The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2013. Here are eight things you can do now to make next April 15 easier. 1. Adjust your withholding Why wait another year [...]
Archive for April, 2012
The IRS has some advice for taxpayers who missed the tax filing deadline. Don’t panic but file as soon as possible. If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner we receive it, [...]
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Here are eight things to know about IRS notices and letters. 1. There are a number of reasons why the [...]
Amended Returns: Eight Facts
Apr 19
If you discover an error on your federal income tax return after you e-filed or mailed it, you may want or need to amend your return. Perhaps you are eligible for a deduction or credit and you missed it the first time? Here are eight key points you need to know about when considering whether [...]
Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips about keeping good records. 1. Normally, tax records should be kept for three years. 2. Some documents — such as records [...]
Even though the tax filing deadline is later than usual this year – April 17 – many taxpayers may still need more time to file their tax return. If you need extra time, you can get an automatic six-month extension of time to file from the IRS. Here are seven important things you need to [...]
The tax filing deadline is just around the corner. Here are 10 tips to help taxpayers still working on their tax returns: 1. File electronically Most taxpayers file electronically. If you haven’t tried it, now is the time! The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide [...]
If you need to make a payment with your tax return this year, the IRS wants you to know about its payment options. Here are 10 important facts to help you make your tax payment correctly. 1. Never send cash! 2. If you file electronically, you can file and pay in a single step by [...]
You may need to pay estimated taxes to the IRS during the year if you have income that is not subject to withholding. This depends on what you do for a living and the types of income you receive. These six tips explain estimated taxes and how to pay them: 1. If you have income [...]
If you cannot pay the full amount of taxes you owe, don’t panic. You should still file your return and pay as much as you can by the April 17 deadline to avoid penalties and interest. You should also contact the IRS to ask about payment options. Here are three alternative payment options you may [...]
If you owe tax with your federal tax return, but can’t afford to pay it all when you file, you should be aware of the following options that can help you keep interest and penalties to a minimum. Here are five tips: File your return on time and pay as much as you can with [...]
If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but the IRS offers the following eight tips about gifts and the gift tax: 1. Most gifts are not subject to the gift tax. For example, there is usually no [...]
You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for filing your tax return and making contributions to [...]
You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be, applied to your spouse’s legally enforceable past due financial obligations. Here are seven facts about claiming injured spouse relief: 1. To be considered an injured spouse; [...]
Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts you need to know about tax refund offsets: 1. If you owe [...]
