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 [...]
File on Time Even if You Can’t Pay Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay [...]
Still Time to Make Your IRA Contribution for the 2014 Tax Year Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an [...]
How to Get a Copy of Your Prior Year Tax Information There are many reasons you may need a copy of your tax return information from a prior year. You may need it when applying for a student loan, home mortgage or for a VISA. If you don’t have your copy, the IRS can [...]
Tax Savers for Parents Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each [...]
It’s always a good idea to prepare early to file your federal income tax return. Certain provisions of the Affordable Care Act – also known as the Health Care Law – will probably affect your federal income tax return when you file this year. Here are five things you should know about the health [...]
Most people file their taxes because they have to, but even if it is not required, there are scenarios where you still should file. You may be eligible for a refund and not know it. This post has a few tips and rules that can help you determine whether or not you should file [...]
As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. To help our clients who are employees take advantage of these special tax saving opportunities, we have put together a list of items to [...]
Disappearing “Service” at the IRS Don't expect much in the way of service from the IRS this filing season. Budget cuts have forced the agency to pare back on services that filers have relied upon in the past. Folks who call the IRS don't have a great chance of speaking to a person, even [...]
Selling your home and moving into a smaller one or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most people's federal tax liability on gain from the sale or exchange of their homes. Under these rules, [...]
