| IRS Notices |
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| Nobody likes getting mail from the Internal Revenue Service unless, of course, it is a check. But do not panic - the news is not always bad! There are many reasons why the IRS might send you a notice, ranging from a request for payment, a notification of a change in your account, or simply a request for information. More... |
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| Standard v. Itemized Deductions |
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| One important decision that the individual taxpayer has to make when preparing his or her federal income tax return is whether to itemize deductions or to take a standard deduction. The correct choice between separately listing and adding together individual items that are deductible under the Internal Revenue Code and taking a flat statutory amount to reduce the amount of income on which you are taxed can legally reduce a taxpayer's liability. More... |
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| Educator Expense Deduction |
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| Eligible educators are entitled to deduct up to $250 from gross income for unreimbursed out-of-pocket expenses incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials used in the classroom. If the educator teaches courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. More... |
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| Taxpayer Assistance Orders |
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| A taxpayer who believes that he or she is suffering, or is about to suffer, significant hardship as a result of the way in which the tax laws are being administered may be entitled to help from the Office of the National Taxpayer Advocate. The National Taxpayer Advocate has the authority to issue a taxpayer assistance order (TAO) upon the taxpayer's approved application. More... |
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| Taxability of Property Received as an Inheritance |
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| You have just been notified that, much to your amazement, you have inherited lots of property from your great-great uncle. At first you are delighted at this windfall, but then you begin worrying about the possible tax effects of your newly acquired wealth. Generally, you do not include property that you received as an inheritance in your income for federal income tax purposes. However, if the property you received generates income such as rents, income, or dividends, that income (not the underlying property itself) is taxable to you. More... |
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