Tax Tips & News: IRS (5)

Lookout For These Top 5 Tax Scams

4 minutes read

Each year, the Internal Revenue Service (IRS) puts out a list of common tax scams—dubbed the “Dirty Dozen”—to warn taxpayers. Ranging from identity theft to return preparer fraud, the list is intended to remind tax payers to use caution preparing, filing and discussing their annual taxes. Personal and other sensitive information can get into the wrong hands if the proper precautions aren’t taken. It’s wise to periodically review the IRS’ Dirty Dozen to keep...

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Do I Qualify for the Earned Income Tax Credit (EITC)?

4 minutes read

Although the Earned Income Tax Credit (EITC) can sound daunting and confusing for taxpayers and tax professionals alike, there are ways to navigate the murky waters of this credit to maximize its benefits. This tool can be important for low- and middle-income families and singles looking to save money where they can. Breaking down this tax credit isn’t difficult once you understand what it is and how to file for it.

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Tax Filing Season Delayed Until January 31st

4 minutes read

The IRS put everyone one notice not long after the end of the latest government shutdown that the 2014 tax filing season would be delayed by “1 or 2 weeks”.   Well not surprisingly, the IRS recently released that the first date that they will be accepting 2013 tax returns for processing will be January 31st:

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Last Minute Tax Saving Tips

0 minute read

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IRS Clarifies Employee Benefit Plans For Same-Sex Couples

9 minutes read

In a recent landmark ruling by the Obama Administration, the federal government will recognize same-sex married couples. That means for one, married same-sex couples will no longer have to file two separate single tax returns for the IRS (however, if they currently reside in a state that does not recognize same-sex marriages, they may still have to file two separate state returns). But the IRS has not released any guidance about how employee...

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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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Biggest Tax Law Changes For 2014

5 minutes read

With the upcoming tax season already delayed, and many tax proposals still being debated in a contentious congress, Chad Fisher over at gobanking.com lists the 5 biggest changes for the 2014 tax season taxpayers can expect:

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How To Prevent The IRS From Delaying Your Refund

1 minute read

Many taxpayers believe that their tax refunds are “found” money.  But a tax refund is simply an over-collection of taxes by your employer.  Watch this video to find out how to adjust your tax withholding to reduce the amount of money withheld so the IRS has less or no money to refund you in future tax seasons, and increase your weekly paychecks.

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Government Shutdown Delays Tax Filing Season

2 minutes read

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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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