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Posts Tagged ‘federal taxes’

How Seniors Can Use the IRS Charitable Tax Break for Tax Savings

Those who are aged 70½ or older and have an IRA can once again save taxes by making charitable contributions directly from their IRA. The tax provision allows IRA owners of age 70½ or older to directly transfer, tax free, up to $100,000 a year to one or more eligible charities. The distributed amounts can be excluded from the IRA owner’s income, thus lowering the taxable income. This tax provision has now been made permanent.

The Importance of Keeping Your Address Current with the IRS

December 18, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

The IRS sends letters and notices to taxpayers throughout the year. If you moved, it is important to inform the IRS of the change to receive communications and/or your tax refund. Usually, the IRS sends notices to: • Inform of changes they made on your tax return • Inform of back taxes owed • Verify identity • Request for further information • Inform of delays in processing the return If you miss communication with the IRS, it may ...