Cell phone plans may be more affordable for consumers but you likely haven’t noticed. According to a new report from the nonpartisan Tax Foundation, taxes on wireless service are continuing to increase. Here’s what you need to know.
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IRS Announces Tax Relief For NC Victims Of Hurricane Matthew, More To Come
As victims continue to try to put their lives and homes back together, the Internal Revenue Service (IRS) is offering some relief: North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments.
Read MoreMillions Of Taxpayers Have A Few More Days To File In 2016
Have you filed your tax return yet? October 17 marks the deadline for taxpayers on extension to file.
Read MoreA Tax Loss By Another Name Is Not The Same
Over the weekend, stories popped up all over the place about net operating losses, suggesting that one kind of tax loss is the same as another. One loss may hit your wallet just as hard as another loss, but when it comes to tax treatment, all losses are not created equal. Here’s a quick look at other kinds of losses you might have seen when it comes to taxes.
Read MoreIRS Posts New Per Diem Rates For Taxpayers Who Travel For Business
New per-diem numbers are out, effective October 1, 2016. These numbers are to be used for per-diem allowances paid to any employee on or after October 1, 2016, for travel away from home on or after that date. The new rates include those for the transportation industry; the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Read MoreDivorce & Tax Lessons You Can Learn From Brad Pitt & Angelina Jolie
Actress Angelina Jolie has filed for divorce from actor Brad Pitt, citing “irreconcilable differences.” From alimony to child support, here’s what you need to know about divorce and taxes.
Read MoreTax Related Penalties For 2017 Are On The Way Up
The Internal Revenue Code imposes a number of penalties for failure to file returns, failure to furnish information returns, and failure to pay tax which affect individuals, companies, trusts, and estates. Many of those penalties are now tied to annual inflation adjustments, which means that they vary from year to year. In addition, a number of penalties, including those aimed at tax preparers have dramatically increased. Here’s what you need to know.
Read MorePredictions For 2017 Tax Rates, Brackets & Deduction Amounts Look Like (Mostly) Good News
Today, Bloomberg BNA released their predictions for 2017. The good news? Many individuals and businesses can look forward to potentially lower tax liability because of higher deductions and credits.
Read MoreBack To School: Tax Breaks For Food Allergies, Celiac Disease & Other Special Diets
In addition to factoring in food allergies, many parents struggle with accommodating additional dietary restrictions. If you have to pay out of pocket to keep you or your child healthy, can you claim a tax benefit? Here’s what you need to know.
Read MoreIRS Offers Tax Relief To Those Affected By Flooding In Louisiana
In response to recent flooding, the Internal Revenue Service (IRS) has announced that Louisiana storm victims will have until January 17, 2017, to file certain tax returns and make certain tax payments. Additionally, all workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization qualify for relief.
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