Important Facts about Filing Late and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and… Read More »
Missed the Tax Return Deadline? IRS Offers Help The tax deadline for most taxpayers was Tuesday, April 18, 2017. The IRS has some advice for taxpayers who missed the filing deadline. File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize… Read More »
What to Do When an IRS Letter Arrives in the Mail The IRS mails millions of pieces of correspondence every year to taxpayers for a variety of reasons. Below are some suggestions on how to best handle a letter or notice from the IRS: Do not panic. Simply responding will take care of most IRS… Read More »
Helpful Tips to Keep in Mind When Amending Your Tax Return Taxpayers can fix mistakes or omissions on their tax return by filing an amended tax return. Those who need to amend will find the following tips helpful. File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax… Read More »
Last-Minute IRS Tax Tips to Consider The IRS urges taxpayers to avoid waiting until April 18 to file their taxes. For those who do wait, the IRS has easy-to-access online resources to help. These eight tips from the IRS can help make filing less taxing: Review tax returns carefully. Taxpayers who rush to beat the… Read More »
Tax Tips to Help You Determine What Makes a Gift Taxable Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: 1. Nontaxable Gifts. The general… Read More »
Need an Extension of Time to File Taxes? This year’s tax-filing deadline is April 18. Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS. Below are five things to know about filing an extension: Use IRS Free File to file an extension. IRS Free File allows taxpayers… Read More »
Five Tax Tips on Making Estimated Tax Payments Taxpayers usually will have taxes withheld from their pay if they are an employee. However, if a person doesn’t have taxes withheld, or they don’t have enough tax withheld, they may need to make estimated tax payments. Taxpayers that are self-employed normally have to pay their taxes… Read More »
Know these Helpful Tips about Employee Business Expenses Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions. Other key points… Read More »
Top IRS Tips to Know about the Home Office Deduction Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here… Read More »