Tax Return Due Dates The Senate and the House passed a short-term highway funding extension that contains several important tax provisions. The bill modifies tax return due dates for several common tax returns starting for tax year 2016 (filed in 2017). Partnership tax returns are due March 15, NOT April 15 as in the [...]
Assisting Victims of Tax-Related Identity Theft Anyone - regardless of whether they are required to file a tax return or not or whether they are a minor, an adult or even deceased - can be impacted by identity theft. According to the Federal Trade Commission, 2014 marked the fifth consecutive year that tax-related identity [...]
How Much to Save for an Emergency A new tool can help you nail down how much to save in an emergency fund, based on your personal profile. At www.hellowallet.com/emergencysavings, you'll enter information including your take-home pay, regular monthly expenses, whether you rent or own your home, and your health insurance policy's annual deductible [...]
Late Filing and Late Paying Penalties April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties [...]
Have you found that you made an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips that can help you file. 1. Tax form to amend your return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You [...]
Factors Affecting IRS Audit Risk Ever wonder why some tax returns are audited by the Internal Revenue Service while most are ignored? Short on personnel and funding, the IRS audited only 0.86% of all individual tax returns in 2014. And the 2015 audit rate will definitely fall even lower as the agency’s resources continue to [...]
Tax Tips about Home Mortgage Debt Cancellation If your lender cancels part or all of your debt, you normally must pay tax on that amount. However, the law provides for an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2014. In most cases where the exclusion applies, the amount [...]
Ten Facts about Capital Gains and Losses When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital [...]
The following post is six tips to know in claiming a home office deduction. If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for [...]
Stay Vigilant Against Bogus IRS Phone Calls and Emails Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to [...]
