Tax Returns

Tax preparation software has improved significantly over the past several years, and more and more people are using it to file their own taxes. If you are debating whether doing your own taxes is right for you, consider the following factors: Simplicity of your Tax Situation – If you have relatively few deductions, few sources
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The Internal Revenue Service has plenty of ways to penalize you for mistakes on your tax return. Some of these potential penalties are so convoluted and complex that there may well be disagreement within the IRS on when they apply. However, most people accrue tax penalties for very simple mistakes. Below are some of the
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The Premium Tax Credit (PTC) may sound like it is a credit only available to top-tier incomes, but it is actually quite the opposite. “Premium” in this case refers to health care premiums, and the PTC is a way to help those with relatively low incomes to afford health insurance premiums and avoid the potential
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The IRS recommends that you keep tax records for at least three years from the date you filed your original return, and longer for special situations. You may need copies of your tax returns for tasks like filing future years’ taxes, applying for a mortgage loan or student aid, or settling IRS inquiries. How to
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Tax season is upon us, accompanied by many new federal tax changes. If you are one of the many Americans struggling to understand how to fill out your tax forms, the IRS — yes, that IRS — may be able to offer you free assistance. The IRS offers the Volunteer Income Tax Assistance (VITA) program
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To pay someone to figure out how much you have to pay the government seems like adding insult to injury. For many taxpayers, there’s an easier way. Formed in 2003, IRS Free File is the product of a partnership between the Internal Revenue Service and a group of twelve online tax software suppliers that form
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Congratulations! You have just been handed your first little bundle of joy in the hospital and have embarked on the long journey of parenthood. It is a trip full of joyful experiences that make the corresponding aggravations worthwhile, and it comes with many benefits — some of which are tax-related. You can look forward to
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While many deductions were cut or modified with the Tax Cuts and Jobs Act (TCJA) of 2017, most tax credits were retained. Tax credits are more powerful than tax deductions because they directly subtract from your tax bill (deductions only reduce taxable income). Refundable tax credits are even better, since refunds can be greater
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To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply.
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Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund. Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent.
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The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions? 1. Charitable Donations – This is one of the few deductions with
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Is it tax time already? You may not want to admit it, but tax time starts well before the filing deadline. Your important tax forms start arriving in the mail in January. If you simply let them accumulate in a pile, it will be April before you realize it, and you will be scrambling around,
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Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information. The 2020 Tax Season Begins on January 27 The IRS has announced that the 2020 tax season will begin on January 27th. The beginning
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The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at
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What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation. Have you considered using your tax refund to build your credit? Granted, credit building doesn’t compare with lying on the beach enjoying the sunshine, but
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How many people like the IRS? According to Facebook, it’s almost 110,000! Does it bother you that the Internal Revenue Service is more popular than you are? If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal
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Can you eliminate debt by settling with a creditor to pay less than you owed and still come out on the short end? It is possible, based on potential tax liabilities. Not only that, but “…any time an account is settled for less than you originally owe, it’s going to hurt your credit scores,” cautions
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Wouldn’t it be nice if you could deduct your credit card debt from your taxes? For most Americans, that’s just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act
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Let’s assume that you drew the short straw on the 2018 tax cuts, and you owe Uncle Sam this year. How do you plan to pay? There are plenty of ways other than the old-fashioned check submitted with a paper tax return. If you file electronically, why not pay electronically? Electronic Funds Withdrawal (EFW) is
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Chances are that if you have student loans, you need every bit of extra cash that you can get. Did you realize that your student loans might be able to generate some cash for you? Under certain circumstances, you may be able to save on your tax bill by deducting the interest that you pay
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