SBS NOVA | Tax Tips

13 Nov Understanding Tax Terms: Innocent Spouse Relief

Posted at 10:57h in Uncategorized by Karen Dolan

What happens when an ex-spouse files a joint tax return with errors in it that you did not know about? You learn that the tax obligation on a jointly filed tax return can be collected in its entirety from either filer. The IRS refers to...

25 Oct 2016 Social Security Benefits Announced No programmed increases are scheduled

Posted at 12:41h in Tax Tips by Karen Dolan

The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will not increase in 2016. This lack of increase is based upon the Consumer Price Index over the past 12 months ending in September 2015. A recap of the key...

17 Oct IRS Forgives $434 Million Excess Advance Premium Credit payments not to be repaid

Posted at 10:46h in Tax Tips by Karen Dolan

A recent study by the Treasury Inspector General for Tax Administration (TIGTA) for the 2014 tax filing season estimated that $1.4 billion in unqualified Advance Premium Tax Credits were made. In theory, taxpayers are required to repay these tax credit overpayments as they are not...

12 Oct Maximize Your Monthly Social Security Benefit The 8% annual increase idea

Posted at 11:07h in Uncategorized by Karen Dolan

You can begin receiving your Social Security retirement benefit as early as age 62. But if you do this you could be in for a benefit shock. You will only receive 75% of your full benefit. By putting off your benefit start date you can...

04 Oct Understanding the Home Gain Exclusion When is a tax planning session essential?

Posted at 12:16h in Uncategorized by Karen Dolan

Topline For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five...

26 Sep They’re Out to Get You…no really States “creating” laws that snag taxpayers everywhere

Posted at 10:58h in Uncategorized by Karen Dolan

New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. A Florida widower with income, marries a retired woman who lived in Utah for nine months. The woman...

23 Sep How to Protect Your Social Security Number from Theft

Posted at 14:23h in Tax Tips by Karen Dolan

With the dramatic increase in identity theft, what can be done to protect your Social Security Number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security Card with you. Your parents were encouraged to do this, but times have changed....

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