Tag: tax

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When filing your personal income tax return, there are primarily two ways to reduce your tax liability: deductions and credits. Although any way to pay Uncle Sam less is greatly appreciated, there are advantages to utilizing different techniques in reducing the amount you pay in taxes. Deductions and credits are actually considerably different creatures and…

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In all the complexity of tax preparation, it is easy to miss a deduction or credit. This is a particular advantage to utilizing a professional tax service because they ask all the questions you may otherwise overlook. Here is a look at some of the most commonly missed deductions and credits. Tuition and Fees Deduction…

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Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal Revenue Service. Although the tax reform law, enacted last December, lowered tax rates for most taxpayers, it also nearly doubled…

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Every year, the I.R.S. works a large batch of resequenced tax returns also known as ”unpostable” tax returns. These returns have problems where the computer-encoded copy of a taxpayer’s return is rejected by the service’s central computer, often because of an error in recording a taxpayer’s name or Social Security number. The IRS advises taxpayers…

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No matter how hard you try to safeguard personal information, there is still a chance that someone could steal or otherwise misuse your dependent’s Social Security number. Often, the use of another taxpayer’s Social Security number is a mistake resulting from another filer transposing the numbers during filing, but it can also be the result…

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Congratulations, Wednesday, January 24 marks the First day for movement on some taxpayers accounts in the 2018 tax filing season. Many taxpayers woke up this morning with a change to their refund status. If your refund status updated to this messages this morning. Your tax return has been acknowledged by the IRS. Once your tax…

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