Can You Direct Deposit a Refund From an Amended Tax Return?
You cannot even have the refund amount direct deposited into any financial account. At the present time (2017), the IRS does not offer a direct deposit option for refunds on amended returns. In fact,...
View ArticleCan You Make a Tax-Free 529 Plan Contribution Larger Than the Annual Gift Tax...
Although the IRS typically allows people to gift no more than $14,000 a year (2017 figure) to another person without a federal gift tax, you can contribute up to $70,000 to a 529 plan in one year. A...
View ArticleHow Much of Someone’s Social Security Benefit is Taxed?
First, individual taxpayers or taxpaying married couples must add up their “modified adjusted gross income.” This is their taxable income, plus their tax-exempt income, plus half of their Social...
View ArticleWhat is the Federal Estate Tax Exemption and Federal Estate Tax Rate?
The top estate tax rate for 2017 is 40% and there is a $5,490,000 exemption amount. Individuals can transfer up to $5,490,000 (indexed for inflation in the future) to heirs free from estate tax. In...
View ArticleWhy Should I File an Income Tax Return if I Don’t Owe Any Money?
Even if you don’t owe any taxes, you may qualify for tax credits that would result in a refund. For example, the Earned Income Tax Credit (EITC) and Child Tax Credit both provide refundable tax...
View ArticleWhat is the “Kiddie Tax”?
Effective January 1, 2008, so-called “Kiddie Tax” rules pertaining to a child’s investment income were changed. The age limit for this tax increased to include children who are 18 or younger and...
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Tax Cuts and Jobs Act Resources
The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act: Tax Cuts and Jobs Act Legislation Tax Cuts and...
View ArticleWhat Types of Records Should You Keep for Tax-Deductible Mileage?
Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer...
View ArticleHow Do I Take a Charitable Income Tax Deduction??
While a specific charity may qualify with the IRS as a charitable organization for tax purposes, a taxpayer still needs to be able to itemize his or her tax deductions to deduct a charitable...
View ArticleMy mother passed away more than three years ago. The estate has long been...
Which records to keep and how long during one’s lifetime depends on the type of record being considered. See this page for guidelines: Organize Your Important Papers. In regard to estate issues after...
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