IRS Notices and Letters
If you’ve ever received mail from the Internal Revenue Service (IRS), you know how confusing — and stressful — it can feel. But in most cases, a notice or letter simply means the IRS needs…IRS Notices and Letters
Here’s what to know about getting a Tax Refund
Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their…Here’s what to know about getting a Tax Refund
All taxpayers should know their rights
The Taxpayer Bill of Rights groups the dozens of existing rights in the Internal Revenue Code into ten fundamental rights, and makes these rights clear, understandable, and accessible for taxpayers and IRS employees alike. The Taxpayer…All taxpayers should know their rights
Tax Topic 203: Refund Offset
The Department of Treasury’s Bureau of the Fiscal Service (BFS) issues IRS tax refunds and Congress authorizes BFS to conduct the Treasury Offset Program (TOP). Through the TOP program, BFS may reduce your refund (overpayment) and offset…Tax Topic 203: Refund Offset
2020 Tax Transcript Cycle Code Charts
A cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the…2020 Tax Transcript Cycle Code Charts
What to Do If You Made a Mistake on Your Taxes
Do you have any idea how many tax returns are filed in the United States each year? The answer, according to the IRS, over 140 million through May 2019 for the current tax year. Now, how…What to Do If You Made a Mistake on Your Taxes
What you should know about the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is an income tax credit given to low- and moderate-income workers through filing a tax return. It is a refundable tax credit, meaning that you will receive it if…What you should know about the Earned Income Tax Credit
Injured Spouse Relief on your Tax Return
If a legally enforceable debt is reported to the Treasury Offset Program, the IRS intercepts the tax refund to pay the debt or obligation. For married couples that file joint returns, a debt reported under…Injured Spouse Relief on your Tax Return
Tips on How and When to File an Amended Tax Return
When a tax return has already been filed, errors may be discovered later. Incorrect income, missing deductions, or changes to credits can all affect your refund or tax bill. Filing an amended tax return allows…Tips on How and When to File an Amended Tax Return
How Do You Determine When A Child Becomes A Separate Taxpayer
Most of the time, children are considered to be an extension of their parents when it comes to a legal application until the age of majority. Therefore, many taxpayers are surprised to learn their child…How Do You Determine When A Child Becomes A Separate Taxpayer
How to Check IRS Tax Refund Status
If your federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at…How to Check IRS Tax Refund Status
Tax Audits: What These IRS Notices Mean
We will cover the many letters or notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits. Please be advised that all tax audits should be handled by an experienced tax professional.…Tax Audits: What These IRS Notices Mean
How to Obtain a Copy of My Tax Transcripts
Getting a copy of your IRS tax transcript is one of the fastest ways to check your tax return processing, verify income, monitor refund updates, and confirm what the IRS has on file for you.…How to Obtain a Copy of My Tax Transcripts
Common IRS Notices
No one likes it when the IRS reaches out to them. The agency is like that one neighbor you never liked as a kid who never got the hint and just kept coming over. Chances…Common IRS Notices
What to Do If You’re Missing Tax Forms
The IRS begins accepting tax returns in mid to late January each year. But if you don’t have all of your tax documents by then, don’t stress out. Federal law gives employers, as well as other companies preparing tax documents (such as banks, educational…What to Do If You’re Missing Tax Forms
Important things to know about tax refunds
As the tax-filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require…Important things to know about tax refunds
How taxpayers can make sure their donations are tax-deductible
It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a…How taxpayers can make sure their donations are tax-deductible
It’s time again for folks to renew their ITINs…here are some things to remember
Taxpayers with individual taxpayer identification numbers should find out if their number expires this year. If it does, they should renew it now to avoid delays with their refund when they file their taxes next year. An…It’s time again for folks to renew their ITINs…here are some things to remember
Understanding Your IRS Notice Or Letter
Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If, when you search for your notice or letter using the Search on the…Understanding Your IRS Notice Or Letter
Who Claims the Kids after Separation: You or Your Ex?
If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between…Who Claims the Kids after Separation: You or Your Ex?
Important things to know about Tax Credits
With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. Earned Income Tax Credit The Earned Income Tax Credit (EITC) is…Important things to know about Tax Credits
The IRS is Stretched to its Breaking Point
The agency and the tax-collection system it oversees are on the brink of catastrophic collapse. Anyone who deals with the IRS on a regular basis knows that the agency is in trouble: IRS employees are…The IRS is Stretched to its Breaking Point
Get Your Tax Information ready early to Avoid Surprises
Adjust withholding The IRS urges everyone to use the Tax Withholding Estimator to perform a paycheck or pension income checkup. This is even more important for those who received a smaller refund than expected or…Get Your Tax Information ready early to Avoid Surprises
What To Do If You Owe Taxes and You Can Not Pay By The Deadline
Are you unable to pay your taxes before the fast-approaching filing deadline? Are your tax bills amounting to an outrageous sum that you cannot be able to clear in time? Whatever the case, pending bills,…What To Do If You Owe Taxes and You Can Not Pay By The Deadline
How Long Should You Keep Old Tax Records
If your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid…How Long Should You Keep Old Tax Records
Taxpayers Who Requested an Extension: The deadline is Oct. 15
October 15 is the filing deadline for taxpayers who requested an extension for their 2018 tax return. However, those who have an extension should mark this coming Tuesday, Oct. 15 as the deadline to file.…Taxpayers Who Requested an Extension: The deadline is Oct. 15
Tax Refund | Frequently Asked Questions
Everyone has a responsibility to pay his or her taxes each and every year. There are severe penalties imposed by the IRS if you avoid or neglect a tax filing submission, and you don’t want…Tax Refund | Frequently Asked Questions
Earned Income Credit – How Does It Work?
