IRS: Earned Income Tax Credit

November 13, 2019By Smeriglio Associates LLCNews

With the 2020 tax-filing season approaching, taxpayers may want to take time now to determine if they or their families are eligible for significant tax credits. For example, the Earned Income Tax Credit (EITC) is a refundable federal income tax credit for working people with low to moderate incomes. Certain eligibility requirements must be met. … Read More

Use a Coverdell ESA to help pay college, elementary and secondary school costs

November 13, 2019By Smeriglio Associates LLCNews

You may be able to save for your child’s or grandchild’s education with a Coverdell Education Savings Account (ESA). There’s no upfront federal tax deduction for contributions, but the earnings grow tax-free. No tax is due when the account funds are withdrawn, to the extent the amounts don’t exceed the child’s qualified education expenses. Qualified … Read More

IRS: Inherited IRA Ruling

November 12, 2019By Smeriglio Associates LLCNews

The IRS has ruled that an IRA wasn’t an inherited IRA after the deceased IRA owner’s wife was appointed sole beneficiary by a state court. Before the state court ruling, the only beneficiaries were the children of the deceased. In a private letter ruling, the IRS stated that, because the wife is entitled to the … Read More

IRS: National Veterans Small Business Week

November 11, 2019By Smeriglio Associates LLCNews

It’s National Veterans Small Business Week, and the IRS wants to help these business owners succeed. That’s why they’ve provided online resources, including these webpages: Self-Employed Individuals Tax Center, with relevant tips and references to tax rules; Small Business and Self-Employed Tax Center, with links to useful tools and common IRS forms and instructions; and … Read More

Avoid “Phishing” trips

November 10, 2019By Smeriglio Associates LLCNews

Avoid “phishing” trips. More than 90% of all data thefts begin with a phishing email, according to the IRS. Cybercriminals use phishing emails and malware to gain control of computer systems or to steal usernames and passwords. One common tactic is “spear phishing.” This is when a thief poses as a trusted source and “baits” … Read More

IRS: Florida Highway Penalty Waived

November 9, 2019By Smeriglio Associates LLCNews

The IRS is temporarily waiving the penalty for using dyed fuel on Florida highways. It took the step to minimize and prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian. The relief is available only if the vehicle operator, or the person selling the fuel, pays the tax of … Read More