If you haven’t filed your tax return yet, don’t rush to get it in as fast as you can. Why? Because many of the most common tax filing mistakes are made by those rushing to file close to the tax deadline. Common errors like failing to claim all possible deductibles, failing to claim side income sources, [...]
Many people find themselves overwhelmed at the thought of doing their taxes, especially those who have a more complex return. That’s why so many people turn to professional tax preparers to help them deal with the stress of filing their taxes— and to help then get a better return. But finding an excellent and reputable tax [...]
Whether you tend you use the standard deduction or are a big itemizer, there are many financial documents you need to keep. Generally, the IRS requires that you keep all your important tax-related documents for three years, in case of an audit. But in certain cases, and notably, if the IRS finds you have neglected to [...]
Back when the new tax bill was going through its many revisions, a major tax credit was temporarily cut from the bill, but ended up making it in the final version. That tax credit was the incredibly popular adoption tax credit. The adoption tax credit has been widely hailed by adoption advocates as a way to [...]
If you’re thinking of claiming— or have already claimed— the Earned Income Tax Credit or the Additional Child Credit, the IRS wants to make sure you know your tax refund will be delayed. This year, the IRS has released several notices reminding taxpayers that their refunds will be delayed if they claim these credits. The IRS [...]
A few weeks ago, the IRS put out an official news release urging travelers requiring passports to pay their back taxes or enter into payment agreements. And the reason behind this notice? A new procedure that could put your passport at risk if you owe back taxes. This new procedure comes from the provisions within the [...]
The Tax Cuts and Jobs Act that passed in December made some major changes to laws surrounding federal estate and gift taxing— changes that might turn out to be great news for those concerned about their legacy planning. When one passes money on after their death or gifts money during their life, this money is subject [...]
While the Internal Revenue Service is one of the strictest agencies in the government, they also understand that certain citizens may be under extreme circumstances that make it difficult for them to deal with tax issues. That’s why the IRS has certain exception policies for those undergoing extenuating circumstances, including those serving in or working with [...]
The new tax reform is proving to have big effects on every area of tax, including things that have remained unchanged for years like Form W-4. Form 4-W is a tax form most Americans are familiar with. It’s the form every employer has employees fill out to make sure they withhold the correct amount of federal [...]
The Protecting Americans from Tax Hikes Act, aka the PATH Act, is a new law that was designed to protect taxpayers against tax fraud. The law was passed in December of 2015 and it extended some expiring tax provisions, made some expiring provisions permanent, and created new one provisions. This means that you might notice some [...]
