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Taxes

Tracking missing 2020 stimulus payments

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Taxpayers can find the amounts of their 2020 economic impact payments (EIPs) from their online account, IRS Notices 1444 and 1444-B, or their 2020 account transcript. A new IRS FAQ explains the procedure for requesting a trace to track a missing payment when the taxpayer’s online account shows a first or second EIP the taxpayer did not receive.

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Crowdfunding Money May Be Taxable

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Understanding Crowdfunding

Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases, the money raised through crowdfunding is solicited by crowdfunding organizers on behalf of other people or businesses. In other cases, people establish crowdfunding campaigns to raise money for themselves or their businesses.

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Using Charitable Remainder Trusts

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Charitable remainder trusts are irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period.

We closely examine charitable remainder trusts to ensure they:

  • Correctly report trust income and distributions to beneficiaries
  • File all required tax documents
  • Follow all applicable tax laws and rules

How a Charitable Remainder Trust Works

In a charitable remainder trust:

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Working for a Family Member and Taxes

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Many people work for a family member, whether it's a child helping out at their parent's shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business. It's important for taxpayers and employers to understand their tax situation.

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The Evil of the Income Tax

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Working as a tax preparer for over 20 years, I found the following article from Ron Paul spot on. I would like to share it with my readers:

Trump’s Tax Returns Show Evil of the Income Tax

Committee was to make public several years of Donald Trump’s tax returns, which the Committee obtained after a prolonged legal battle. The tax returns confirmed that, despite being one of the richest people in America, Donald Trump paid very little in federal income tax. In fact, in at least one year he paid under a thousand dollars.

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IRS Announces When Accepting Returns

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The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.

More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline. People have three extra days to file this year due to the calendar.

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How Long to Save Your Tax Records

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One of the most asked question that I get at the tax desk is how long should I keep my tax returns. You've probably heard that seven years is the perfect period to hold onto your tax returns. However, the actual time to keep records isn't quite that simple. You probably don't need to keep every little piece of paper, because different records require different holding times. Let's take a look at some of them.

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IRS Extends Time to File 2019 Returns For Refunds

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WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline.

The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven't filed their 2019 tax returns yet. Available data includes a special state-by-state estimate of how many people are potentially eligible for these refunds in each state and each state's median potential refund. The average median refund for tax year 2019 was $893.

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