With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money. It’s… Direct Deposit is the Fastest Way to Receive a Tax Refund
The IRS will begin accepting tax returns on January 27, 2020, with nearly 155 million individual tax returns expected to be filed in 2020. The nation’s tax deadline will be April 15 this year. Many software… 2020 IRS E-File Tax Refund Direct Deposit Dates
Initially, the ACA’s individual shared responsibility provisions required most individuals to obtain “minimum essential health insurance” coverage for themselves, and any dependents, or pay a penalty. Through the tax year 2018, taxpayers were also required… Is there a Penalty in 2020 for not having Health Insurance?
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.… When is the first day to file taxes in 2020?
What is a Tax Topic? Tax topics are used to group returns and they also outline general information pertaining to your personal tax situation. What is Tax Topic 152? Tax topic 152 is general information… What does tax topic 152 mean?
No, you should NOT file your tax return using your last paycheck stub. It is against the law and it can and will cause major delays in receiving your tax refund. Your last paycheck stub… Can I File Taxes using my Last Paycheck Stub?
Seniors and retirees whose income is under $69,000 a year should explore IRS Free File for free online tax preparation. Seniors are one of the key constituents for Free File which has served 57 million… IRS Free File helps seniors and retires do their taxes for free
When the IRS kicks off the 2020 tax filing season, taxpayers in selected locations will be eligible to opt into the online Identity Protection IP PIN program. Taxpayers will be eligible for this voluntary program… Identity Protection IP PIN Program
When you check your tax refund status at IRS.gov or on the IRS2GO app you may get a refund status from the IRS Where’s My Refund? site telling you “We are sorry, we cannot provide… We Cannot Provide any Information about your Refund
The Transaction Code TC 570 Additional Account Action Pending is a Freeze Code the IRS uses that will hold/stop a refund from being issued until the impact of the action being taken on the account… What does code 570 mean on my Account Transcript?
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require to be held for an additional review and take longer. Where’s My… Refund Hold
Receiving an IRS notice can feel overwhelming, but don’t worry! We’ve broken it down into a clear, easy-to-understand guide to help you navigate the process. IRS notices are letters sent to address specific issues with… IRS Notices and Letters
Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their… Here’s what to know about getting a Tax Refund
The Taxpayer Bill of Rights groups the dozens of existing rights in the Internal Revenue Code into ten fundamental rights, and makes these rights clear, understandable, and accessible for taxpayers and IRS employees alike. The Taxpayer… All taxpayers should know their rights
The Department of Treasury’s Bureau of the Fiscal Service (BFS) issues IRS tax refunds and Congress authorizes BFS to conduct the Treasury Offset Program (TOP). Through the TOP program, BFS may reduce your refund (overpayment) and offset… Tax Topic 203: Refund Offset
A cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the… 2020 Tax Transcript Cycle Code Charts
Do you have any idea how many tax returns are filed in the United States each year? The answer, according to the IRS, over 140 million through May 2019 for the current tax year. Now, how… What to Do If You Made a Mistake on Your Taxes
The Earned Income Tax Credit (EITC) is an income tax credit given to low- and moderate-income workers through filing a tax return. It is a refundable tax credit, meaning that you will receive it if… What you should know about the Earned Income Tax Credit
If a legally enforceable debt is reported to the Treasury Offset Program, the IRS intercepts the tax refund to pay the debt or obligation. For married couples that file joint returns, a debt reported under… Injured Spouse Relief on your Tax Return
When a tax return has already been filed, errors may be discovered later. Incorrect income, missing deductions, or changes to credits can all affect your refund or tax bill. Filing an amended tax return allows… Tips on How and When to File an Amended Tax Return
Most of the time, children are considered to be an extension of their parents when it comes to a legal application until the age of majority. Therefore, many taxpayers are surprised to learn their child… How Do You Determine When A Child Becomes A Separate Taxpayer
If your federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at… How to Check IRS Tax Refund Status
We will cover the many letters or notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits. Please be advised that all tax audits should be handled by an experienced tax professional.… Tax Audits: What These IRS Notices Mean
Getting a copy of your IRS tax transcript is one of the fastest ways to check your tax return processing, verify income, monitor refund updates, and confirm what the IRS has on file for you.… How to Obtain a Copy of My Tax Transcripts
No one likes it when the IRS reaches out to them. The agency is like that one neighbor you never liked as a kid who never got the hint and just kept coming over. Chances… Common IRS Notices
The IRS begins accepting tax returns in mid to late January each year. But if you don’t have all of your tax documents by then, don’t stress out. Federal law gives employers, as well as other companies preparing tax documents (such as banks, educational… What to Do If You’re Missing Tax Forms
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… Important things to know about tax refunds
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… How taxpayers can make sure their donations are tax-deductible
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… It’s time again for folks to renew their ITINs…here are some things to remember
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… Understanding Your IRS Notice Or Letter
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… Who Claims the Kids after Separation: You or Your Ex?
