WASHINGTON – With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next…

Afraid of the risk of the stock market but unhappy with the near-zero rates offered by your bank? Well, I have good news for you: I can get you 7.5 percent returns guaranteed with no stock market risk, no commissions and no surrender fees. The minimum investment is $100,000 and this is limited availability –…

Internal Revenue Service Tip 2020-103 Whether it’s online, in-person, part-time or full-time, higher education can be expensive. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even receive a…

Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. Here are some suggestions to help taxpayers keep good records. Taxpayers should develop a system that…

Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster situation, taxpayers should: Update emergency plans. A disaster can strike at any time. Personal and business situations…

Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to…

Yes. But not all safes are created equal. Installing a home safe is an excellent idea. Even better: Bolt it to the floor. Otherwise, thieves will simply pick it up and take it with them – because they don’t want to spend any more time in your house than necessary. It’s also smart to select…

While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues.   Check the status of a refund Taxpayers can check on their refund using the Where’s My Refund? tool. It…

A Maryland couple filed their 2017 tax return but did not pay the tax due. By December 2018, they owed $1.1 million in unpaid taxes and interest. The couple asked the IRS for an installment plan to pay off their tax debt over six years. However, an IRS investigator discovered the couple had cryptocurrency accounts,…

It might be worthwhile this fall. Every year, thousands of college students become ill or injured during the academic year and are forced to drop out, if only for a semester, and go home to recover. Covid-19 increases that risk. If your student must drop out of school due to illness or injury, the money…