2018 Contribution limits for health savings accounts (HSA’s) will be $3450 for individuals with self-only coverage or $6900 for family coverage. Minimum deductibles for high deductible health plans that must accompany an HSA will be $1350 for self-only coverage and $2700 for family coverage in 2018. Maximum out-of-pocket expenses for high deductible health plans will be $6650 for self-only coverage and $13300 for family coverage.
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The best way to protect yourself from Identity Theft is to freeze your credit. Credit must be frozen with all 3 credit reporting agencies in order to be effective. If your credit is frozen, you can still use existing credit cards and lines of credit but new accounts won’t be opened unless your credit is “thawed”. A PIN will be set up when your credit is frozen and will be required to thaw or permanently remove the credit freeze. Be sure to keep this PIN in a safe place where it can be accessed when needed. The links and cost
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2016 Partnership Tax Returns were due on March 15 instead of April 15 in 2017. Calendar year partnership returns that were extended are due by Friday, September 15th. Partnerships file Form 1065 or Form 1065-B. Form 7004 is used to request business tax returns. Monthly payroll depositors have deposits due by Friday, September 15th.
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The American Opportunity Tax Credit (AOTC) is: Worth a maximum benefit up to $2,500 per eligible student. Only available for the first four years at an eligible educational or vocational school. For students pursuing a degree or other recognized education credential. Partially refundable. Eligible taxpayers can get up to $1,000 of the credit as a refund, even if they do not owe any tax. The Lifetime Learning Credit (LLC) is: Worth up to $2,000 per tax return, per year, no matter how many students qualify. Available for all years of postsecondary education and for courses to acquire or improve job skills. Available
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The deadline for 3rd Quarter 2017 Estimated Tax Payments is September 15th. Estimated Tax Payment Vouchers can be found here.
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Amended tax returns must be paper filed using Form 1040X Tax returns must be amended within 3 years of their original filing. If you are amending more than one year, you should file separate Form 1040x forms for each year. Tax returns should be amended to correct errors such as a change in filing status or to correct income, deductions, or credits. Tax returns shouldn’t be amended for math errors or missing forms. The IRS will automatically correct math errors. The IRS will mail a request for information if needed. If you are due an additional refund, you should wait to
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We are blessed to live in the USA. As Americans we enjoy many freedoms and protections. The Taxpayer Bill of Rights is listed below: The Right to Be Informed Taxpayers are entitled to clear explanations of the laws and IRS procedures on all tax forms, instructions, publications, notices and correspondence. Taxpayers have the right to know what they need to do to comply with tax laws. Taxpayers have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. The Right to Quality Service Taxpayers have the right to receive prompt, courteous,
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Safeguard your social security cards and mask your social security number whenever possible. Don’t give your social security number out just because a business or healthcare provider asks for it. Many times, social security numbers aren’t required and can be left off of paperwork. Do not click on any links or open any attachments that appear to be from the IRS. The IRS does not initiate contact with taxpayers by email, text message, or social media. You can read more about IRS scams here. Shred all documents with financial and personal information. Keep personal copies of financial statements and tax
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The crime needs to reported to local police and the Federal Trade Commission. Then, close any affected bank and credit card accounts. Contact one of the 3 major credit bureaus and freeze your credit. More information about freezing your credit can be found here. Contact the IRS Identity Protection Specialized Unit at 800-908-4490. The IRS will provide a PIN that will be required to file tax returns or receive refunds. More information for victims of Identity Theft can be found here.
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Copies of tax returns should be kept for at least 3 years. The IRS can provide copies of prior year tax returns for a fee. IRS Tax Transcripts are often necessary for applying for a mortgage or college financial aid. If you need a tax transcript, the IRS will provide one for free. Transcripts provide a summary of your tax return information and they are available for the most current year and the past 3 years. Tax Transcripts can be ordered on-line, by phone, or by mail. More information can be found here.
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