Maximize deductions, stay tax compliant, and file with confidence. This section covers personal and business tax tips, IRS changes, and strategies to lower your taxable income and keep more of what you earn.
While getting back a tax refund can be exciting, it’s not always bad to owe a little money when you file your taxes. If you are due a big refund, that means that you’ve let the federal government hang on to your money all year long. And depending on your financial situation, that money could … Read more
In late December, the IRS had informed taxpayers who were affected by recent tax law changes to wait to file their returns until notified that the IRS was ready for them, which was estimated to be around mid-February. On Monday, IRS began to accept and process both e-file and paper tax returns claiming itemized deductions … Read more
Taxpayers using offshore accounts to hide money from Uncle Sam have been given a second chance to come clean and avoid criminal prosecution. The Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative (OVDI), which began last week, will be in effect until August 31 this year. The amnesty program is intended to bring tax revenue … Read more
Want an easy way to check on the status of your refund this tax season? There’s an app for that. The Internal Revenue Service today announced the release of IRS2Go, the first smartphone application that lets taxpayers quickly get the status of their refund and other helpful tax information on both the iPhone and Android … Read more
Just a reminder to taxpayers who requested an extension for the 2009 tax year – the October 15th due date is just around the corner. It’s also a crucial due date for thousands of small nonprofit organizations at risk of losing their tax-exempt status because they have not filed the required forms in the last … Read more
Refund anticipation loans (RALs) have always been a bad idea for taxpayers due to the high cost of getting a tax refund only a few days sooner than if the taxpayer had efiled and opted for direct deposit. But that cost can become even higher for the 2011 tax year – the Internal Revenue Service … Read more
The deadline to file your income tax return is just around the corner – it really comes up fast for those who aren’t ready. But don’t panic. If you don’t see being able to complete your tax return before the deadline, just file for an extension by April 15th and you’ll automatically be granted another … Read more
The Internal Revenue Service (IRS) announced on Friday the expanded Earned Income Tax Credit (EITC), a larger credit for larger families that offers greater relief for people who struggled through difficult financial times last year. EITC is one of the federal government’s largest benefit programs and is now in its thirty-fifth year. Last year, almost … Read more
The IRS announced today that e-file, the electronic tax return delivery service, is open for business January 15. The most popular method of filing taxes, e-file debuted 20 years ago, delivering 4.2 million tax returns. Last year, IRS e-file delivered 95 million tax returns and is used by two-thirds of the nation’s taxpayers. “Electronic filing … Read more
Our friendly Internal Revenue Service (IRS) issued a notice last week stating that over a hundred thousand taxpayers have yet to receive the tax refund they are due because the IRS doesn’t have an accurate, up-to-date mailing address for them. The IRS has 107,831 undeliverable refund checks for a combined total of $123.5 million. These … Read more
