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What is Sequestration?

You might have seen the term “sequestration” in the news lately. It is a process that automatically cuts the federal budget across all departments and agencies. Learn more about sequestration and what it means.

Dispelling Myths About the Affordable Care Act

As a business owner, it can be difficult to understand how the Affordable Care Act can affect your business. So to help clarify the myths versus facts, the Small Business Administration is launching a new blog series called “Myth vs. Fact: The Affordable Care Act and Small Business.” One prominent line of thinking that seems to […]

Study Highlights Importance of Checking Your Credit Report

A study on credit report accuracy recently found that 1 in 5 of the participating consumers had an error on at least one of their three credit reports. Why Do Credit Report Errors Matter? Errors on your credit report can negatively affect your credit score, which is used to evaluate your applications for credit cards, […]

Sumter Woman Arrested on Five Income Tax Charges

Columbia, SC (February 22, 2013) — Friday, a Sumter County resident was arrested and charged with failure to file South Carolina income tax returns for a five year period. According to investigators with the SC Department of Revenue, Rebecca Duncan, 58, failed to file tax returns for years 2006 through 2010. During this time, Duncan […]

Beware of Bogus IRS Emails

The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal […]

Save Money with the Child Tax Credit

If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit. Amount.  The non-refundable Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child you claim on […]

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available […]

What Taxpayers Should Know about Identity Theft and Taxes

Protecting taxpayers and their tax refunds from identity theft is a top priority for the IRS. This year the IRS expanded its efforts to better protect taxpayers and help victims dealing with this difficult issue. When your personal information is lost or stolen, it can lead to identity theft. Identity thieves sometimes use your personal […]

Five Facts to Know about AMT

The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT: 1. You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption amount for your filing status. 2. The […]

Important Reminders about Tip Income

If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips […]