For some tax filers, their tax bill this year will be greater than in the past. Specifically, certain taxpayers in the 35% tax bracket last year may see that figure increase to 39.6%. In addition, if you have sold a business or had large capital gains this year, your tax bill will likely be higher for your 2013 tax return. How will you be impacted and what can you do to still save on taxes? Read More.
This is a common situation for many foreigners that come to America. Here’s the scenario: this is your first year filing taxes and you recently moved to the United States. However, your spouse and family remain in your country of origin until you establish yourself financially. Now you’re wondering how to file your taxes. Can you file jointly or separately and what other considerations should be noted? Read More.
Technological advantages have helped to reduce the number of mistakes that can be made when filing a tax return. However, taxpayers continue to make some mistakes and are forced to file an amended tax return. They either are notified by the IRS of the error or they identify the mistake after receiving a 1099 form that they forgot to incorporate on their return. What can you do to avoid these mistakes? Read More.
It’s not uncommon for taxpayers to file their tax return with the IRS on April 15th and then forget or misplace their own copy. In the past, the only option to fix this problem was to complete a lengthy questionnaire and then wait 5 to 10 business days to receive a copy in the mail. Finally, the IRS has provided taxpayers with a much easier way to access their tax returns. Read More.
Many taxpayers may soon begin filing their tax returns since the January 31st IRS processing date is upon us. If you will be receiving a lower refund as compared to last year, there’s no doubt that you’re going to be asking some questions. What are some of the reasons why your tax refund may be lower this year? Read More.
As the year comes to an end, tax season is getting ready to begin. If you decide to use a tax professional, how much should you expect to pay in fees? A recent survey conducted by the NSA provides some guidance as to what you can expect. Read More.
The 16 day government shutdown hasn’t only delayed tax refunds for those that filed for extensions in 2012. The IRS is now working through a backlog of inquiries and has informed the public that the filing season for the 2013 tax year will be delayed by up to two weeks. This means that the IRS will not begin processing returns until January 28th or as late as February 4th, 2014. What should you do to prepare for this delay? Read More.
The shutdown continues for the government and several areas of the IRS. Unfortunately, taxpayers haven’t been given additional time to file their extensions that are still due on Tuesday, October 15th. An estimated 12 million taxpayers that filed for extensions on April 15 will need to finalize their returns. What should you know if you’re filing your return? Read More.
This week the Tax Policy Center issued a report detailing the number of filers that don’t pay any taxes. The figures have changed since the recession of 2008, but the numbers may still surprise you. Read More.
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