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TaxRevo Offers Tips for Holiday Budgeting

With the holiday season approaching, TaxRevo wants to offer tips on how to keep your spending in check. 

  1. Organize your home. Entertaining during the holidays can give us reasons to spend. Look around. You may find things to re-gift and things to decorate that you didn’t know you bought. 
  1. Make a budget and stick to it. Jotting down how much money you can afford to spend can be a big help.

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IRS to Increase Some Tax Benefits in 2017

The Internal Revenue Service (IRS) announced that the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including tax rate schedules, and other changes. The tax year 2017 adjustments generally are used on tax returns filed in 2018.

The tax items for tax year 2017 of the greatest interest to us include: 

  • The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.

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TaxRevo Fun Fact

Did you know that the IRS was responsible for the downfall of notorious gangster Al Capone?

Under the Tax Code, income is reportable even if the source is illegal activities (that’s still true today). Using forensic accounting, a former agent of the Treasury Department’s Bureau of Internal Revenue, Special Agent Frank Wilson and IRS “T-Men” (as they were called) put together a case against Capone for failing to report millions. On June 5, 1931, Capone was indicted on 22 counts of federal income tax evasion.

Upcoming Tax Calendar for Businesses & Self-Employed

November 2016:

  • 10 – File Form 941 for the third quarter if you timely deposited all required payments.
  • 10 – Employers: Employees are required to report to you tips of $20 or more earned during October.
  • 30 – File Form 730 and pay tax on wagers accepted during October.
  • 30 – File Form 2290 and pay the tax for vehicles first used during October.

Stay Away from These Costly Tax Errors

IRS rules and forms constantly change. It’s easy to make mistakes when filing taxes. Here are some of the common errors that we help you avoid:

  • Waiting to file – Why wait? Early tax filers can expect early refunds. Most Americans receive refunds each year, and the average return is approximately $3,000. TaxRevo gets your money back to you as quickly as possible.

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Saving for Retirement While Paying for College

The average investor has two main long-term goals: retirement and kids’ college expenses. Ideally, a family would estimate how much each will require, make a moderate guess about likely returns, and then invest enough each month to reach both targets on schedule.

However, that’s easier said than done. So, for those without unlimited cash, which priority comes first?

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Five Small Business Tax Deductions Most Commonly Overlooked

Tax season will be here before we know it. While paying taxes is an obvious requirement, paying too much in taxes is not. There are many unique and specific deductions that can help lower your tax bill, when we look for them.

TaxRevo offers five small business tax deductions that are often overlooked: 

  1. Healthcare Tax Credit – If you own a small business that pays for at least half of its employees’ healthcare coverage, you’re eligible for a tax credit of up to 35 percent of what you spend on health insurance premiums.
  2. Out of Town Business Travel Costs – Almost any travel you do for business is deductible on your taxes for at least some percentage. This includes business meals, travel costs (baggage fees), and hotel rooms for the duration of your trip. Keep those receipts!

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IRS Has a Reminder for Extension Filers: Electronic Filing

The IRS has an important reminder for taxpayers who filed an extension and face an Oct. 17 filing date: The adjusted gross income (AGI) from your 2014 return may be needed to electronically file a tax return.

You should keep a copy of tax returns and supporting documents for a minimum of three years. Going forward, keeping copies of tax returns is even more important as the IRS makes changes to protect taxpayers and to authenticate their identity.

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TaxRevo Fun Fact

There are nearly 1.5 million tax-exempt organizations recognized by the IRS.

Of these tax-exempt organizations, religious and/or charitable organizations comprise the majority at 1.082 million, with social welfare, labor and agriculture, and business leagues coming in a very, very distant second.

To provide some context, the IRS approved 52,608 501(c) applications just in 2012. By comparison, there are only 50,046 labor and agriculture organizations in total!

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