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 otherwise overlook. Here is a look at some of the most commonly missed deductions and credits. Tuition and Fees Deduction…
Military members benefit from a variety of special tax benefits. These include certain nontaxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on the most prominent of the tax benefits. Service Member Residence or Domicile A frequent question by service members is “What is my state of…
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…
If your Where’s My Refund? Status Bars Have Disappeared PLEASE READ! One way to determine what is going on with your tax return is to go to the IRS website and request an Account Transcript. The IRS has made the “Get Transcript Tool” available for users to be able to instantly view their transcripts Online…
Transaction Codes (TC) consist of three digits. They are used to identify a transaction being processed and to maintain a history of actions posted to a taxpayer’s account on the Master File. Every transaction processed by the IRS must contain a Transaction Code to maintain Accounting Controls of debits and credits, to cause the computer to post the transaction on…
No matter how hard you try to safeguard personal information, there is still a chance that someone could steal or otherwise misuse your dependent’s Social Security number. Often, the use of another taxpayer’s Social Security number is a mistake resulting from another filer transposing the numbers during filing, but it can also be the result…
Millions of taxpayers are going transcript crazy right now and wasting the IRS time that they could be processing our returns. We all need to slow down if you order your transcripts by mail the IRS says to allow them 5-10 days for processing and delivery. The IRS also has a restriction on the time…
Congratulations, Wednesday, January 24 marks the First day for movement on some taxpayers accounts in the 2018 tax filing season. Many taxpayers woke up this morning with a change to their refund status. If your refund status updated to this messages this morning. Your tax return has been acknowledged by the IRS. Once your tax…
