James Angell

4 days ago | ukiahdailyjournal.com | James Angell

Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit. Ignoring is problematicThe Social Security Administration (SSA) is being inundated with fraudulent W-2s and 1099s, and doesn’t have the ability to catch them all.

2 weeks ago | ukiahdailyjournal.com | James Angell

Before you close this year’s tax file there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to do now:Keep a copy of your Form 1040 indefinitelyDo not toss or destroy any of your 1040s. You may need them to correct historic Social Security earnings statements or to prove that you filed a tax return.

3 weeks ago | ukiahdailyjournal.com | James Angell

From quirky tax laws to surprising deductions, this fun 10-question multiple choice quiz will test your knowledge about interesting tax facts from here and around the world. Let’s see how you do – answers are at the end. 1. Given our British origins, let’s start with a fun English tax fact. What was taxed in England during the 17th century, resulting in an abundance of bald heads? A. Hats B. Hair powder C. Wigs D.

1 month ago | ukiahdailyjournal.com | James Angell

Understand the options and costsAs the payment alternatives continue to evolve in the economy, so too are the payment options available to you to pay your tax bill. Here is what’s available to you this tax filing season along with each option’s related costs. Various payment methods to pay taxes1. Electronic funds withdrawal. This comes out of the checking or savings account noted on your 1040 tax return. There is no charge for this service. 2. Send in a check. Use an IRS voucher for this.

1 month ago | ukiahdailyjournal.com | James Angell

Wondering why your tax return is not finished? The delay can often come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common:Missing statements. This includes all W-2s and 1099s, including any related to gambling winnings, income, interest, and mutual funds. Details on basis. If you sell stock, a house or other property, you need to provide the date you purchased the item, along with the cost and condition of the item when purchased.