Illegal ways people are Cashing in on Bigger Tax Credits Most people who want to cheat on their taxes will do anything they can to understate their income. After all, the more money you make, the more money you’ll likely owe. But there’s at least one scam where an unscrupulous tax preparer will try to…
Taxpayers have both good news and bad news coming their way this year. First, the bad: Getting some refunds this year might take slightly longer than in prior years. So, what’s the silver lining? There may be less fraud than in the past, thanks to new strategies put into play by tax preparers, states, and…
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The 2016 tax filing season will open on January 19, the IRS said Monday That’s the day the agency will start accepting 2015 federal tax returns — both those filed electronically and on paper. If you’re one of those hyper-early types and you’re working with a tax preparation firm or tax prep software, you can…
The IRS has reported that more than 128 million tax returns were e-filed in 2015 so far (about 91% of tax returns filed this year thus far). The number of tax returns safely e-filed has continued to increase each year. The increasing trend among taxpayers to e-file is shown in the charts below. Self-Preparers or…
Overall, 30 percent of Americans intend to pay down debt with their tax refund, 28 percent say they will save or invest it, and 26 percent have earmarked those funds for necessities such as food or utility bills. “I think it is a sign of how people feel about the economy and where we are…
Recession-weary taxpayers awaiting a tax refund check from Uncle Sam will not indulge in unbridled consumer spending this year. Instead, 84 percent of Americans receiving refunds intend to pay down debt, save or invest their windfall or use it for everyday necessities, according to a new poll.Only 7 percent plan to fritter the money away…
