If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now […]
Is a Roth IRA right for you? If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The Roth IRA advantage […]
The popular “Where’s My Refund” feature on the IRS website allows you to see the status of your refund after filing your income tax return. What you should know Refunds of e-filed returns usually take 10 to 21 days to process. Paper returns take longer than e-filed returns. The IRS states that 90 percent of refunds […]
When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash donations to charity. To deduct and support your donation to a qualified charity […]
Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year: More sophisticated email scams. A recent IRS alert warns taxpayers to be on the lookout […]
New tax rules are creating confusion Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, […]
No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099s, W-2s, and 1095s in the mail. The IRS receives […]
The government shutdown is over (for now) and the IRS is up and running. Here is a recap of IRS clarifications regarding the impact of the recent shutdown: Due dates remain the same. All filing due dates remain unchanged. Partnership and S-corp tax returns are still due March 15, 2019. And C-corp and individual tax returns […]
Know whether you should file early Tax filing season officially begins on Monday, Jan. 28. While the U.S. government remains shut down, the IRS will be bringing back 36,000 employees, without pay, to process returns and issue refunds. With the new rules and uncertainty around the shutdown, it’s more important than ever to get your […]
Tax forms are arriving. Time to be prepared! Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to […]