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Keeping Vital Records Safe Can Make Disaster Recovery Easier

Natural disasters can strike without warning. Sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help them reconstruct their important records. Tax records: Taxpayers can get free federal tax return transcripts immediately using Get Transcript on IRS.gov. They can also order transcripts Read more [...]
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Homeowners: Review House-Related Deductions and Programs

The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs, and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses: Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The costs the homeowner can deduct are: state and local real estate taxes, subject Read more [...]
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Tax Considerations For People Who Are Separating or Divorcing

When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholding: When a taxpayer divorces or separates, they usually need to update their proper tax withholding by filing with their employer a new Form W-4, Employee's Withholding Certificate. If they receive alimony, they may have to make estimated tax payments. Tax Read more [...]
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Tips To Help Taxpayers Make Sure Their Donations Go To Legitimate Charities

When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets. Scammers solicit donations to fake charities and can pose as employees of legitimate charities or federal agencies to dupe disaster victims trying to get disaster relief. Although some legitimate Read more [...]
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Educational Assistance Programs Can Help Pay Workers’ Student Loans

Employers that offer educational assistance programs can also use those programs to help pay their employees’ student loans. Though educational assistance programs have been available for many years, the option to use them to pay student loans is available only for payments made after March 27, 2020. Under current law, this option will be available until Dec. 31, 2025. Traditionally, educational assistance programs have been used to pay for books, equipment, supplies, fees, tuition, and other Read more [...]