If you have not already done so, go to www.ssa.gov and create a mySocialSecurity online account. Here you can learn more about your benefits based on your facts and circumstances. Social Security Retirement Benefits: Who is eligible? Worked and paid Social Security Taxes to earn 40 credits Reached a minimum age of 62 for early …
For some taxpayers, filing an extension is just a given. Others find the concept unthinkable. For some, the decision to extend comes down to the wire. Some taxpayers incorrectly believe that filing an extension will be a red flag on their return and draw attention to the IRS that will generate an audit. Regardless of …
Fringe benefits partners and more-than-2% S shareholder employees can and can’t claim Partnerships-and limited liability companies (LLCs) treated as partnerships-and S corporations have distinct tax and non-tax advantages. Some of these are the tax treatment of Fringe Benefits. Working condition fringe benefits. . . . Business-related use of a company auto, if properly substantiated. The …
Issue Number: IRS Tax Tip 2017-22 There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years. Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software …
WASHINGTON — As tax season approaches, the Internal Revenue Service, the states and the tax industry reminded taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and …
WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 …
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Federal Insurance Contributions Act (FICA) imposes two taxes …