Don’t Fall for New Tax Scam Tricks by IRS Posers

Though the tax season is over, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information. These scams first tried to sting older Americans,...

What you need to know before donating collectibles

If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term...

Set up IRAs for teens with summer jobs

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of...

Federal highway bill also impacts return due dates

President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 ( P.L. 114-41) on July 31. The Act revises some return due dates, overrules the Supreme Court’s decision in Home Concrete, 2012-1 ustc ¶50,315, revises the...

Act soon if you want to help your child buy a home

Mortgage interest rates are still at historically low levels, but they’re expected to go up by year end. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help:...