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… Important things to know about Tax Credits
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… The IRS is Stretched to its Breaking Point
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… Get Your Tax Information ready early to Avoid Surprises
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,… What To Do If You Owe Taxes and You Can Not Pay By The Deadline
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… How Long Should You Keep Old Tax Records
October 15 is the filing deadline for taxpayers who requested an extension for their 2018 tax return. However, those who have an extension should mark this coming Tuesday, Oct. 15 as the deadline to file.… Taxpayers Who Requested an Extension: The deadline is Oct. 15
Everyone has a responsibility to pay his or her taxes each and every year. There are severe penalties imposed by the IRS if you avoid or neglect a tax filing submission, and you don’t want… Tax Refund | Frequently Asked Questions
The earned income credit (EIC) is one of the most beneficial credits for individuals with children or those that are low income. Created in 1975 as an incentive for people to work, this credit potentially… Earned Income Credit – How Does It Work?
The first step in planning for the year’s tax liability is filling out a W-4 form for your employer. Most people do not even know what a W-4 is let alone how to fill one… How To Fill Out A W-4 Form
When it comes to filing your taxes, it seems there is another language that only CPA’s and IRS employees understand. One of these baffling tax terms is “adjusted gross income”, which is apparently different than… What Is Your Adjusted Gross Income And How Is It Different Than Your Regular Income?
The term “exemption” is often one that inspires bewilderment and perplexity among the most intelligent individuals. When filing your personal tax return or even filling out a W-4 for your employer, you may not be… What Are Exemptions?
There are several ways in which education expenses can be used to decrease your tax burden. In addition to the Hope Credit, the Lifetime Learning Credit, and the student loan interest deduction, there is also… An In-Depth Look At The Tuition And Fees Deduction
When filing your personal income tax return, there are primarily two ways to reduce your tax liability: deductions and credits. Although any way to pay Uncle Sam less is greatly appreciated, there are advantages to… The Difference Between Deductions And Credits
In all the complexity of tax preparation, it is easy to miss a deduction or credit. This is a particular advantage to utilizing a professional tax service because they ask all the questions you may… Most Commonly Missed Deductions And Credits
Basically, when it comes to filing your personal tax return, there are five filing statuses you may choose from: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household… What is My Filing Status?
Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a… The Benefits Of Electronic Filing
Every year, the National Taxpayer Advocate’s Annual Report to Congress identifies at least 20 of the nation’s most serious tax problems. These issues can affect taxpayers’ basic rights and the ways they pay taxes or… National Taxpayer Advocate Objectives Report Features IRS Responses To Most Serious Problems
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they work in different ways. What is a tax deduction? A tax deduction is an expense that you can subtract from your yearly… Tax Credits vs Tax Deductions
The percentage of tax returns being audited each year has steadily declined, due in part to dwindling government resources. Still, if you’ve been notified of a pending audit, those percentages don’t mean much. The only… What To Do if You Receive an IRS Tax Audit Notice