If you owe the IRS a whole lot of tax money, you may lose your ability to travel abroad… if you do absolutely nothing to address the debt. Oh, and if Uncle Sam ever gets around to enforcing that penalty. Back in December 2015, Section 7345 of the tax code went into effect and gave…
President Trump heaped new praise Friday on Canada’s immigration system, which has served as a model for countries around the world because it focuses more on immigrants who can contribute to the economy than those with little more than family ties. Trump sent out a Tweet after apparently watching a segment on Fox & Friends…
Congratulations! You made it through another year. What better way to start 2017 than with 17 great money-saving tax deductions? Use them to save money on your 2016 taxes if applicable, and keep them in mind to save on next year’s taxes as well. 1. Charitable donations: Donations to a qualified charitable organization are deductible…
Looks like the IRS is going to be a little more lenient on people who don’t disclose if they have health insurance. Under the Affordable Care Act, ACA, or Obamacare (whichever you prefer to call it) Americans must have health insurance coverage or pay a stiff penalty. For the 2016 tax year, the penalty could…
WASHINGTON — President Trump has a rocky history with the Internal Revenue Service, which he has complained audits him with unfair ferocity. Now he wants to significantly cut the tax agency’s funding at a time when it has already been bleeding staff and struggling to keep up with a flood of returns ahead of Tax…
Sen. Marco Rubio has said that immigration reform is “difficult but…possible.” The Florida lawmaker made the comments on FOX News Wednesday, the day after President Trump gave an address which mentioned the issue several times. During his interview, Rubio outlined a three-step approach which involves enforcing current laws, modernizing the criteria for determining who stays,…
WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than…
WASHINGTON — Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting a free, comprehensive tax guide available on IRS.gov. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities. This includes tax…
Last year, with the presidential campaign underway and Donald Trump’s rhetoric on immigration playing a critical role in the Republican primaries, President Barack Obama addressed the subject. “Immigrants aren’t the principal reason wages haven’t gone up; those decisions are made in the boardrooms that all too often put quarterly earnings over long-term returns,” Obama said. “America…
Grundy Bank recommends these tips to help prevent tax ID fraud: –File early. File your tax return as soon as possible, giving criminals less time to file a false return using your information. –File on a protected wi-fi network. If you’re using an online service to file your return, be sure you’re connected to a…
