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From the IRS: Seven facts to help you choose the right filing status.
The filing status you choose when you file your 2012 tax return will affect the tax breaks you'll qualify for, your standard deduction amount, and ultimately the amount of tax you'll pay. Are you single, head of household, married filing jointly, or married filing...
How to know if you've been a victim of identity theft
You may be a victim of identity theft and not have a clue that this has happened to you until you get a notice from the IRS telling you that -- * You filed more than one tax return, or someone has already filed using your information. * You owe taxes for a year even...
IRS cautions taxpayers about identity theft
The IRS has made preventing identity theft a top priority this year. Here's what identity thieves have been doing: They steal a taxpayer's personal information and use it to file a tax return claiming a refund under the taxpayer's name. Then when the taxpayer actually...
When to start drawing social security is an important decision
Over the coming years, millions of baby boomers will reach age 62, the minimum threshold for receiving social security retirement benefits. If recent history is any indication, most of these people (over 70% by some estimates) will take their benefits as early as...
Don't let "sunk costs" lead to poor decisions
Emotions add zest to life. They propel us to our feet when our favorite running back scores a touchdown. They warm us at an inspirational concert or movie. But in the realm of business, emotions sometimes hinder good choices. In fact, business owners and managers...
Dependents: What are the tax rules?
Most taxpayers believe that a "dependent" is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don't live with you. There is really much more to the dependent...
Home office recordkeeping simplified
The IRS is reducing the recordkeeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used regularly and...
New law causes filing season delay
The delayed passage of the "American Taxpayer Relief Act of 2012" has put the IRS behind schedule. Due to several provisions of the law affecting 2012 tax returns, the IRS could not open the Form 1040 filing season for the majority of taxpayers until late January....
Don’t miss out on the "saver's credit"
If you're not sure what the "saver's credit" is, you're not alone. Members of the Senate Finance Committee believe many people who are eligible to claim the credit are unaware of its existence. Here's what you need to know: *The saver's credit, also called the...
Speed up your IRA deduction
If you did not contribute the 2012 maximum to your IRA by December 31, 2012, and you make any IRA contributions before April 15, 2013, tell your bank or other trustee that these 2013 contributions are for 2012 until you reach the $5,000 limit ($6,000 if you're 50 or...