tax return Archives | Crabb Tax Services

What to Do If You’re Audited by the IRS

Crabb Tax Services — Tue, 10 Sep 2019 16:14:15 +0000

“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.

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Top Ten Money Mistakes People With Modest Incomes Make

Crabb Tax Services — Fri, 16 Aug 2019 18:34:11 +0000

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.

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What Is a Tax Lien?

Crabb Tax Services — Fri, 24 May 2019 04:05:54 +0000

A tax lien can be used by the IRS or other taxing authority in the event that you don't pay some or all of the tax that you owe.

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Taxpayers Can Still Claim Residential Energy Credits

Crabb Tax Services — Fri, 19 Apr 2019 07:45:05 +0000

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 principal

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Free Tax Return Preparation for Qualifying Taxpayers

Crabb Tax Services — Wed, 27 Mar 2019 00:14:47 +0000

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.

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7 Red Flags That Could Trigger An IRS Audit Of Your Taxes

Crabb Tax Services — Tue, 19 Mar 2019 22:09:42 +0000

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.

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The IRS Can And Does Waive The Penalty For Incorrect RMDs

Crabb Tax Services — Tue, 19 Mar 2019 20:39:25 +0000

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.

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7 Smart Ways To Invest Your Tax Refund

Crabb Tax Services — Tue, 05 Mar 2019 22:25:45 +0000

You can maximize your tax refund in several ways — from paying off high-interest debt to investing in a business or saving for retirement. One or more of these options could be the perfect fit for you.

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Should You Pay Your Tax Bill With a Credit Card?

Crabb Tax Services — Tue, 26 Feb 2019 20:35:49 +0000

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.

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File your taxes soon — in case there’s another government shutdown

Crabb Tax Services — Tue, 05 Feb 2019 20:50:22 +0000

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 month

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