by GruffyGoat Team | Mar 8, 2016 | IRS, Taxes
If your income is above a certain threshold, you’ll need to pay the Additional Medicare Tax of 0.9% on income above the threshold amount. The IRS recently reminded taxpayers of what they need to know about this tax. Which income is subject to the tax? The tax applies...
by GruffyGoat Team | Mar 1, 2016 | IRS, Taxes
If you’re thinking about getting more energy-efficient with your home to cut your energy costs long-term, there’s another reason you might want to go ahead and move forward: tax savings. The IRS reminds taxpayers that there are two credits you can take advantage of....
by GruffyGoat Team | Feb 15, 2016 | IRS, Scams
In 2015, the IRS launched an initiative with the tax industry to put increased safeguards in place to prevent identity theft and protect taxpayers’ data from thieves. You can check out Fact Sheet 2015-23 to see the details of all that the initiative includes. But the...
by GruffyGoat Team | Feb 11, 2016 | IRS, Scams
Earlier this week, the IRS announced that they discovered and stopped an automated cyberattack on the e-filing personal identification number (PIN) system last month. In this attack, cyber thieves used information stolen “outside the IRS” to generate e-file PINs for...
by GruffyGoat Team | Feb 9, 2016 | IRS, Small Business
The IRS recently announced that it’s raising the deductible amount for purchases of tangible property without applicable financial statements (AFSs) to $2,500 per item. It used to be that any item over $500 without an AFS had to be capitalized. (For taxpayers with...
by GruffyGoat Team | Feb 3, 2016 | IRS, Nonprofits
If an organization wants to qualify as a charity, it has to be exclusively dedicated to charitable activities and must comply with all the requirements of Sec. 501(c)(3). The U.S. Tax Court issued a judgment in December on a case dealing with an organization called...
