Tax Tips & News: interest

After Documentary, Scientology’s Tax-Exempt Earnings Attracting Attention

4 minutes read

The Church of Scientology is getting a lot of attention these days thanks to “Going Clear”, HBO’s recent documentary on Scientology and a number of its practices. One aspect of Scientology which is receiving even more attention than before is the church’s tax-exempt status. Part of the controversy extends to how the Church of Scientology actually received its tax-exempt status—and to just what ends it uses it. After being hit with over 2,400...

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October 15 Tax Extension Deadline

1 minute read

The deadline to submit 2013 tax returns to the IRS for taxpayers who elected to file extensions is Wednesday, October 15th.  Failure to do so may result in the penalties and interest assessed on due taxes.  Please note, that if you did not file your taxes yet, and did not file for an extension, your taxes were due on April 15th and you are already accruing penalties and interest on any taxes due.

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What Happens If You Don’t File Your Taxes?

5 minutes read

The only certainties in life are death and taxes, as the saying goes. Taxes are an annual event that, however unpleasant, we all have to deal with. It may interest you to know that according to the Internal Revenue Service (IRS), an estimated 239.3 million tax returns were filed in 2012 by individuals and businesses in the United States. That amount exceeded by a little more than 1% the number of returns that were filed in 2011, and by 2018 that...

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What Are the Next Steps If I Missed the April 15th Deadline?

4 minutes read

Tax season is always a stressful time of the year.  Regardless if someone files themselves or hires a professional, nobody relishes the thought of having to file their taxes. Most people manage to get their taxes filed before the deadline, but there are always some who cannot get their taxes filed on time and don’t file an extension. 

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Volunteer IRS Sites Prepare 50% of Tax Returns Incorrectly

3 minutes read

In a follow up to a report by the Treasury Inspector General for Tax Administration (TIGTA), free income tax preparation sites have made no significant gains in increasing the accuracy of the tax returns they prepare. The new report states that Volunteer Income Tax Assistance sites (VITA) who prepare income tax returns for low/moderate-income, elderly, disabled and limited-English-proficient taxpayers are still filing approximately 50% of...

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October 15th Extension Deadline

1 minute read

In spite of the government shutdown that has shuttered many departments in the IRS, the deadline to file tax year 2012 returns remains October 15th. That means, even though the IRS may not be able to process your return, you still have to pay your taxes on time or risk penalties and interest for failing to file.  The IRS has issued the following tips:

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Tax Tips If You Are Accused of Tax Fraud

4 minutes read

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What To Expect If You Filed Your Taxes Late

6 minutes read

This year, your federal income tax return was due on Tuesday, April 17. That’s because the usual deadline, April 15, fell on a Sunday, and a federal holiday, Emancipation Day, fell on April 16. If you didn’t file your return on time despite the extra two days, here’s what to expect. 

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What To Do If You Can’t Pay Your Taxes

7 minutes read

It’s one of the worst tax time scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don’t have the cash. What should you do?

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The True Cost of Do-It-Yourself Taxes

4 minutes read

Fellow tax professional Dave Ramsey recently preformed a survey of 2000 taxpayers; about half of who prepared their own returns, and the other half who had them prepared professionally. This is what he found:

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