“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.Read more →
Posts Tagged tax return
Don’t think you can retire on modest money? You don’t have to stare down a life sentence of work, you just need to avoid some all too common mistakes.
Reading articles and blog posts online you may be tempted to believe that the biggest scourge threatening your financial goals are subscription boxes, latte consumption, and envy of the Joneses. Having worked within personal finance with people with modest incomes for nearly 20 years, I have learned that there are even more significant threats looking to sabotage your goals.Read more →
Despite calls for its renewal, Congress hasn’t addressed the issue of the popular residential energy credit, which officially expired after 2017. This credit, which is generally equal to 10% of the cost of qualified energy-saving improvements made to a principalRead more →
The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $55,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.Read more →
No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return.Read more →
Required minimum distributions are a bane of retirement for many Americans. The concept puzzles many people, and the rules can be complicated. The result is that many people fail to take their required minimum distributions (RMDs) or they take the wrong amount. The IRS noticed this a few years ago and decided to change the information reported to it and how it is analyzed so it can better identify people who don’t take the correct RMDs.Read more →
Most Americans end up getting a tax refund each year, but if you underpay your taxes, whether intentionally or not, you’ll wind up in the opposite scenario — owing the IRS money. This is especially likely to happen if you earned a lot of secondary income from a side job or investments.Read more →
If you tend to procrastinate about filing your tax return, this is not the year to dawdle.
Usually everyone is fixated on April 15, when federal tax returns are typically due. But this tax season, Feb. 15 is the looming date on your calendar. That’s the day when the temporary funding ends for the federal agencies that were shut down for more than a monthRead more →
Taxpayer asks: What’s the difference in injured and innocent spouse? Years ago I separated and the IRS withheld my tax refund because of unpaid tax from my now Ex. Do I have any way to get that back? Ask theRead more →
Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. IRS Tax Tip 2017-54, October 4, 2017 Here are 12Read more →
Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise” and reduceRead more →
We didn’t know how to dig ourselves out of our tax debt, but we managed to do it, and we learned some valuable lessons along the way. If you’re overwhelmed by the amount you owe, here are some tips to help you rebound from a surprise tax bill.Read more →