Don't overlook these 24 tax deductions that don't require itemizing
Don't Mess With Taxes
by skbell1
1d ago
Most taxpayers have always used the standard deduction amount. That group of filers grew even more after the enactment of the Tax Cuts and Jobs Act (TCJA) of 2017, which dramatically increased the standard amounts. But even if you find the easier standard deduction option the way to file, stop. You might be missing some tax breaks that are available to every taxpayers, both those who claim the standard deduction and those who itemized. All taxpayers can also claim any of the two dozen above-the-line tax deductions for which they qualify. Tax law and form changes: When the TCJA became law, the ..read more
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Maximizing your Schedule A itemized tax deductions
Don't Mess With Taxes
by skbell1
2d ago
The Internal Revenue Service IRS is expected to process more than 160 million individual and business tax returns this filing season. Through March 15, the IRS had received nearly 71.6 million individual returns. Some taxpayers probably put off filing in the hopes that the Tax Relief for American Families and Workers Act would be enacted by Tax Day. Several of its provisions could help both personal and business filers. Whether that will happen is still unclear, as the tax bill that cleared the House has hit a lot of speed bumps in the Senate. Other taxpayers, however, aren't that ..read more
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May 17, 2024, is the deadline to file for your part of $1 billion in unclaimed tax year 2020 refunds
Don't Mess With Taxes
by skbell1
3d ago
Photo by Karolina Grabowska Millions of U.S. taxpayers are concentrating right now on their current tax return filing. But another sizeable group who didn't older returns also have some tax work to do. Almost 940,000 people across the nation have unclaimed refunds for tax year 2020. They missed out on that money because they didn't file a Form 1040 back in May 2021. They still have time to collect their part of the just more than $1 billion in old unclaimed refunds, but it's running out. The Internal Revenue Service says the median old, unclaimed refund amount from three years ago is $932. B ..read more
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IRS ERC compliance efforts tops $1 billion
Don't Mess With Taxes
by skbell1
4d ago
The Employee Retention Credit (ERC) helped many companies keep workers during the difficult COVID-19 pandemic days. But some ERC claims wrong, and the IRS is successfully recouping some of those incorrectly claimed and/or issued funds. The Internal Revenue Service closed out its Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) on Friday, March 22, on a high note. Going into the day, the VDP, which allowed those who got improper ERC payments to pay back most of the money, had produced more than $225 million from 500+ taxpayers. Another 800 submissions were still being proces ..read more
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Don't depend on internet searches to find IRS TAC info
Don't Mess With Taxes
by skbell1
5d ago
The Internal Revenue Service has held two special walk-in Saturdays this year at its Taxpayer Assistance Centers (TACs) across the United States. Two more are scheduled for April and May. The no-appointment-needed sessions are welcomed by taxpayers who need help (note, however, that the TAC reps aren't offering tax return filing assistance), as long as you can find them. A recent report by the Treasury Inspector General for Tax Administration (TIGTA) found that's not always easy, especially if you search online for a TAC office. Issue reported by the IRS: To the IRS' credit, the agency brough ..read more
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Property donation valuation guidelines for charitable spring cleaners
Don't Mess With Taxes
by skbell1
1w ago
Unsplash+ in collaboration with Getty Images Spring officially arrived at 11:06 p.m. March 19. Have you finished your spring cleaning yet? Me neither. But I have started. To be honest, it was prompted when the hubby and I had some work done to our house. With the structure getting some sprucing up, it only seemed natural to replace some interior items. The next question was what to do with the old stuff? For many, a yard sale is a good way to get rid of unwanted but workable items. But those who don't want to spend a Saturday haggling with strangers over the price of used items often op ..read more
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IRS announces housing cost adjustments for expensive international locales in 2024
Don't Mess With Taxes
by skbell1
1w ago
Photo by Nareeta Martin on Unsplash Moving to another country for a job involves a lot of changes, but one thing stays the same.  Thanks to our worldwide tax system for individuals, as a U.S. citizen you remain a U.S. taxpayer, regardless of where you live.  That makes you responsible for filing federal tax returns on your overseas earnings. Uncle Sam, however, does provide some tax breaks to his citizens living and working abroad. They get more time to file, with a June 15 deadline. And thanks to tax treaties, globally peripatetic taxpayers also get certain foreign earned income e ..read more
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Got kids? Let Uncle Sam help pay for their care via a tax credit
Don't Mess With Taxes
by skbell1
1w ago
Photo by Kampus Production Our neighborhood has been full of kids recently. Last week was our local school district's spring break. Monday was an added day off for the youngsters, as teachers only returned to their schools for a special work day. It also was a six days of parents juggling child care and their jobs. I got a close up of this from our new next-door neighbors. Mom and dad alternated days off from their jobs so one of them could stay home with their two children, a pre-teen and a young teenager. Child care is a major challenge for working parents, especially for break periods whe ..read more
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7 warning signs you filed an incorrect ERC claim
Don't Mess With Taxes
by skbell1
1w ago
Are you having second thoughts about an ERC claim your company made? It so, it's time to review your records, and if you find you received an incorrect tax credit amount, let the IRS know by this Friday, March 22. (Photo by Henri Mathieu-Saint-Laurent) With the deadline to let the Internal Revenue Service know you got an improper Employee Retention Credit (ERC) fast approaching — it's this Friday, March 22 — business owners who are concerned need to act fast. Recipients of wrong payments can apply for the IRS' ERC Voluntary Disclosure Program by that deadline. If accepted, the businesses can ..read more
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Where mansion tax money goes in the 17 locales collecting it
Don't Mess With Taxes
by skbell1
1w ago
Expensive homes are subject to higher mansion taxes in 17 locales across the United States. (Photo by Daniel Barnes on Unsplash) A couple of weeks ago, I blogged about growing opposition to higher taxes on expensive real estate in Los Angeles and Chicago. So naturally, a recent Institute on Taxation and Economic Policy (ITEP) piece on these so-called mansion taxes caught my eye. Local mansion taxes have been around since 1982, notes ITEP local policy analyst Andrew Boardman in his article for the Washington, D.C.-based nonprofit. However, the momentum for them has built in recent years ..read more
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