Answers to Commonly Asked Tax Prep Questions for 2023
Sunday, 12 March 2023
by Mercer Savings Bank
Confused about taxes? You’re not alone.
Here’s a look at a few common tax questions that many people find themselves too embarrassed to ask — but are totally valid!
- Published in Taxes
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Six of the Best Tax Tips for Young Adults
Monday, 21 January 2019
by Mercer Savings Bank
Whether this is your first time filing a tax return or your tenth, it never hurts to have some tips handy to help you along the way. This season, keep these 6 tax tips that are perfect for young adults in mind. 1. Deduct your student loan interest. This is one of the top tax
- Published in Taxes
New Homeowners: 3 Tax Benefits Not to Miss
Wednesday, 17 January 2018
by Mercer Savings Bank
Are you a new homeowner or ready to be a homeowner? Homeownership may seem financially scary, but there are a lot of benefits compared to renting. You can decorate or renovate your home any way you want, no more noisy neighbors who live above you and you can gain tax advantages. Yes, tax breaks! There
- Published in Taxes
Not-So-Dumb Tax Questions You’re Too Embarrassed To Ask
Wednesday, 14 December 2016
by Mercer Savings Bank
Unless you have a keen eye for numbers and formulas, there’s a good chance you get a bit confused about taxes. In fact, it’s this very reason as to why many people choose to take their taxes to a tax specialist each year to have their returns completed. As most everyone knows, a simple mistake
- Published in Miscellaneous, Taxes
5 Ways for Millennials to Lower Taxable Income in 2015
Tuesday, 16 December 2014
by Mercer Savings Bank
Millennials of all ages can agree on one issue – paying taxes for the first time is a startling wake up call. The sting of watching money disappear each paycheck rarely dissipates, and often gets worse as raises and new career moves push people into higher tax brackets. So what’s a taxpaying millennial to do?
- Published in Taxes
Rules Surrounding Ira Rollovers Become Less Friendly To Taxpayers
Monday, 07 July 2014
by Mercer Savings Bank
Earlier this year, the U.S. Tax Court made a controversial ruling regarding IRA rollovers that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow v. Commissioner, the court ruled that the one-rollover-per-year rule applies to all of a taxpayer’s IRAs in aggregate, rather than on an account-by-account basis. Soon after, the IRS
- Published in Taxes
New Twist on “IRS” Tax Scams
Tuesday, 03 June 2014
by Mercer Savings Bank
Authorities in Connecticut have sent a nation-wide alert to warn consumers about a new flavor of the old “you owe taxes” scam. Police are investigating a consumer complaint that a man identifying himself as “IRS Special Agent Adam Spencer” called a victim stating that the victim owed $7,500.00 in back taxes from 2012. The caller
- Published in Taxes