IRS.gov – Now that the federal income tax filing deadline is in your rear-view mirror, what happens after you file? A lot of taxpayers have post tax-filing questions such as what records do I keep and more importantly, “Where’s my Refund?” The IRS has provided answers you can find here: Tax Refund Information You can [...]
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IRS.gov – After you file your taxes, you will have many financial records that may help document items on your tax return. You will need these documents should the IRS select your tax return for examination. Here are five tips from the IRS about keeping good tax records. 1) Normally, tax records should be kept [...]
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IRS.gov – An amended tax return generally allows you to file again to correct your filing status, your income, or to add income tax deductions or tax credits you may have missed. Here are nine facts the IRS wants you to know about amending your federal income tax return: 1. Use Form 1040X, Amended U.S. [...]
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IRS.gov – Errors on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these nine common mistakes so your tax refund is timely. 1. Incorrect or missing Social Security Numbers – When entering SSNs for anyone listed on your tax return, be [...]
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IRS.gov – If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tax tips to help you determine if your gift is taxable. 1. Most gifts are not [...]
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IRS.gov – If you file a joint tax return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be entitled to injured spouse relief. Here are seven facts the IRS wants [...]
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IRS.gov – The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines to [...]
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IRS.gov – Parents need to be aware of the tax rules that affect their children’s investment income. Here are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate: 1) Investment Income – Children with investment income may have [...]
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IRS.gov – Taxpayers who made some energy efficient home improvements or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. 1. Residential Energy Property Tax Credit – [...]
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IRS.gov – The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should [...]
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