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…
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…
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…
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…
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…
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 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…
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…
Taxpayers with expiring ITINs should renew them now
Taxpayers with expiring individual taxpayer-identification numbers should renew their numbers ASAP. There are nearly 2 million ITINs set to expire at the end of 2019. Taxpayers with an expiring number should renew before the end of this…
Did You Update Your Address With the IRS?
The IRS relies heavily on the U.S. Postal Service to deliver notices to taxpayers. Many of these notices are received by taxpayers. This often comes up when the taxpayer has changed addresses. When the taxpayer…
Steps to Take If Your Identity Is Stolen
A recent study confirmed that over 16 million people were the victims of identity theft in the span of one year in America alone, which resulted in $16.8 billion in stolen money. Identity theft is dangerous to…
Changes to Tax Transcript Availability
The IRS said that on June 28, 2019, it will stop faxing tax transcripts to taxpayers, tax professionals, and third parties to protect against identity theft (IR-2019-101). The IRS will also stop mailing tax transcripts…
What to do if you have Unfiled Tax Returns
Unfiled Tax Returns Some people avoid filing their tax returns because they don’t want to, or can’t afford to pay taxes they owe to the IRS. Others simply forget or don’t know they need to…
Tax Benefits for Members of the Military
Military members benefit from a variety of special tax benefits. These include certain nontaxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on the most prominent of…
Why is my Tax Refund not as much this year?
In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number of returns…
Options To Pay Your Federal Taxes
If you aren’t one of those lucky Americans who get a tax refund from the IRS, you might be wondering how you go about paying your balance due. Here are some electronic and manual payment…
IRS faces major Trends and Challenges going Forward
According to the IRS Strategic Plan FY 2018 to 2020, these are the major Trends and Challenges going forward: SERVING AN INCREASINGLY COMPLEX TAX BASE The U.S. tax base is becoming more complex. Economic and demographic…
Earned Income Tax Credit And Child Tax Credit – What Changed
Important Updates Every Taxpayer With Children Should Understand The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are two of the most significant tax benefits available to working families. Because these credits…
Significant Delays of Legitimate Tax Refunds
I thought it would be a good idea to discuss an issue that affects many taxpayer returns, namely the IRS processes for identifying and stopping refund fraud. Attempted refund fraud has become a significant problem…
Don’t Miss Out on Claiming the Earned Income Tax Credit This Year
The Earned Income Tax Credit (EITC) is a refundable tax credit given to taxpayers that earn a low-to-moderate income from a job or through self-employment. According to the IRS, around 25 million eligible filers received…
Taxpayer Protection Program (TPP)
The IRS established the Taxpayer Protection Program (TPP) to proactively identify and prevent the processing of identity theft tax returns and assist taxpayers whose identities are used to file such returns. However, as part of…
Hardship
Having the heat of the IRS on your back is never a fun experience. The unrelenting pressure of the federal government can be incredibly stressful and often intimidating, making back tax relief seem nearly impossible…
Relief From Affordable Care Act Penalty When Uninsured
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this…
How To Obtain Prior Years IRS Tax Returns
. Need a copy of a previous year’s tax return? Whether you’re applying for a loan, filing current taxes, or just getting organized, retrieving old IRS records is easier than you might think. This guide…
Today will be the End of the 2019 PATH HOLD
The Protecting Americans from Tax Hikes (PATH) Act was created in order to protect taxpayers and their families against fraud and permanently extend many expiring tax laws. The law, which was enacted December 18, 2015,…
Tax Refund Transfer Fee Services
With Refund Transfer, you can pay your tax preparation fees and other authorized amounts from your refund. Plus, it’s a convenient, secure way to get your tax refund. When filing your taxes with us, you…
Avoid the rush: Fastest way to check tax refund is ‘Where’s My Refund?’ tool at IRS.gov
With millions of tax refunds being processed, the Internal Revenue Service reminds taxpayers they can get fast answers about their refund by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The…
National Taxpayer Advocate Delivers Annual Report to Congress: Addresses Impact of Shutdown
National Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with…
Avoid the rush over Presidents Day holiday; online tools, resources can help
With a new tax law in effect and a surge of tax returns expected during the Presidents Day weekend, the Internal Revenue Service is offering taxpayers several tips and various time-saving resources to get them…
Don’t fall victim to ‘ghost’ tax preparers
Today, towards the end of the second full week of the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who…
Common IRS Tax Filing Questions
These are some of the most common questions we see on a daily basis. All Refunds Are Delayed The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in…
Daily or Weekly Accounts
What is the difference between IRS Daily and Weekly Accounts? The difference is when your tax return is processed, and when updates are made and posted to your account. Daily Tax Accounts: Certain individual tax returns…
What is IRS Hub Testing?
Every year, the IRS accepts several batches of tax returns to test in a Controlled Launch before they are officially open. What is HUB testing? HUB Testing or Controlled Launch is the period when the IRS tests the electronic filing…
Things to Consider before signing for a Tax Refund Advance Loan
Tax Refund loan products are making a come back. A variety of vendors offer different perks related to your tax refund. Many of the major tax preparation services are offering new products for 2019 tax…
Where’s My Refund – PATH ACT Message Facts
The Protecting Americans from Tax Hikes (PATH) Act required the IRS to hold all refunds for returns claiming the earned income tax credit (EITC) and additional child tax credit (ACTC) until February 15. PATH ACT…
Where’s My Tax Refund? – Frequently Asked Questions
You may have submitted your tax return form weeks ago and you still do not have it in your bank account. Read on to learn about tracking your income tax return status and more. How…
How Long Does It Take to Get a Tax Refund?
What Is the Usual Turnaround Time to Get a Tax Refund? The IRS sends the tax refund within 21 calendar days. Of course, the timeframe assumes your tax return is accurate and free of any red…
Tax Filing Tips
In preparation for the tax season, it is imperative that you have a strategy to complete your taxes quickly, accurately, and with as little hassle as possible… all while keeping the cost down. With those things…
Get Transcript Changes for 2019
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries…
Filing As Head Of Household – Frequently Asked Questions
What You Need to Know About Filing as Head of Household Who Can File as Head of Household? To file as a head of household, you have to meet a few guidelines set by the IRS.…
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for…
Self-Employment Tax
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not…
IRS Announces the Start of E-File Test Batch(HUB Testing) for 2019
The IRS has announced that the 2019 tax filing season will begin on January 28, 2019. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS…
IRS Free File is Open Today!
The IRS announced the 2019 opening day of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the…
Tax Filing Season to Begin January 28, 2019
WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that…
IRS Will Pay Tax Refunds During Government Shutdown
The White House will order the IRS to pay income tax refunds despite the government shutdown, Russ Vought, acting director of the Office of Management and Budget, said at a briefing with Vice President Mike Pence. The IRS…
Changes that might affect your 2019 Tax Return
Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize your taxes. Many tax parameters, such as the standard deduction, contributions to retirement plans,…
2019 Tax Refund Updates Calendar
Where’s my Refund? Updates Calendar for 2019 Return Accepted Updates – This is the intake process of your tax return meaning once you file your income Tax Return whether it be E-Filed or Mailed in on…
2018 Tax Law Changes
Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so…
IRS Changing Format of Tax Transcripts
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries…