose the one that gives you the most benefit. Typically, the one that results in the higher deduction amount…
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IRS Warns Taxpayers of Pervasive Telephone Scam

The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension…
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