The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. Refunds have to be claimed within three years or they are forfeited to the government. The unclaimed $1 billion comes from...
In-person audits with an IRS agent are becoming more uncommon. The IRS is instead handling many routine reviews through form letters called correspondence audits. These IRS letters are a kind of “audit lite” the agency uses to ask for clarification and justification of specific deductions on...
Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is...
As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher tax bill in your future At age 13: loss of your Dependent Care Credit. If...
The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. Check out this list of commonly overlooked deductions. You might wind up with a bigger refund than you expected. State sales tax alternative You can choose...
The IRS recently announced that tax returns using the Earned Income Tax Credit and the Additional Tax Credit will have their refunds issued. Congress approved legislation that delayed sending out these refunds until at least February 15th. Here are the key dates: Saturday, February 18th: IRS "Where’s...
If you think President Trump's recent executive order means that the fees for not having health insurance are no longer in effect, you could be sorely mistaken. To avoid potentially thousands of dollars in "shared responsibility" tax penalties, you still need to be covered by...
More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. However, when an e-filed tax return is rejected, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most rejections are caused by things such as...
The 2017 tax filing season officially begins this week as the IRS starts accepting tax returns. There are many reasons to consider filing your tax return early. Here are some of the most common: Get your refund. There's no reason to let the government hold your...
If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year. The deadline is for forms you issue to employees and others who were paid as...