The earned income credit (EIC) is one of the most beneficial credits for individuals with children or those that are low income. Created in 1975 as an incentive for people to work, this credit potentially…Earned Income Credit – How Does It Work?
How To Fill Out A W-4 Form
The first step in planning for the year’s tax liability is filling out a W-4 form for your employer. Most people do not even know what a W-4 is let alone how to fill one…How To Fill Out A W-4 Form
What Is Your Adjusted Gross Income And How Is It Different Than Your Regular Income?
When it comes to filing your taxes, it seems there is another language that only CPA’s and IRS employees understand. One of these baffling tax terms is “adjusted gross income”, which is apparently different than…What Is Your Adjusted Gross Income And How Is It Different Than Your Regular Income?
What Are Exemptions?
The term “exemption” is often one that inspires bewilderment and perplexity among the most intelligent individuals. When filing your personal tax return or even filling out a W-4 for your employer, you may not be…What Are Exemptions?
An In-Depth Look At The Tuition And Fees Deduction
There are several ways in which education expenses can be used to decrease your tax burden. In addition to the Hope Credit, the Lifetime Learning Credit, and the student loan interest deduction, there is also…An In-Depth Look At The Tuition And Fees Deduction
The Difference Between Deductions And Credits
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…The Difference Between Deductions And Credits
Most Commonly Missed Deductions And Credits
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…Most Commonly Missed Deductions And Credits
What is My Filing Status?
Basically, when it comes to filing your personal tax return, there are five filing statuses you may choose from: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household…What is My Filing Status?
The Benefits Of Electronic Filing
Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a…The Benefits Of Electronic Filing
National Taxpayer Advocate Objectives Report Features IRS Responses To Most Serious Problems
Every year, the National Taxpayer Advocate’s Annual Report to Congress identifies at least 20 of the nation’s most serious tax problems. These issues can affect taxpayers’ basic rights and the ways they pay taxes or…National Taxpayer Advocate Objectives Report Features IRS Responses To Most Serious Problems
Tax Credits vs Tax Deductions
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they work in different ways. What is a tax deduction? A tax deduction is an expense that you can subtract from your yearly…Tax Credits vs Tax Deductions
What To Do if You Receive an IRS Tax Audit Notice
The percentage of tax returns being audited each year has steadily declined, due in part to dwindling government resources. Still, if you’ve been notified of a pending audit, those percentages don’t mean much. The only…What To Do if You Receive an IRS Tax Audit Notice
IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup
The Internal Revenue Service launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding…IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup
Please Remember – IRS Does Not Send Unsolicited Emails To Taxpayers Or Send Status Of Tax Refunds
The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and…Please Remember – IRS Does Not Send Unsolicited Emails To Taxpayers Or Send Status Of Tax Refunds
Tax Refund Frequently Asked Questions
How quickly will I get my refund? The IRS issue most refunds in less than 21 calendar days. I’m counting on my refund for something important. Can I expect to receive it in 21 days?…Tax Refund Frequently Asked Questions
Commonly Overlooked Tax Deductions
Taxpayers know that there are tax deductions out there to be utilized to reduce the taxes paid on your income. Most are aware of the common deductions, but there are many deductions that simply get…Commonly Overlooked Tax Deductions
What are the Hope credit and the Lifetime Learning credit?
The Hope credit (renamed the American Opportunity credit) and the Lifetime Learning credit are tax credits for taxpayers who pay certain higher education costs. These credits depend on the amount of qualified tuition and related…What are the Hope credit and the Lifetime Learning credit?
The Taxpayer Roadmap: Understanding Every Step of Your IRS JourneyThe Taxpayer Roadmap
What Is the Taxpayer Roadmap? Most taxpayers think filing a return is simple: you submit your tax return and the IRS sends your refund. In reality, your return travels through a long nationwide network of…The Taxpayer Roadmap: Understanding Every Step of Your IRS JourneyThe Taxpayer Roadmap
Why You Shouldn’t Consider Your Tax Refund as ‘Free Money’
A tax refund is the amount refunded if the tax paid exceeds the tax liability. In other words, if you qualify for a tax return, you will get back the excess amount paid as taxes…Why You Shouldn’t Consider Your Tax Refund as ‘Free Money’
IRS Decided to Retire the Postcard Size Tax Form Idea
As lawmakers pushed their tax overall package in 2017, Republican leaders would sometimes display a tax form printed on a postcard as proof that the Tax Cuts and Jobs Act would simplify life for millions…IRS Decided to Retire the Postcard Size Tax Form Idea
What To Do When You Owe The IRS
If you owe the IRS a substantial amount, be sure not to ignore it. Review options such as installment agreements, extensions, or personal loans, and always seek legal advice from a professional tax attorney. While…What To Do When You Owe The IRS
What To Do If The IRS Offsets Your Tax Refund
What happens when the IRS Offsets Your Tax Refund? If you get a notice or status of an offset, your tax refund is going to be seized and put towards debt you owe to the…What To Do If The IRS Offsets Your Tax Refund
Understanding The Types Of IRS Audits
The first reaction by most taxpayers when they find out they are being audited by the IRS is crippling fear. An audit occurs when the IRS has reason to believe that the tax you paid…Understanding The Types Of IRS Audits