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      Tax Documents Checklist

      Are my alimony payments considered earned or taxable income?

      The IRS considers payments to a spouse or former spouse forms of alimony (for tax purposes this includes all payments made under divorce decree, maintenance decree, or separation agreement).

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      Using an AGI, Self-Select or IP PIN to verify a taxpayer’s ID

      AGI or IP Pin for ID

      AGI stands for Adjusted Gross Income. This is a calculation that the IRS uses which translates to roughly what you have left after deductions or adjustments have been made to your gross or total income. It is the figure that will be used in the final calculation on your form 1040 and helps determine what your tax bill will be.  Your prior year AGI (the number provided to the IRS on your return last year) is the most common way to verify your identity, sign your return and to e-file your taxes electronically. The IRS considers this important piece of information a key

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      Do I pay taxes on my unemployment benefits from when I was out of work?

      Unemployment benefits come from an insurance fund worked out between the federal, state and local governments. When you file for your unemployment benefits, you should be able to choose to have your federal taxes withheld.

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      At what point should my dependent file his/her own tax return?

      ou have a child under the age of 19 or under the age of 24 and a full-time student, you should be able to claim the dependent if certain criteria are satisfied. However, the dependent must not provide more than half of their own financial support.

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      What is the marriage penalty?

      With marriage and a decision to file a joint tax return, instead of separate individual returns, comes a different set of tax brackets. It is commonly referred to as the marriage penalty when the joint tax filing brackets result in a greater tax liability than the individual brackets would have otherwise created.

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      If a taxpayer works overseas, do they pay federal taxes on the income? What forms need to be completed?

      Taxpayers and overseas work

      Whether you are only spending six months or spending several years working abroad, as long as you remain a US citizen, you must still file a U.S. federal tax return, and in most cases, pay income taxes on the money you earn while abroad.

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      Bitcoin and tax liability

      Bitcoin’s tax treatment is different than that of legal tender (dollars). It is subject to tax in the same way the receipt of property is subject to federal tax.

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      Are all state filing laws the same as federal laws? How do I find out the laws in my state?

      Taxpayers and overseas work

      Most states that require a tax return will mimic the federal deadline to file, April 15th, and also the deadline after an extension has been filed, October 15th, however, there are a few states that use different due dates like Hawaii, Indiana, Iowa and Louisiana, so it is very important that you check with your state.

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      What are capital assets, gains and losses? How do I figure them out?

      capital gains and home sales 2019

      When you are able to sell any capital asset for a profit in a given tax year, you are responsible for paying taxes on the capital gain or appreciation in that asset.

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      Is it still possible to get a tax deduction for charitable giving after the latest tax reform?

      charitable giving after tax reform

      When the tax reform was implemented and deductions simplified in 2018, many taxpayers chose to take the increased standard deduction and give up itemizing. However it is still possible to get a deduction for charitable giving.

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