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Itemize or Take Standard Deduction for Tax Year 2017?

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing when they file their 2017 tax return. Before choosing to take the standard deduction or itemize, it’s a good idea...

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Upcoming Tax Deadlines

Upcoming Tax Deadlines

April Monday, April 2 Electronically file Forms W-2, W-2G, 1098, 1099, 8027, 1094-C, 1095-C, 1094-B, and 1095-B. (see F.I.R.E.) Tuesday, April 17 Corporations: Deposit the first installment of your 2018 estimated tax. Tuesday, April 17 Household Employers: File Sch. H...

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Tax Filling Season Begins; Tax Returns due April 17

Tax Filling Season Begins; Tax Returns due April 17

More than 155 million individual tax returns are expected to be filed in 2018, according to the IRS, which began accepting electronic and paper tax returns on Monday, January 29, 2018. Note: Although the IRS began accepting both electronic and paper tax returns...

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Tax Reform and Some Tax Breaks that Made the Cut

Tax Reform and Some Tax Breaks that Made the Cut

Recent tax reform legislation affected the tax code in many ways. Here are four tax breaks that survived the cut that will take effect for the 2018 filing year. Mortgage Interest Deduction The mortgage interest deduction is limited to mortgage principal of $750,000 on...

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Scam Alert: Erroneous Refunds; Fake Calls to Return Money

Scam Alert: Erroneous Refunds; Fake Calls to Return Money

The Internal Revenue Service is warning taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. These criminals...

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Scam Phone Calls Continue

Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending...

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Phone: (781) 233-2003
Fax: (781) 233-2484
Email: info@taxshopsaugus.com

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