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Archive for the ‘Tax Tips’ Category
Use Online IRS Tools to Avoid Waiting on Services
Many of the IRS services are not taxpayer-friendly this tax season. The IRS had warned that the wait time for an agent over the phone could be as long as 45 minutes. Lengthy lines are also a common sight at various Taxpayer Assistance Centers across the country. With a reduced budget and the additional burden of dealing with the many COVID tax changes, the IRS has been stretched thin. Taxpayers, however, may be more comfortable ...
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Know What’s Not Taxable
When you begin preparing your tax return, you learn that there are not many things that the IRS considers not taxable. Some of the obvious taxes that we all pay are taxes on wages, rent, interest, commissions, tips, and dividends. You are also taxed on capital gains, prizes, and on gifts that you receive. Forgiven or canceled debts even come at a taxable price. If you think you can avoid paying on certain taxable items, you ...
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Affordable Care Act Tax Potholes: Know These Tax Breaks
Although it’s widely accepted that the tax code is complex, there is little forgiveness for making mistakes on a tax return. Tax filing procedures can fluctuate - the tax rules change, filing requirements are updated and the IRS rules can be amended. Two of the most important evolving factors to consider are tax credits and deductions. These not only reduce the tax liability at the time of return preparation but also help in financial and ...
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What is an Enrolled Agent?
It's often a good idea for those facing an IRS tax debt to seek professional assistance. Many imagine this means a powerful tax attorney or a high-level accountant. Not everyone with a tax issue considers using an enrolled agent; many people have never even heard of one before. An enrolled agent is often the best tax professional to work with regarding IRS problems. Many tax firms are eager to hire enrolled agents because they have ...
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Choosing the Right Filing Status
One of the most important pieces of information to get correct on a tax return is the filing status. Fortunately, choosing the correct status is simple when you have a full understanding of the benefits and drawbacks, as well as the qualification requirements for each. There are five filing statuses to choose from: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) with Dependent Child. The Single filing status is fairly ...
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Who is a Reliable Tax Professional?
You have to hire a tax professional, but you may not know how to select one. Of course, you want a thorough, reliable professional to handle your taxes. There are some specific considerations that will help you make a final decision regarding who to choose. There are three kinds of tax professionals that are suitable for most people: CPAs, tax attorneys, and enrolled agents. While CPAs are licensed accountants, not all of them specialize in income ...
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Choosing The Right Tax Preparer
Do you wonder about your tax preparer’s honesty? Well, you have every right to be cautious when choosing the right tax preparer to handle your return. In an all too common scam, unscrupulous tax preparers file fraudulent tax returns on their clients’ behalf. Taxpayer Beware! The fraudulent tax preparer is deceptive and manipulative. They may commit fraud with your consent, earned through manipulation or coercion, or they may even commit the fraud without you noticing. The fraudulent ...
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How to Detect an IRS Phone Scam
Many people across the US have received unsolicited phone calls from people who claim to be IRS officials. The IRS reports that they receive complaints from people about fake phone calls all the time. The scam artist callers tell their victims that they owe cash to the government or the IRS. The scammers can also be threatening to the call recipients. People have lost entire life savings because of these scams, and, in ...
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