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Posts Tagged ‘tax penalties’

Things to Know When Filing Your Tax Return This Year

January 27, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Taxpayers should expect various tax rule updates this year, and important changes made by the IRS. There has been a hike in Affordable Care Act penalties, and reporting requirements are mandatory for those holding foreign financial assets valued at $50,000 or more. In order to remain compliant with current tax rules and avoid running into any problems, taxpayers may review the following filing facts, as shared by Time: “1. Tax Accountants Get Swamped Closer ...

Common Deduction/Credit Errors

Making errors in deductions and credits can ultimately result in having to pay back taxes. Additionally, after the filing deadline, any taxes owed will be compounded by penalties and interest. In order to avoid an IRS issue, taxpayers should avoid errors in deductions and credits, such as: 1. Claiming Charitable Contributions A large number of taxpayers deduct charitable contributions on their return. Only contributions to charities ...