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Archive for the ‘Tax Tips’ Category
How to Find IRS Documents Online
Most taxpayers take the utmost care in storing their tax documents. But sometimes, theft, natural disasters, or negligence can lead to losing tax documents. If you cannot find your past tax returns or other tax documents, there are ways to get tax return transcripts and tax account transcripts from the IRS. The agency also provides downloadable tax forms and publications and offers assistance to taxpayers in determining the status of their tax refunds and amended ...
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9 Tax Breaks Parents Should Know About
Parents, with a little tax and financial planning, can save more on future expenses, such as college. Tax breaks available to dependents are a great way to realize savings. For medium- and low-income families, these saved dollars can mean providing better care to their children during their adolescent years. “Having kids will enrich your life but not your bank account. Parents need to save every penny. But the good news is that Uncle Sam can help." ...
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When Not to Deal With The IRS Yourself
Simple resolutions, such as full payment of tax debt or filing an amended return, to correct an error are simple procedures that do not require assistance from an expert. It is a different and difficult road, however, when resolving complex tax issues such as tax debt reduction, penalty abatement, and debt forgiveness. Such issues not only required knowledge but experience and expertise, as well. Here are occasions when it is best to let a professional handle ...
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Death and Taxes
After a person dies, their heirs are required to fulfill certain tax duties. This includes filing the deceased’s last tax return, managing their income, and paying any taxes due. The IRS usually approaches the children or family members of the deceased for resolution of any tax issues, including back taxes. It is important for the family/friends to resolve all the tax duties of the departed person as early as possible. Filing the Deceased’s Final Tax Return The ...
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What is a Revenue Officer?
Revenue officers are employees of the IRS who collect taxes on behalf of the government. They are also responsible for obtaining tax returns not filed by taxpayers who are required to do so. A revenue officer has the power to issue liens and levies to collect back taxes. If you owe back taxes, a revenue officer is assigned to your case to ensure that an effective and timely resolution to your debt is ...
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Identity Theft and Refund Fraud
Mailboxes, email, trash, computers, and phones are all sources for scammers to try to steal your personal information and file fraudulent tax returns in your name, using your social security number. They will use erroneous tax credits, deductions, and income figures to get the maximum refund possible. To protect your money and identity, it’s smart to review tactics used by identity thieves when they attempt to steal your information. Below are some popular methods identity thieves ...
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Three Tax Saving Tips
Not everyone’s retirement plan is as comprehensive as it should be. Members of the baby boom generation are learning that the hard way. According to a study by the Insured Retirement Institute, around 40% of all boomers don’t have a single cent saved for their retirement. The result is that they are dependent upon Social Security or have to postpone retiring from work. Having a solid retirement plan can actually coincide with making the right investments. ...
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What Happens During an IRS Audit?
The IRS audits a company or an individual to review their tax and financial information and ensure that they are compliant with tax laws. Most taxpayers fear an audit. Statistically, however, only 1% of individual taxpayers are audited each year. In many cases, the IRS only asks for information through mail to see if it matches their record. Tax Audit Selection Method The method of selecting taxpayers for a tax audit involves: Random selection based ...
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Non-Cash Items That You Must Report
Accurately preparing a tax return can be difficult when you have an increase or a decrease in income, or when there are major changes in your life. Paying too little in taxes can present complications later on, including penalties and interest. As such, it’s important to know which items are taxable and which are not. Generally speaking, paying tax debt in installments is the easiest way to handle your liability. An IRS Installment Agreement can be ...
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What to Do When You Receive an IRS Notice
Receiving an IRS notice can be worrisome because the first thing that comes to your mind is back taxes or an audit. The truth is that the IRS sends notices strictly to provide information to taxpayers, as well. If you receive a notice following tax season, it may be about changes that the IRS made on your tax return, a notice of failure to file a tax return, or claiming incorrect credits. The IRS also sends ...
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