Earned Income Credit

The Internal Revenue Service joins partners across the country in promoting the Earned Income Tax Credit on EITC. Millions of taxpayers who earned $53,267 or less last year may qualify for EITC for the first time in 2016. Last year, more than $27.5 million eligible workers and families received almost …

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Obamacare healthcare

For any month during the year that you or any of your family members don’t have minimum essential coverage and don’t qualify for a coverage exemption, you are required to make an individual shared responsibility payment when you file your tax return. Here are six things you need to know about …

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Tax Tips 4

Notice 2015-86 provides guidance on the application of the decision in Obergefell v. Hodges, 576 U.S.__ , 135 S. CT. 2584 (2015), to retirement plans qualified under section 401(a) of the Internal Revenue Code (Code) and to health and welfare plans, including cafeteria plans under section 125 of the Code. …

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Tax Tips 3

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, 2016, the standard mileage rates for the use of a car ( also vans, pickups, or panel trucks) …

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Tax Tips 2

Beginning In 2016, providers of minimum essential coverage must report certain information to the IRS and to covered individuals about the individual’s health coverage in 2015. Taxpayers will use this information, which will be provided on Form 1095-B, Health Coverage Information return or Form 1095-C, Employer-provided Health Insurance offer and …

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Tax Tip 1

If your still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach. The IRS has teamed up with state revenue departments and the tax industry to make sure you understand the dangers to your …

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