IRS Tax Tip 2018-90, June 12, 2018 The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should [...]
Test Your Retirement Planning Knowledge and Become a Master of Retirement Game On! If you love quiz games, don't miss the Master of Retirement online game that has people thinking about retirement in a whole new way. Retirement is a time in your life to look forward to – a post-work life filled with days [...]
Asking yourself, “When can I retire?” is often the first step in planning your future. Now go a step further and ask yourself what it means to have a happy retirement. Figuring out what you want to get out of your next phase in life can help determine timing, planning and goals. Tip #1: Find a [...]
Tax Law Changes, the good, the bad and the ugly… Let’s talk good news first: The tax rates are lower and most people should benefit from this For those that don’t itemize, you may benefit from the new standard deduction – please note that the personal exemption is no longer a deduction. Example – you [...]
IRS PUBLICATION: Issue Number: Tax Tip 2018-10 Inside This Issue Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]
Counties are making changes that will benefit the seniors when it comes to real estate taxes. To date Cook County increases the Homestead Exemption to $10,000 (this applies to all owner occupied residences), the Senior Exemption increases to $8,000 and the Senior Freeze income threshold increases to $65,000. It appears that all counties will increase [...]
IRS ANNOUNCES JANUARY 29, 2018 TO BEGIN ACCEPTING E-FILES. Don't let that stop you! Merlak Tax officially starts tax appointments on January 15, 2018. If you have all your forms its not too early to schedule your appointment. Click here for our online scheduler or call 779-220-9608. IMPORTANT- IRS ANNOUNCES refunds will be delayed until [...]
Do you claim the child tax credit and/or earned income credit? Don't expect an early refund. Read IRS news on when to expect your refund by clicking here.
Here are some tax tips from the IRS to review and act upon prior to 12/31/2017. CLICK HERE for full article. I have received numerous calls on whether to prepay real estate taxes prior to yearend. It appears that most counties are allowing this. We have run out of time to analyze each specific situation [...]
The IRS has several published new topics that I feel are important to my tax clients. The first that I am sharing is on E-Filing and using Direct Deposit. CLICK HERE to read the full IRS article.
