Mary Lee Miller, EA, LLC

How to Invest in Stocks: A Quick-Start Guide

We tell you everything you need to know to get started investing in stocks. Investing your money in the stock market can be intimidating, but it doesn’t have to be! The Motley Fool has been cutting through Wall Street jargon and giving people common-sense, actionable insights for over a quarter century. First, let’s help you choose your adventure. Are you more #1 or #2? “Just […]

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After a divorce, only one parent can claim child-related tax breaks

Aug 5, 2019 11:08 a.m. ET By BILL BISCHOFF To qualify, over half the child’s support for the year must be provided by one or both parents.  For tax purposes, a child is usually treated as “belonging” to the parent who has custody for the greater part of the year. Divorces cause tax issues, including which parent is allowed to claim valuable child-related tax breaks. […]

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Here’s the 411 on who can deduct car expenses on their tax returns

IRS Tax Reform Tax Tip 2019-100, July 29, 2019 Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners and self-employed individuals Individuals who own a business […]

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Good tax planning includes good recordkeeping

IRS Tax Tip 2019-97, July 23, 2019 Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the taxpayer receives an IRS […]

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EXTENSION FILERS: Don’t panic, just go to IRS.gov for help

IRS Tax Tip 2019-95, July 18, 2019 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2018 tax returns is Tuesday, October 15, 2019. Taxpayers who have not yet filed can find many helpful resources on IRS.gov. Here are a few of them: IRS Free File Taxpayers […]

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Here’s how individual taxpayers can view their tax account info

IRS Tax Tip 2019-94, July 17, 2019 Taxpayers with questions about their federal tax accounts can hop over to IRS.gov for answers. Individual taxpayers can login to the View Your Account Information page to view specific details about their federal tax account information. Taxpayers can view: Their payoff amount, which is updated for the current day. The balance for each tax year for which they […]

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6 Things to Do With Your Money Once Your Salary Reaches $70,000

by Mike Brassfield Senior Writer Remember overdrafting while you waited for your next paycheck to come — that was the worst, am I right? There’s not enough money in your bank account — so your bank gets its revenge by helping itself to $35 of all that money you don’t have. Ho ho ho, I just love overdraft fees, you say to yourself. What a fun game this […]

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It’s Getting Worse: The IRS Now Audits Poor Americans at About the Same Rate as the Top 1%

by Paul Kiel May 30, 10:16 a.m. EDT As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to. Every year, the IRS, starved of funds after years of budget cuts, loses hundreds […]

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What to Expect When the IRS Alters Its Bitcoin Tax Policy

Anna Baydakova Jun 7, 2019 at 04:00 UTC Every tax season, cryptocurrency investors in the U.S. struggle to figure out how much they owe the government. But next April it might be a little bit easier. Last month, the Internal Revenue Service (IRS) said it would “soon” issue new guidance on the tax treatment of crypto, something it hasn’t done since an initial notice the agency issued in 2014. In […]

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What are your chances of being audited by the IRS?

April 13, 2019 The Week Staff Here are three of the week’s top pieces of financial advice, gathered from around the web: 40 years’ worth of lattes Does buying a daily latte put your retirement nest egg at risk? asked Barry Ritholtz at Bloomberg. The answer is — probably not. But let’s say you consume five lattes a week, spending a total of $100 a month. If instead […]

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