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Max Bush
November 17, 2011
THESE GUYS ARE GOOD !
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No Additional Cost Services - Did You Know?

You may be able to exclude no additional cost services you receive from your employer from your income..

In order to qualify, this service must be the same service offered for sale to customers in the ordinary course of your line of work...
and there can't be a substantial additional cost (including any sales revenue lost) to provide you with the service.

Some examples of this may include excess capacity services like airline, bus, or train tickets, hotel rooms, and telephone services.

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Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

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Amended Returns - Did You Know?

When filing an amended return, it can take up to 3 weeks for it to show up in the system, and processing can take up to 16 weeks.

You may use the 'Where's my Amended Return' tool to check your status. https://www.irs.gov/…/amended-re…/wheres-my-amended-return-1.

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Reduce Fees & Penalties - Did You Know?

You should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to file your tax return and pay as much as you can.

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Tax Deadline Extension

The IRS has provided an additional day to file returns due to system issues that happened on Tuesday, April 17th. This one-day extension is automatic, and those who have not yet filed now have until midnight on Wednesday, April 18th to file and pay their taxes.

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Tax Filing Deadline

The deadline to file your taxes is on Tuesday, April 17th, 2018. It is also the deadline for paying any taxes owed as well as filing for an extension. Please note that you may be able to file for an extension until Oct 15th, 2018, but you must still pay any taxes due by the April 17th deadline.

If you are a US citizen or green card holder living overseas, or active military on duty outside the United States on the regular due date of the return, you may be able to get an automatic two month extension to file your return and pay any taxes due.

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Tuition and Fees Deduction - Did You Know?

Congress retroactively revived the tuition and fees deduction for the 2017 filing year with the Bipartisan Budget Act of 2018 that was passed on February 9th, 2018.

If you paid qualifying higher education related expenses, you may be able to deduct up to $4,000 of those costs without having to itemize the deduction.

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This amount can be up to $4,000 for single filers with an adjusted gross income of $65,000 or less ($130,000 jointly) or $2,000 for single filers with an AGI of $80,000 or less ($160,000 jointly).

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Unclaimed Refunds - Did You Know?

The IRS has issued a reminder that time is running out for those that didn't file a 2014 federal tax return. There are currently unclaimed refunds that total more than $1 billion, and the 2014 returns must be filed by April 17, 2018.

No penalty will be charged for filing a late return for those receiving refunds and there is a limited three year window to claim a refund. If unclaimed, the money becomes the property of the U.S. Treasury.

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Avoid Becoming a Scam Victim

Did you receive a threatening call or notice from the "IRS"? Please remember, IRS employees will NOT:

- Call demanding immediate payment. The IRS will not call a taxpayer if they owe tax without first sending a bill in the mail....
- Demand payment without allowing the taxpayer to question or appeal the amount owed.
- Require the taxpayer pay their taxes a certain way. For example, demand taxpayers use a prepaid debit card.
- Ask for credit or debit card numbers over the phone.
- Threaten to contact local police or similar agencies to arrest the taxpayer for non-payment of taxes.
- Threaten legal action such as a lawsuit.

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Early Withdrawals - Did You Know?

You may decide to take out money early from your Individual Retirement Accounts or retirement plan. An early withdrawal is defined as withdrawing before the age of 59 1/2. Income tax may be owed on the amount withdrawn plus a 10% early withdrawal penalty.

If you want to move assets from plan to plan, there is a 'rollover' period of 60 days to complete the transfer where it's tax free.

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There are also exceptions depending on the rules of the specific retirement plan.

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Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

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If you haven't received your refund yet, you may be able to check the status using the IRS' "Where's my Refund?" tool: https://www.irs.gov/refunds.

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Medical Expenses - Did You Know?

Under the new tax bill, if you itemize your deductions, you may be able to deduct qualifying medical expenses that exceed 7.5% of your Adjusted Gross Income (AGI) for tax years 2017 and 2018. After those years, the threshold will go back to 10%.

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Federal Tax Extensions - Did You Know?

If you file for an extension on your federal income tax return, you don't have to file your taxes until Oct 15th, 2018 but you still have to pay any taxes due by April 17th, 2018 to avoid penalty and interest charges.

If you are a US citizen or green card holder living overseas, or active military on duty outside the United States on the regular due date of the return, you may be able to get an automatic two month extension to file your return and pay any taxes due.

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Health Savings Account (HSA) - Did You Know?

In 2018, the limit for an individual HSA contribution has been increased by $50 to $3,450.

For family HSAs, the contribution limit for 2018 was originally set at $6,900, but was recently reduced by $50 to $6,850. This new limit is retroactive (effective January 1st, 2018), so please check if you have over-contributed.

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Refund Scam - Did You Know?

The IRS has issued an alert about a scam that is making the rounds with a new twist.

The scammer steals taxpayer information through hacks, uses the stolen information to file a tax return, and then gets the refund deposited into the victim's account. They then contact the victim and pretend to be the IRS saying that it was a mistaken deposit and to return the money to them. The scammers may make threats for you to return the 'erroneous deposit' us...ing a recorded call message, or pose as debt collection agency officials acting on behalf of the IRS.

The IRS has established procedures for taxpayers to follow in the genuine case of a mistaken refund with full details about where and how to return the money to a legitimate mailing address using a paper check. More information about returning a genuine erroneous return can be found here: https://www.irs.gov/taxtopics/tc161.

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Estate Taxes - Did You Know?

Under the new tax bill, beginning after December 31, 2017, the combined gift and estate tax exemption doubles from $5 million to $11.2 million (and $22.4 million for married couples).

The generation skipping transfer (GST) tax exemption has also been doubled.

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