Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes. Dependent Tax Credits, Deductions and Exemptions are Available to You! Anyone with a family needs…
The Treasury Department and the Internal Revenue Service have announced a redesign of the 1040 individual income tax return form that is being touted as one that will fit on a single postcard. The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers. The redesigned…
Everybody knows the old saying about death and taxes, yet a surprising number of people fail to file an income tax return. If you’re one of those people and you think you’ll be able to slide by, you need to reconsider your position. Even if you’re unable to pay your taxes, you need to file…
If you’re married, you have the option to file one or two tax returns every year. While most people file together on one return due to the increased standard deduction, in some situations, it makes more sense to file two separate returns. When should I file separately? There are several situations where married filing separate…
After months of intense negotiations, the President signed the $1.5 trillion tax reform legislation known as the “Tax Cuts And Jobs Act Of 2017” (the “New Law”) on December 22, 2017 – the most significant tax reform since 1986. It is no overstatement to say that this mammoth tax bill will have a significant impact on…
The Premise It’s one of the most important questions that every American tax filer has to answer: should I itemize or take the standard deduction instead? With the Tax Cuts and Jobs Act of 2017 making some fairly significant changes to the way both standard deduction and itemized deduction work, the question may seem even more complicated.…
Where’s My Refund? is an IRS online tool that allows you to track the status of your tax return. You can check it within 24 hours of the IRS receiving your e-filed return, or four weeks after mailing a paper return. Where’s My Refund? Updates Weekly 🚀 Major updates and status changes typically occur every…
Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal Revenue Service. Although the tax reform law, enacted last December, lowered tax rates for most taxpayers, it also nearly doubled…
Every year, the IRS works a large batch of ”unpostable” tax returns. An Unpostable tax return happens when your tax return is unable to be posted to the master file. An unpostable condition occurs if there is a discrepancy between information on the taxpayer’s account and data on the tax return that prevents IRS from posting…
More families will be able to get more money under the newly revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised…
