Tax Tips & News

April 15 Countdown & Last Minute Tax Tips

6 minutes read

Tick Tock, TickTock…April 15th Deadline

With the clock about to strike midnight on the 2013 Tax Year Filing season, the following is a quick list of tax tips for all you last minute filers out there:

IRS: $760 Million In Unclaimed Refunds

13 minutes read

Don’t Lose Your Money To The IRS!

The IRS currently has over $760 Million in unclaimed refunds from tax year 2010, and the clock is running out for taxpayers to claim them. Any rightful refunds from 2010 not claimed by April 15, 2014 will become the property of the US Government. The majority of these refunds are in excess of $571 each.

Inheritance & Estate Tax 101

3 minutes read

Inheritance Vs. Estate Taxes

If you have recently inherited a large sum of money, you may have some questions about the inheritance tax, and whether or not it will affect you this tax season. Before you worry about having to pay an inheritance tax, read on to find out what exactly an inheritance tax is, whether your state requires you to pay an inheritance tax, and whether you qualify for an exemption.

Making Sense of Tricky Tax Terms: AGI vs. Taxable Income, Dividends, Exemptions & Deductions

4 minutes read

tax (tăks) n. : One of the only things certain in life. See also Death.

Tax season can be intimidating to those who aren’t certified accountants or tax professionals. With all the tax terminology out there, simply understanding the terms on the form you’re filling out can be daunting. No fear—a tax-terminology-debunker is here:

IRS Commish: Extensive Wait Times Calling IRS

1 minute read

New IRS commissioner John Koskinen warned taxpayers in the following video below that if you plan to speak to an IRS representative, expect to wait…a lot. Koskinen said:

Is Your Small Business Taking Advantage of Tax Deductions?

5 minutes read

Is Your Business Taking Advantage of Credits & Deductions?

As a small business owner, this is the time of the year to begin thinking about the tax filing deadline. According to a study commissioned by the U.S. Small Business Administration (SBA), small businesses in the United States pay an effective federal tax rate of 19.8%. Sole proprietors pay the smallest effective rate of 13.3% while partnerships and Subchapter S Corporations classified as small businesses pay an effective rate of...

15 Ways To Get Audited By The IRS

4 minutes read

15 Ways to Get Audited

While there are reports circulating that the IRS’ budget has been slashed and audits are going down, there are still many sure shot ways you can get yourself audited by the IRS. Forbes.com list the 15 most common ways to invite an Audit by the IRS:

5 Best Apps for Tax Time

4 minutes read

Best Tax Time Apps

With tax season in full swing, getting your finances in order can be quite the headache. If you’re anything like most people, you’ve spent the entirety of the year putting off organizing your expenses, convincing yourself that you’ll deal with it in due time. While now might be the time, you don’t have to be punished by your procrastination. With a handful of apps for smartphones, tablets, and other mobile devices available, the days of collecting receipts and bending...

5 Tips for Avoiding an IRS Tax Audit

5 minutes read

Tips To Avoid An Audit

IRS audits are feared for good reason: at best, they’re disruptive, and at worst they can cost you vast amounts of money. Though the percentage of audited returns is relatively low, every year the IRS still audits a huge number of returns. Following these tips can help you reduce the chances you’ll end up as one of their targets.