An IP PIN can protect your identity

Before you file your tax return, you may want to take a vital step to help protect yourself and your assets from identity theft. The IRS urges taxpayers to get an Identity Protection Personal Identification Number (IP PIN). An IP PIN is a six-digit number and obtaining it is voluntary. It’s valid for one year […]

Should I file a joint return with my spouse?

Most married couples file joint income tax returns. But in some cases, it may be beneficial to file separate returns. If, for example, one spouse has substantial unreimbursed medical expenses and relatively low income, filing separately could allow the spouse to claim the medical expense deduction. Or if a spouse has qualified business income (QBI) […]

Federal Debt is growing. How does this impact extension of Trump Tax Cuts?

At $36 trillion and growing, the U.S. federal debt could prevent the extension of all Tax Cuts and Jobs Act provisions. They’re currently due to expire at the end of 2025. The plan that extends tax breaks and funds President Trump’s other priorities is estimated by the nonpartisan Committee for a Responsible Federal Budget to […]

Earned Income Tax Credit hits 50th Anniversary

The Earned Income Tax Credit (EITC) was signed into law in 1975, and the IRS is celebrating its 50th anniversary. According to the tax agency, “through numerous legislative changes, the tax break has helped encourage work and lift many financially challenged families out of poverty.” The IRS reports that as of Dec. 2024, approximately 23 […]

Tariffs versus tax incentivies under discussion for semiconductor manufacturers

President Trump has said he plans to impose tariffs of “25%, 50% or even 100%” on foreign-produced computer chips and semiconductors. His goal is to coerce chip manufacturers to relocate to the United States. A bipartisan group of lawmakers is considering a different strategy. They’re calling for expanded tax incentives for domestic investments by reintroducing […]

IRS recommends it’s online tools to check status

Many Americans turn their attention to taxes over the President’s Day holiday (Monday, Feb. 17). According to the IRS, the federal holiday coincides with the peak time for IRS phone traffic. To avoid long hold times, the tax agency encourages taxpayers and tax professionals to use its online tools at irs.gov. The site includes information […]

Scam Alert! Watch for false W-2 forms

The IRS is again warning of a scam circulating that involves false W-2 forms. Scammers use tax software to create fake W-2s, listing fabricated employers, inflated earnings and excessive withholdings. They then use this information to e-file for fraudulent refunds. In a recent IRS Criminal Investigation case, a tech company owner admitted to issuing himself […]

Did you bet and win on the Super Bowl?

Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of dollars are bet by “casual gamblers,” who aren’t in the business of wagering. If you win, congratulations. Not to rain on your parade, but Uncle Sam generally wants his share. You might receive a Form […]

Tariffs on Chinese goods started February 4th

On Feb. 3, President Trump paused the 25% tariffs on imported products from Canada and Mexico that were supposed to take effect Feb. 4. There’s now a 30-day reprieve. In addition to the 25% tariffs now set to be effective March 4, a 10% tariff on energy resources from Canada is paused. Trump issued the […]

Refund Season for many taxpayers

Tax filing season (which started Jan. 27) also means refund season for many taxpayers. If you’re entitled to a federal tax refund, know that the IRS issues most refunds in less than 21 days after a return is filed. E-filing generally expedites the refund process and enables taxpayers to check on the status of their […]