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YEAR-END TAX PLANNING FOR INDIVIDUALS
These are just a few of the steps you might take. Please contact us for help in implementing these or other year-end planning strategies that might be suitable to your particular situation.
Things to know about the 2016 Afforable Health Reform Act:
Starting Early in 2016, individuals may receive one or more forms providing information about the health care coverage that you had or were offered during the previous year. The employer will send these forms with your W-2 and/or 1099 to the IRS. If you have haven’t received forms (1095-A, 1095-B, and 1095-C), the information on these forms may assist in preparing a return, they are not required. Individual taxpayers will generally not be affected by this extension and should file their returns as they normally would.
- Accelerating Income
- Accelerating Deductions
- Strategize Tuition Payments
- Residential Energy Tax Credits
- Make Charitable Contributions
- Investment Gains And Losses
- Mutual Fund Investments
- Year-End Giving To Reduce Your Potential Estate Tax
- Other Year-End Moves
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IRS Summertime 2016-17Share – Click this link to Share this page through
IRS-2016-81, May 27, 2016
WASHINGTON — The IRS issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the “Federal Student Tax.”
Even though the tax deadline has come and gone, scammers continue to use varied strategies to trick people, in this case students. In this newest twist, they try to convince people to wire money immediately to the scammer. If the victim does not fall quickly enough for this fake “federal student tax”, the scammer threatens to report the student to the police.
“These scams and schemes continue to evolve nationwide, and now they’re trying to trick students,” said IRS Commissioner John Koskinen. “Taxpayers should remain vigilant and not fall prey to these aggressive calls demanding immediate payment of a tax supposedly owed.”
”Scam artists frequently masquerade as being from the IRS, a tax company and sometimes even a state revenue department. Many scammers use threats to intimidate and bully people into paying a tax bill. They may even threaten to arrest, deport or revoke the driver’s license of their victim if they don’t get the money.”
Some examples of the varied tactics seen this year are:
- Demanding immediate tax payment for taxes owed on an iTunes gift card.
- Soliciting W-2 information from payroll and human resources professionals (IR-2016-34) “Verifying” tax return information over the phone (IR-2016-40)
- Pretending to be from the tax preparation industry (IR-2016-28).
- The IRS urges taxpayers to stay vigilant against these calls and to know the telltale signs of a scam demanding payment.
The IRS Will Never:
- Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you a bill.
- Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
- Require you to use a specific payment method for your taxes, such as a prepaid debit card.
Ask for credit or debit card numbers over the phone. If you get a phone call from someone claiming to be from the IRS and asking for money and you don’t owe taxes, here’s what you should do:
Do not give out any information. Hang up immediately.
Contact TIGTA to report the call. Use their IRS Impersonation Scam Reporting web page or call 800-366-4484. Report it to the Federal Trade Commission by visiting FTC.gov and clicking on “File a Consumer Complaint.”
Please add “IRS Telephone Scam” in the notes. If you think you might owe taxes, call the IRS directly at 1-800-829-1040.
More information on how to report phishing or phone scams is available on IRS.gov.
Page Last Reviewed or Updated: 27-May-2016
Published By: Internal Revenue Service