News

Thursday February 22, 2018

Savvy Living
Income Tax Filing Requirements for Retirees
What are the IRS income tax filing requirements for seniors this year? I didn't file a tax return the past two years because my income was below the filing requirements, but I started working part-time late last year, so I am wondering if I am required to file this year. Whether you are required to file a federal income tax return this year will depend on how much you earned last year (in 2017), the source of that income, your age and filing status. Here is a rundown of the 2017 IRS tax filing requirement thresholds. For most people, this is pretty straightforward. If your 2017 gross income was below the threshold for your filing status and age, you probably will not have to file. Your...
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Washington News
Tax Filing Season Opens Door to New Scam
As the tax filing season moves into high gear, tax scammers continue to develop new strategies. In IR-2018-27, the Service explained the latest tax scam. Because it is difficult for IRS software to discover scams using actual taxpayer data, the tax scammers have developed a new concept. The tax scammer starts by acquiring your normal tax return information — your name, Social Security Number, typical deductions, filing status and bank account numbers. In some cases, the tax scammer steals this information by hacking into your tax preparer's computer network. After stealing your information, the scammer files the return and claims a large refund. That refund is sent directly to your...
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Personal Planner
Gifts of Cash
Many people use their annual gift exclusion as part of an overall estate planning strategy. Sara: "We had a pretty good...
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