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1 week ago | 
thechiefleader.com | Barry Lisak
There are certain types of taxes that you can deduct on your tax return if you itemize on Form 1040, Schedule A. To be deductible on your tax return, a tax must be charged to you and you must have paid it during your tax year. But a word of caution: through 2025, the Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local property taxes and personal state and local income taxes (or sales taxes if you choose that option) to a combined total of only $10,000.
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2 weeks ago | 
thechiefleader.com | Barry Lisak
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2024 for medical and dental care for yourself, your spouse, and your dependents. Here are some facts the IRS wants you to know about medical and dental expenses:For the 2024 tax year, you may deduct only the amount by which your total medical-care expenses for the year exceed 7.5 percent of your adjusted gross income (AGI).
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3 weeks ago | 
thechiefleader.com | Barry Lisak
As school winds down, many students will hit the job market for summer employment. The Internal Revenue Service reminds students that not all the money you earn may make it into your pocket. That’s because your employer must withhold taxes. Here are some things the IRS wants students to be aware of when they start a summer job. The amount of money withheld from each paycheck can come as a surprise to first-time filers.
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1 month ago | 
thechiefleader.com | Barry Lisak
Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy to resolve. Here are items to know about IRS notices, just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply and painlessly. You generally have 30 days to respond to an IRS notice. Always check which tax year the notice relates to.
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1 month ago | 
thechiefleader.com | Barry Lisak
Tax strategiesPosted 5/2/25 Along with the lazy, hazy days of summer come some extra expenses, including summer day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Sorry, overnight camp does not qualify. The childcare credit is designed to assist working parents with some expenses involved in raising a child. The credit varies depending on the taxpayer’s earned income.
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1 month ago | 
thechiefleader.com | Barry Lisak
Tax strategies Posted 4/25/25 Congratulations if you recently updated your status from single to married, but you should be aware that marriage also brings about some changes with your income taxes. Here are several tips for newlyweds from the IRS:• Notify the Social Security Administration. It’s important that your name and Social Security number match on your next tax return; so if you’ve taken a new name, report the change to the Social Security Administration.
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1 month ago | 
thechiefleader.com | Barry Lisak
The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. The goal of these scams — known as phishing — is to trick you into revealing personal and financial information.
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2 months ago | 
thechiefleader.com | Barry Lisak
Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Although some people may feel anxious when they receive one, many are easy to resolve. Here are items to know about IRS notices, just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply and painlessly. You generally have 30 days to respond to an IRS notice. Always check which tax year the notice relates to.
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2 months ago | 
thechiefleader.com | Barry Lisak
Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years:• Earned Income Tax Credit (EITC). The EITC is a tax credit designed for low-and moderate-income taxpayers. The more children you have, the greater your EITC will be. The IRS checks tax returns against the Federal Case Registry, and identifies custodial and non-custodial parents.
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2 months ago | 
thechiefleader.com | Barry Lisak
Tax strategiesPosted 3/21/25 Are you paying more tax than you need to? When it comes to filing taxes, getting the best returns is not about skill — it’s about what you know. Here are some tax strategies you may have overlooked. • Earned Income Tax Credit (EITC). Millions of lower-income people miss out on this every year. According to the IRS, 20 percent of taxpayers who are eligible for the EITC fail to claim it. The EITC is a credit, not a deduction, ranging from $600 to $7,430.
