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 Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking their withholding. The new Tax Withholding…
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 never emails taxpayers about the status of refunds. The IRS this week detected this new scam as taxpayers began notifying phishing@irs.gov about…
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? Many different factors can affect the timing of your refund after the IRS receives your return. Even though they issue…
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 overlooked by most taxpayers. Gifts to charity are a good place to start. Most taxpayers know that when you give…
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 expenses you paid in a given year, as well as the level of your modified adjusted gross income (MAGI). The…
The Taxpayer Roadmap – An Illustration of the Modern United States Tax System The map below illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way through audits, appeals, collection, and litigation. It shows the complexity of tax administration, with its connections and…
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 in the previous year. Employers withhold taxes, per the W-4 form. If the amount withheld is in excess of the…
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 of Americans come April 15. President Trump boasted that the postcard would enable Americans “to file their taxes on a…
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 you may want to put off dealing with tax debt and that sinking feeling that you owe the IRS, not…
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 the debt you owe to the IRS or another government agency. As part of the Treasury Offset Program (TOP), your tax refund checks are matched…
