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Posts Tagged ‘tax preparation’
Common Mistakes to Avoid Making on Your Tax Return
Even when taxpayers are cautious while preparing their returns, errors can still occur. The IRS corrects simple errors, such as miscalculations, without you having to file an amended return. For other errors, such as incorrectly claiming credits and/or deductions, you may need to amend your return and file again. Serious errors such as understatement of income can trigger an IRS audit and may lead to tax debt. To help you out, we've put together a list ...
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Tips for Choosing a Tax Return Preparer
A large number of taxpayers hire a return preparer to prepare and file their tax returns. Most return preparers are legitimate and honest. However, taxpayers can be in danger if they come in contact with fraudulent return preparers. Here are the eight points which will indicate the type of preparer you’re dealing with. 1. Personal Tax Identification Number (PTIN) The IRS has mandated that every paid tax return preparer must have a Personal Tax Identification Number or ...
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Education Tax Credits And Deductions
If you are a student, you can cover some of the costs of your education by using education tax credits and deductions. Many of the major tax credits and deductions are designed to help students afford higher education. Here are some of the top education tax credits and deductions. American Opportunity Tax Credit This tax credit helps eligible students cover expenses made to receive higher education for the first four years. The maximum credit is $2,500 per ...
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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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Married? The Question is to File Jointly or Not to File Jointly
The perpetual question that married couples ask each other at the time of tax filing is, "Should we file jointly or separately?" Filing jointly is typically more advantageous for married couples. Under certain circumstances, however, married couples will find that filing separately will provide them with more benefits. If you have been filing jointly for years, you should calculate your taxes using both methods to see if filing separately would reduce your tax liability. If you ...
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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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I had to become self employed several years ago and my lack of expertise with taxes left us with a considerable tax burden. The consultants kept me informed and were always available to answer my concerns and questions. They were able to bring our case to a comfortable conclusion with the IRS. Their expertise definitelu minimized my stress.
— Karen S.; Peoria AZ
