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February 2020 Archives

The first tax year dealing with the IRS as a newly single person

Married couples do enjoy certain advantages when it comes to federal income taxes. The exemptions and deductions are often more, which greatly lowers the taxable income they have. The first tax year afterward may cause some shocking revelations when Massachusetts residents divorce. The way they deal with the IRS changes now that they are newly single.

The IRS says some are missing out on the earned income tax credit

It can be challenging for Massachusetts residents to know what credits and deductions they can and cannot take at tax time. One credit that the IRS says many people are missing out on is the earned income tax credit. The agency estimates that one out of every five who qualify for this credit fail to take advantage of it.

What accounts for most tax evasion cases?

Between now and April 15, many people here in Boston and across the country will fill out forms intended to go to the IRS. In an attempt not to pay more in taxes than necessary, they will search for the best and most deductions and credits they can use to reduce their potential tax bills. However, some people will make costly mistakes that could end up construed as tax evasion, which could get taxpayers into hot water with the agency.

Two takeaways from recent FBAR filing extension

United States taxpayers with foreign accounts should know the Internal Revenue Service (IRS) generally expects taxpayers to report foreign assets. There are rules dictating which assets the government requires the taxpayer to report and, in most cases, expects the reporting of assets that are above a certain threshold. When it comes to filing the Report of Foreign Bank and Financial Accounts (FBAR), for example, this means the government generally expects the taxpayer to report any foreign account that exceeds $10,000 at any point during the tax year in question.

A tax time reminder about installment agreements

As many Boston residents start preparing their tax returns, finding out they owe money may come as a surprise. Preparing their returns now could give them the time to save up the money owed, but then again, it may not. Many taxpayers' budgets are stretched enough without adding a tax bill into it. Under those circumstances, they could enter into installment agreements.

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