Would you like to get a jumpstart on your 2024 federal tax return? You can create or access an IRS Online Account (https://bit.ly/4fpNBjW  ) to review your historical tax records, request a personal identification number...

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Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions,...

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If charitable giving is on your mind, consider a tax reduction strategy called “bunching.” Only donations to IRS-approved charities are deductible, and only if you itemize. However, itemizing is less common since the standard...

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The U.S. Supreme Court has declined to review a decision in which a taxpayer who filed for Chapter 7 bankruptcy sought to discharge his tax liabilities. According to the Bankruptcy Code, tax debts are...

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As part of International Fraud Awareness Week, the IRS is reminding taxpayers that they can anonymously report tax-related fraud. How? The public can file Form 3949-A, Information Report Referral, to identify possible fraud of...

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Members of the U.S. Armed Forces are eligible for several special tax breaks to help ease the financial burden on them and their families. For example, combat pay is partially or fully tax-free, and...

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With the holiday season about to kick off, many are turning their thoughts to making charitable donations. Suppose you own or are a beneficiary of an IRA and you’re at least 70½ years old....

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The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024...

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Taxpayers born before 1951 need to take required minimum distributions (RMDs) by Dec. 31, to avoid penalties. RMDs are the mandatory withdrawals from many retirement plans and IRAs, including SIMPLE IRAs and SEPs. Roth...

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As we get closer to the end of the year, employees only have a few paychecks left for 2024. If you’re an employee who received a surprise tax bill – possibly with penalties –...

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