Many people have already discovered this great new way to save. What is it you may ask? Tax time is a great time to save because many people receive refunds. In 2010 President Obama created the tax time Savings Bond Program. The program gives tax payers the opportunity to put away part of their refunds [...]
During the course of tax season, many people make mistakes when preparing their returns. Some of the most common involve the filing status, number of dependents, total income and deductions. Other mistakes such as computational errors are usually corrected by the IRS. Corrections to your return should be made using Form 1040X, Amended US Individual [...]
Identity theft is so prevalent these days. It is too easy to have your social security number stolen. It has actually happened to me. Someone stole my identity and filed a tax return using my social security number. Luckily for me, I caught it early and was able to prevent any major damage to my [...]
The IRS frequently issues tips to taxpayers on various topics. One topic of interest is tax benefits for job seekers. With so many people in the job market, the IRS feels that is imperative for job seekers to understand the tax benefits related to their job searches. Job seekers are able to deduct most costs [...]
No one wants to be audited by the IRS. It is embarrassing and also draining emotionally. It makes many people uncomfortable because it implies that you did something wrong. But just because you are audited doesn’t mean that you did something wrong. The IRS randomly picks who it audits. Some individuals are more likely to [...]
Source: IR-2009-101, Nov. 5, 2009 WASHINGTON — The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors. “We are eager to get this money into [...]
Every year, the IRS sends millions of letters and notices to taxpayers. Many taxpayers will receive this correspondence during the late summer and fall. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with [...]
Although most people won’t be filing their tax returns for several months, the dog days of summer are actually a great time to start planning for the tax filing season by ensuring your records are organized. Whether you are an individual taxpayer or a business owner, you can avoid headaches at tax time with good [...]
If you are recently married or planning to get married, be sure to notify the appropriate agencies. This will ensure that there are no complications come tax season. The IRS – Form 8822 should be completed if you have a new address. The form is available online at IRS.gov. Social Security Administration- Form SS-5, [...]
These days you may receive several calls or mailings for making charitable donations. Of course we all want to help out. Money is very tight in this economy and no one wants to feel that they are being taken for a ride. But how do you ensure that you are making a donation to [...]
