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Have a Sunnier Tax Season with These Summertime IRS Tax Tips

The following article was published by the IRS. Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return to get a refund for taxes [...]

Mortgage Interest Deduction

 This video was published by the IRS. Do you have a mortgage or home equity loan? If so, you need to know that tax reform changes affect the tax deduction for mortgage interest. The first change is you can deduct interest only for loans that were used to buy, build, or substantially improve your main [...]

FAQs on the Early Release of the 2020 Form W-4

The following article was published by the IRS. 1. Why redesign Form W-4? The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees. 2. What [...]

Sudden Money: Managing a Windfall

Striking it big with the lottery is a dream for many, but a reality for few. But the fact is, you are far more likely to receive a sudden windfall of money from another source than the lottery. Whether it be an inheritance, a bonus at work, or a tax refund, it is [...]

Taxpayers Should Be on the Lookout for New Versions of These Two Scams

The following article was published by the IRS. With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams. Taxpayers should watch for new versions of two tax-related scams. One involves Social Security numbers related to tax issues. The other threatens taxpayers with [...]