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Special tax deduction for people who give up to $600 to charity

The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law […]

Get ready for taxes with us here at Tax Associates, Inc

As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer. Many factors affect refund timing Just as each tax return is unique […]

How taxpayers can make sure their donations are tax deductible

It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a tool that may help them make sure their donations are as beneficial as possible. Tax Exempt Organization Search on IRS.gov is […]

Here’s how the new tax law revised family tax credits

More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a special page on its website with steps to take […]

Employers, Payroll Officials, Avoid the W-2 Email Scam

The IRS, state tax agencies and private-sector tax groups warned the nation’s business, payroll and human resource communities about a growing W-2 email scam that threatens sensitive tax information held by employers. These emails may start with a simple, “Hey, you in today?” and, by the end of the exchange, all of an organization’s Forms […]

Victims of Data Breaches Should Consider These Steps

The number of data breaches was already on a record pace for 2017 before the reported theft of nearly 145 million Americans’ names, addresses and Social Security numbers brought the issue to the forefront. Every day, data thefts large and small put people’s personal and financial information at risk. There are steps that data theft […]

Don’t Take the Bait; Avoid Phishing Emails by Data Thieves

With the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund. The most common way for cyber-criminals to steal bank account […]

National Tax Security Awareness Week: Phishing Email Scams

The IRS reminds people to be on the lookout for new, sophisticated email phishing scams. These scams not only endanger someone’s personal information, but they can also affect a taxpayer’s refund in 2018. This tip is part of National Tax Security Awareness Week. The IRS is partnering with state tax agencies, the tax industry and […]

National Tax Security Awareness Week: Keep Online Data Safe

During the holiday shopping season, shoppers are looking for the perfect gifts. At the same time, criminals are looking for sensitive data. This data includes credit card numbers, financial accounts and Social Security numbers. Cybercriminals can use this information to file a fraudulent tax return. This tip is part of National Tax Security Awareness Week. […]

Five Things to Remember about Hobby Income and Expenses

From scrapbooking to glass blowing, many Americans enjoy hobbies that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby. However, the rules for how to report the income and expenses depend on whether the activity is a hobby or a business. […]