RefundtalkTax 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…
Category Archives: Tax Return Preparation
IRS warns of EFIN Scam
The Internal Revenue Service has issued an urgent warning to tax professionals over a new scam in which cyber-criminals impersonate the IRS over email in an attempt to steal Electronic Filing Identification Numbers (EFINs). Carrying the subject line “Verifying your EFIN before e-filing,” the scam email purports to be from “IRS Tax E-Filing.” In the…
Taxable Vs Nontaxable Income
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…
You Can View Your IRS Account Online
The first step of tax preparation is gathering records As taxpayers get ready to file their tax returns, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate tax return and avoid refund delays. Taxpayers should have all necessary records handy, such…
IRS Opening Day for 2021
The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin…
IRS Free File Opens Jan. 15, 2021!
IRS Free File – online tax preparation products available at no charge – January 15, 2021, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced. Leading tax software providers make their online products available for free as part of a 19-year partnership with…
What’s new and what to consider when filing taxes in 2021
The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on…
Taxpayers should remember these tips when searching for a tax preparer
The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. Taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this is…
How To Fill Out A W-4 Form
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 out or the consequences for completing it incorrectly. While you will not be stoned in the street for claiming too…
The Benefits Of Electronic Filing
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 benefit to individuals filing their tax returns. Here are just a few of the ways you can enjoy all electronic…
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