Tax refund transfers are a valuable business for tax preparation companies. Here’s what they are, how they work, and how they can benefit taxpayers. What are refund transfers? Also called bank products and refund settlement solutions, refund transfers are one-way taxpayers can choose to receive their tax refunds. With refund transfers, taxpayers can use these…
Each year, the IRS collects payments from millions of money-earning, taxpaying Americans. And while, in days of old, payment had to be completed via check or cash payment, today there are more ways to pay the IRS than just about any money collecting service out there. So if you’d like to explore the best way…
Tax season is quickly approaching, and the sooner you get your information in order, the better. The first thing to do is to get your W-2. A W-2 form is a statement of annual earnings and taxes withheld. What is the W2 Form Used for? The W-2 includes the financial data required to complete IRS 1040 income tax forms…
On its website, the IRS has posted answers to frequently asked questions (FAQs) about Online Account. Online Account provides individuals with online access to their tax account information. Online Account is an online portal that allows individual taxpayers to access their tax account information (including tax balances and payment history); set up payment plans for…
Even when aggravated, treat others with respect—especially if it is the Internal Revenue Service (IRS). Those who do not may end up with a special designation with the IRS—a Potentially Dangerous Taxpayer (PDT). Navigating the intricacies of the tax system can be challenging, and certain terms can leave taxpayers perplexed. One such term is the…
Have you received a Notice of Deficiency from the IRS? Taxpayer debt is not an uncommon situation. Many American taxpayers have found themselves in debt with the IRS and feel unsure where to turn. Taxpayers who remain in debt for an extended period of time can face tax liens and levies. It’s a very difficult place to…
We know changes to your taxes can be confusing and difficult to navigate at the best of times, and the coronavirus pandemic has only added more uncertainty. But there’s no need to stress — we’ve broken it all down for you. Will I still be getting a Child Tax Credit payment when I file my…
If you see that the IRS sent a notice claiming they made a change to your refund check amount, there’s no need to be alarmed. Every year, the IRS issues thousands of adjusted refund letters to taxpayers across the country. An IRS adjusted refund letter doesn’t mean you did anything wrong. Instead, it’s a simple…
College is a time for you to become independent, make lasting memories, and pursue an education that leads to a career you’re passionate about. However, higher education can come at a cost. Once you graduate, you may have forgotten about all of the student loans you borrowed over the years to pay for your degree.…
IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process these payments, the IRS needs certain information…
