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Tax News

Good news for those looking to enter the Construction industry, recent studies show the demand for trade workers will continue to climb through 2030. According to “The Future of Skills: Employment in 2030”, the aging of existing workers going out of the workforce along with urbanization and globalization will keep demand for trade workers high. The back side of this demand is positions for jobs, like construction supervisors, will likely decrease.

Haven’t filed your tax return for 2016 yet? Well now is the time to do it, especially if you filed for an extension. The tax extension deadline is October 16th. That means taxpayers who filed for an extension in April have until October 16th, to file their 2016 tax return. The extension gave taxpayers an additional six months to file their actual return, but taxpayers were still required to pay the taxes they owed back in April. Even if you didn’t file for an extension,you should file your tax return now.

There’s a million different things you can gift your kids over the years. You can give them cars, apartments, furniture, pets or even stocks. Now stocks aren’t the most exciting gift, and kids might not understand the importance of stocks at first. But a good stock could mean good things in the future. If you plan on giving or leaving your children some of you stock, there are a few things to keep in mind.

Paying for your child’s college can be overwhelming and put a dent in your bank account. The good news is there are a few tax benefits you can use that can help offset the burden of student loans. There are two main options when it comes to tax benefits, but there are others as well. You can find them by looking on the IRS website or talking to a tax preparer. The American Opportunity Tax Credit and the Lifetime Learning Credit both are available to not only the student, but also their spouse and their dependents.

With over 143 million people having their personal information compromised because of the Equifax data breach, thousands of taxpayers are wondering if they’re information is safe. It’s important to protect your personal information, especially as technology continues to advance.

This month's closed case round up includes a couple that fell on desperate times and needed help paying back their taxes, a single father who spent his life in the oil and gas industry, and a client whose health problems took away their ability to work. 

Due to the monumental rise is virtual currency, the IRS has begun looking for ways to tax virtual currency, like Bitcoin, and the taxpayers who are using it. With very few people actually reporting their Bitcoin transactions, the IRS is now using software to try and find these transactions so they can tax and even penalize the taxpayers. In response, a new bipartisan bill has been introduced with the goal of setting guidelines and rules for those who use Bitcoin.

An important tax deadline is coming up and missing it could cause you to collect some IRS penalties. 3rd quarter estimated tax payments (ETP) are due Friday, September 15th. Estimated tax payments are a method of paying the tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, or other sources. The IRS requires these payments to be made quarterly. If you underpay your estimated tax payments, you will end up having to write a bigger check to the IRS when you file your tax return. If you overpay, you will receive the excess amount as a tax refund once you file. If this is your first time making an estimated tax payment or you aren’t sure if this applies to you, the process is simple.

The Internal Revenue Service is warning taxpayers about a new phishing scheme that involves a scammer that impersonates the IRS and the FBI and then uses ransomware to take your computer data hostage. The scam comes in the form of an email and uses both the IRS and the Federal Bureau of Investigation emblems.

The IRS is giving Hurricane Harvey victims some tax relief after parts of Texas were destroyed by the natural disaster. Taxpayers in the affected parts of Texas have until January 31st, 2018 to file certain individual and business tax returns. The IRS announced that victims could also wait to make certain tax payments until the new deadline. This new deadline includes additional filing extensions for those who have valid extensions that run out on October 16th.

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