Six Tips for Individuals who owe Income Taxes

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1. Pay your tax bill.  If you get a bill from the IRS, you’ll save money by paying it as soon as you can. If you can’t pay it in full, you should pay as much as you can. That will reduce the interest and penalties charged for late payment. You should think about using a credit card or getting a … Read More

VOTE!!!

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There are several very close races today.  So your VOTE will COUNT!!!  Even if you never voted before, today is definitely the day to VOTE! If you like the direction the U.S. is headed today and want to keep it headed that way – then read a paper, watch something other than CNN or MSNBC, and find a Church!!! If … Read More

Who Is A Minister For Tax Purposes?

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A minister occupies a unique niche in the United State tax code. He or she is considered an employee for income tax purposes, but self-employed for social security and Medicare. In addition, a minister is eligible for a housing allowance that is not subject to income tax, and has the choice to opt out of social security and Medicare. Because … Read More

Electronic Payment System

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The US Internal Revenue Service has established an electronic payment system suitable for individual taxpayers. I tried the system for myself this year and found it quite easy.  (At least easier than writing out a check and snail mailing it to the IRS.) You simply sign on to the IRS e-file system at www.EFTPS.gov and create your account.  That is, … Read More

Start of 2013 E-File Acceptance

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The IRS announced December 18, 2013 that they plan to start accepting e-filed U.S. Individual Income tax returns on January 31, 2014. Check back here for updates. Read more here – www.IRS.gov

US Tax Effect of Same-Sex Marriage

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IR-2013-72, Aug. 29, 2013 WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled on Aug 29, 2013 that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or … Read More

October 15th Deadline Remains in Effect

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October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return The Internal Revenue Service today reminded taxpayers that the Oct. 15 deadline remains in effect for people who requested a six-month extension to file their tax return. The current lapse in federal appropriations does not affect the federal tax law, and all taxpayers … Read More

Simplified Option for Home Office Deduction

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Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home. This simplified option does not change the rules for who may claim a home office deduction. It merely … Read More

3.8% Sales Tax on Home Sales – More on ObamaCare

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Starting in 2013, the health care bill does impose a 3.8% Medicare tax on high-income taxpayers who exceed a total household net-investment income — a total which could conceivably include some of the proceeds from a home sale. However, while this Medicare tax will be applied to households with an adjusted gross income of $200,000 or more for individuals, or … Read More