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 additional review and those refunds may take longer. Many factors affect refund timingJust as each tax return is unique and…
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 tool that may help them make sure their donations are as beneficial as possible. Tax Exempt Organization Search on IRS.gov is…
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 ITIN is a tax ID number used by taxpayers who don’t qualify for a Social Security number. Here’s what these taxpayers…
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 irs.gov page, if it doesn’t return a result, or you believe the notice or letter looks suspicious, contact the IRS…
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 parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At…
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 a refundable federal income tax credit for working people with low to moderate incomes who meet certain eligibility requirements. Because it’s…
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 less able than ever to effectively and efficiently handle their work. The internal problems facing the agency were greatly exacerbated…
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 owed an unexpected tax bill last year. It’s also a good idea for anyone who had a key life event,…
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, more so taxes, can be quite the headache because failure to pay up can damage your credit score, cost you…
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 to dump old records, you are probably looking for a box to put them in so you can store them…
