Your tax return is completed and you can exhale a big sigh of relief. Not so fast. Do you have adequate support documentation if the federal or state authorities decide to review your tax return? The checklist Here is a check-list to help your recordkeeping. At minimum,...
It was revealed in a recent Taxpayer Advocate Forum in Iowa that in some cases the IRS initiates contact with taxpayers via a phone call. This initial phone call is causing confusion and potential identity theft scam concerns with taxpayers. It is now being reported...
There are now a number of ways to obtain information filed with the IRS for your tax return. Use the method that works best for you. Online. You can get a copy of most line items on your tax return online at irs.gov using their “Get...
Each year the IRS releases a Data Book that recaps Internal Revenue Service activities for the prior fiscal year ending in September. The 2015 Data Book was recently published which recaps the 2014 tax year. Here is what you need to know: The $2.9 trillion in...
With the move towards the Gig economy many more taxpayers are working for others on a part-time basis. So whether you are picking up a few dollars driving for Uber or are delivering meals for a local restaurant here is what you need to know. Employee...
One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can...
You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited; 1 If the...
If you have not already done so, now is the time to review your tax situation and make a 2016 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here. Normal due date: April 15th (2016: The due date is Monday...
Prior to e-filing your tax return, you will want to check it for accuracy. Outlined here is a checklist of things to review on your tax return. The Basics Confirm the basics for you, your spouse and your dependents: Name, address, Social Security Numbers and proper identification of...
The IRS estimates that one million taxpayers may lose close to $1 billion in refunds if they do not file their 2012 tax return before the upcoming April filing deadline. Don’t let this happen to you or someone you know. Here is what you need to...
