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Dog and Pony Show in Washington
Republicans vs. IRS The House Ways and Means Committee passed four pieces of legislation yesterday, all relating to the Internal Revenue Service. H.R. 3724, Ensuring Integrity in the IRS Workforce Act of 2015, sponsored by Rep. Kristi Noem, R-S.D., would prohibit the IRS from rehiring employees who were fired for misconduct. H.R. 4890, IRS Bonuses…
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Lifetime Learning Credit
A credit for up to $2,000 per year to pay for qualified tuition and required enrollment fees at an eligible educational institution for you, your spouse or a dependent, if your modified adjusted gross income (MAGI) is $65,000 or less ($130,000 or less for married filing jointly). You cannot claim this credit for a student,…
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Individual Retirement Arrangements
An individual retirement arrangement (IRA) is a tax-favored personal savings arrangement, which allows you to set aside money for retirement. There are several different types of IRAs, including traditional IRAs and Roth IRAs. You can set up an IRA with a bank, insurance company, or other financial institution. Traditional IRAs You may be able to…
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Is Filing Taxes Stressful?
We can help take a lot of the stress out of filing taxes. This is something that you do one time per year, we do it 2,500 times per year. We know what to look for that will help you pay the least amount of tax possible, or get the largest refund possible. Take all of…
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Same-Sex Couples and Certain Domestic Partners
Individuals of the Same Sex Who Are Married Under State Law The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the holdings in Revenue Ruling 2013-17 in 2013-38 IRB 201. When are individuals of the same sex lawfully married for…
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Tax Return Preparer Credentials and Qualifications
Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important difference in the types of practitioners is “representation rights.” UNLIMITED REPRESENTATION RIGHTS Enrolled agents, certified public accountants, and attorneys have unlimited representation rights before…
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Licensed Real Estate Agents
Most real estate professionals operate their business as a sole proprietorship. This means that you are not someone’s employee, you haven’t formed a partnership with anyone, and you have not incorporated your business. Statutory Nonemployees Licensed real estate agents are statutory nonemployees and are treated as self-employed for all Federal tax purposes, including income and…
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Types of Child Care Providers
“Kith and Kin” (Care Provided by Relatives, Friends and Neighbors) These caregivers are generally the most informal type of child care providers. It is often called “Kith and Kin” care and can take place in the caregiver’s home or in the child’s home. In some instances, the provider will be a spouse caring for his/her…
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Partnerships
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income, deductions, gains, losses,…
