Why Some Put Their Savings at Risk

Why some put their savings at risk  By Kathleen Connell There is a desire deep down inside just about everyone to make that one big killing. That one financial move that will leave one set for life. For most people, it’s wishful thinking. For some it is the story behind the story of how they […]

IRS, Partners Urge Taxpayers to Beware of IRS Impersonations and Tax Scams

If you get a call from the “IRS” threatening you with lawsuits or jail unless you pay up immediately … Guess what? It’s a scam. IRS impersonation and tax scams by phone, email, postal mail and text are ongoing. Criminals use more and more creative ploys to trick taxpayers and tax preparers. Don’t be a […]

Moving Expenses Can Be Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: The move must closely relate to the […]

Responding to your IRS letter: important steps

The IRS normally sends correspondence in the mail. We mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter or notice: Don’t Ignore It.  You can respond to most IRS notices quickly and easily. Follow Instructions.  Read the notice carefully. It will tell you if you […]

IRS Provides Guidelines on How to Claim New Wrongful-Incarceration Exclusion; Use Special Address for All Back-Year Refund Claims; Dec. 19 Deadline for Older Claims 

The Internal Revenue Service released guidelines on how wrongfully-incarcerated taxpayers can take advantage of the new retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarceration. The guidelines are contained in a set of frequently-asked questions, posted today on IRS.gov. According to the FAQs, taxpayers who […]

$3 million awaits Rhode Islanders that failed to file 2012 returns

The Internal Revenue Service (IRS) announced that federal income tax refunds totaling $950 million may be waiting for an estimated 1 million taxpayers who did not file a federal income tax return for 2012. To collect the money, those taxpayers must file a 2012 tax return with the IRS no later than this year’s April […]

Know IRS health insurance regulations before filing 2015 federal income taxes

  The Affordable Care Act requires you and each member of your family to have minimum essential health insurance coverage; qualify for an insurance coverage exemption; make an individual shared responsibility payment for months without coverage; or claim an exemption when you file your federal income tax return. You, your spouse or your dependents may […]

Seniors should join Generation X to change the aging landscape    

  Recently, AARP released survey results on the subject of Generation X turning 50. For the uninformed, demographers dubbed those born between 1965 and 1979 as Generation X or Gen-Xers — the middle generation between baby boomers and millennials. They number around 62 million Americans. The youngest grew up unfamiliar with Camelot and are only […]

Income tax filing assistance runs deep in Ocean State

More than 70 free tax preparation sites are open in Rhode Island as the Internal Revenue Service (IRS) continues to expand its partnerships with nonprofit and community organizations. The sites provide vital tax preparation services for low- to moderate-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help generally […]

Procrastinators can still build nest eggs

Some people do not have the ability to begin saving for retirement early on. Others may have brushed aside retirement savings for so long that they are now worried that it’s too late to begin socking away money for the golden years. While it’s best to start saving for retirement as early as possible, the […]