262016Oct

IRS changes for 2017 tax year: Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

IR-2016-139, Oct. 25, 2016 WASHINGTON — The Internal Revenue Service today announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed…

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52016Aug

IRS Works to Help Taxpayers Affected by ITIN Changes; Renewals Begin in October

IR-2016-100, Aug. 4, 2016 WASHINGTON — The Internal Revenue Service today announced important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October. The new law will mean ITINs that have not been…

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12016Aug

How Selling Your Home Can Impact Your Taxes

IRS Summertime Tax Tip 2016-13, August 1, 2016 Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. Exclusion of Gain. You may be able to…

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292015Jan

The Health Care Law’s Effect on You

Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return. This chart is also available on IRS.gov/aca. To help navigate these changes, taxpayers and…

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162015Jan

IRS STARTS 2015 TAX SEASON

The Internal Revenue Service announced the on-time opening of the nation’s 2015 filing season and highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act will affect them at tax time, along with the availability of the Free File program. Taxpayers have until Wednesday, April 15, 2015…

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302014Dec

What’s New pertaining to 2014 Income Tax Return

This section summarizes important tax changes that took effect in 2014. Most of these changes are discussed in more detail throughout this publication. Future developments. For the latest information about the tax law topics covered in this publication, including information about any tax legislation, go to www.irs.gov/pub17. Health care: individual responsibility. You must either: Indicate on your 2014…

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262014Nov

IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers, Allows Owners of Multiple IRAs a Fresh Start in 2015

WASHINGTON — The Internal Revenue Service today issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs….

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172014Sep

The Individual Shared Responsibility Payment

Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known asminimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing their federal income tax returns. Minimum essential coverage generally includes government-sponsored programs, employer-provided health…

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172014Sep

Moving Can Affect Your Premium Tax Credit

If you moved recently, you’ve probably notified the U.S. Postal Service, utility companies, financial institutions and employers of your new address.  If you get health insurance coverage through a Health Insurance Marketplace, the IRS reminds you about one more important notification to add to your list – the Marketplace. If you are receiving advance payments of…

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172014Sep

Five Easy Ways to Spot a Scam Phone Call

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re…

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