Site Updated Each Tax Year
Rich bachelors should be heavily taxed. It is not fair that some men should be happier than others.
~ Oscar Wilde
The IRS is urging taxpayers with an expiring Individual Taxpayer Identification Number (ITIN) who need to file a return in the upcoming filing season to file a renewal application, Form W-7, in the next few weeks. Failure to do so will result in refund delays and possible loss of eligibility for some tax benefits.
Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. The IRS must hold the entire refund – even the portion not associated with the EITC and ACTC until at least Feb. 15, 2017.
The quick answer is, YES if you have a ROTH IRA and NO if you have a Traditional IRA (there is an exception that applies to non-deductible contributions).
You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 first-year deduction limit is reduced by the amount of start-up costs exceeding $50,000.
Generally, the cost of meals are considered a personal expense and are not deductible, unless they meet certain IRS rules.
Offshore accounts have been used to lure taxpayers into scams and schemes. According to the IRS, hiding money or assets in unreported offshore accounts remains on its annual list of tax scams.
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