Don't panic, a letter from the IRS doesn't equal doom. Bruce Willey Published 8:32 am CDT, Tuesday, April 16, 2019 Photo: Sesame | Getty Images Photo: Sesame | Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Sesame | Getty Images Tax Audits Are on the Rise. Here's Why You Shouldn't Freak Out. 1 / 1 Back to Gallery Imagine getting a letter in the mail stating you owe someone $98,000. Now imagine that someone is the Internal Revenue Service. Just the mere utterance of the letters “IRS” will give business owners and sole proprietors the chills. As you send in your yearly tax return, you can’t help but wonder: Will this be the year? No amount of hoarding … [Read more...] about Tax Audits Are on the Rise. Here’s Why You Shouldn’t Freak Out.
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Jan 29, 4:54 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Opinion By Kailey Fralick 12/17/18 AT 11:38 PM While you're probably donating to charity this giving season out of the goodness of your heart, you can also reap tax rewards at the same time; this good deed does go unpunished!This article originally appeared in The Motley Fool.If you plan to write off some of your charitable contributions, however, you need to understand the rules surrounding them. Not all donations qualify, and you're only allowed to deduct so much from your taxable income. Below, I explain the ins and outs of charitable contribution deductions, so you don't run into any problems with the IRS, and so you don't miss out on any money-saving deductions. U.S. President Barack Obama has some trouble closing a plastic bag during a visit to Martha's Table, a kitchen that provides meals for the needy, in 2013. Photo: Reuters What counts as a tax-deductible … [Read more...] about Charitable Contributions And Your Taxes: What You Need To Know
By John Woolfolk | [email protected] | Bay Area News Group PUBLISHED: January 27, 2019 at 7:00 am | UPDATED: January 27, 2019 at 5:43 pm W-2s, 1099s and other tax forms are filling up mailboxes, and the IRS is kicking off tax season Monday when it will start accepting returns for 2018, the first year affected by the biggest federal income tax overhaul since the 1980s. What already was expected to be a steep learning curve over the new law got messier with the record-long government shutdown that ended with Friday’s reprieve after tens of thousands of IRS workers were furloughed. So what will all this mean for you, the taxpayer? We asked a few experts. Q Since the government shutdown is over at least for now, will there be any delay in getting my refund? A The IRS has said it intends to process refunds on time. The shutdown initially furloughed 88 percent of its 80,000 employees, but the agency called back 46,000 workers this month to prepare for tax … [Read more...] about Q&A: Big tax-law changes, IRS understaffed so expect big surprises this tax season
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By Richard Rubin WSJ Tues., Jan. 15, 2019 WASHINGTON—More than half of Internal Revenue Service employees will work during the coming tax-filing season, the Treasury Department said Tuesday, as the government tries to implement the 2017 tax law during the partial government shutdown. The plan dated Jan. 15 calls for 46,052 employees to work, and few of those workers will be paid assuming the shutdown continues. Since the shutdown started in December, the agency has been operating with fewer than 10,000 employees at work, mostly to keep computers running and investigate crimes. The IRS had 80,265 employees as of Dec. 22. The agency had been planning a significant staffing surge to prepare for and manage the first tax-filing season under the law that took effect for individuals in tax year 2018. The agency will begin accepting individual tax returns Jan. 28. In a reversal of past practice, the agency will issue tax refunds even if the partial government … [Read more...] about More Than Half of IRS Employees to Work During Tax-Filing Season