by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
You may be able to deduct long-term-care premiums you paid last year. People age 71 or older can write off as much as $5,110 per person for 2017. Filers age 61 to 70 can take $4,090. If you are between 51 and 60, you can deduct up to $1,350, 41 to 50 – $770,...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
There are several tax breaks that would have ended 12/31/2016, but in early February, Congress extended the breaks. A few of those are: Private mortgage insurance (PMI) $2 million exclusion of forgiven debt on a principal residence The above the line deduction for up...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
The IRS will have to issue mounds of guidance, revise many of its forms and publications, reprogram its computer systems, do outreach and education in the next couple of years. They will have to get the auditors up to speed as well. The agency is asking Congress for...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
Fraudsters are sending out phony e-mails to company payroll departments asking for copies of W-2’s and employee information. The e-mails purport to come from higher-ups in the firm. The cybercriminals use the W–2 information for nefarious purposes,...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
Thieves posing as IRS debt collectors are contacting taxpayers by phone and email, saying that the IRS mistakenly deposited tax refunds into their bank accounts. The fraudsters ask the taxpayers to return the money. Don’t fall for this scheme. The IRS has...