Choosing the correct filing status is important. The correct status might save you money and could eliminate the IRS coming back and challenging the status on a previous tax filing.
There are still many taxpayers that do not trust the E-file system. There are always risks involved with any transaction but the benefits clearly outweight the risks. Remember to use a qualified tax preparer. Below are several reasons to E-file your tax return.
Credits are the good guys of the tax code. Think of the IRS giving you money for a particular set of circumstances. If you are legally entitled to a credit, you want to take the credit. Here are some common instances of credits that are available to a taxpayer.
Determining your filing status seems like a simple task. There are times when slight changes in your circumstances may require you to evaluate whether you have the correct filing status. Many facts can change your filing status such as divorce, marriage, death of a spouse or having a qualified person living in your household.
Thought you knew everything about exemptions and dependents? Here are several tidbits about exemptions and dependents that could save you money this tax season.
The government provides a credit for certain low income taxpayers. The credit may apply whether or not you have children or dependents. If you meet the requirements, a taxpayer may get a nice refund and certainly more than the taxpayer expected.
One of the common year end rituals is to make charitable contributions prior to the end of the tax year. Many charities rely on the year end giving and it is an opportunity for the individual to review their own tax situation and make the appropriate gifts. Here are some thoughts and tips to consider.
Avoid those awkward surprises when your tax preparer hands you your return and there is a large balance due or a very large refund. With a small amount of planning, you can tip the scales in your favor and avoid surprises, penalties or simply letting the IRS hold too much of your money.
There is a tax deadline looming and if you have not filed, it is important to file timely. Late filing triggers additional horrendous penalties and pain. If you do not have the funds at the time of filing, file the return and either seek a payment plan or pay the tax when the IRS issues a notice.
The Internal Revenue Service has created and maintained an excellent website that is full of information to satisfy most of your informational needs. This website is a great place to start to find information if you have a tax question or are starting a business. The following is an exerpt from a recent IRS Notice: