4 minutes read
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:
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:
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.
2 minutes read
With the failure of congress to pass a budget, 800,000 thousand workers face furloughs and a million more are working without pay. The IRS is one of the agencies that will be closed with walk-in IRS centers shuttered and IRS Call centers closed:
3 minutes read
In a landmark ruling announced by the Obama administration, married same-sex couples shall be treated as any other legally married couple–at least in the eyes the Internal Revenue Service for tax purposes. This announcement follows and is consistent with the recent Supreme Court ruling which struck down the constitutionality of The Defense of Marriage Act (DOMA) which only recognized “marriage” between that of a man and a woman.
2 minutes read
When NY State adopted same-sex marriage in 2011, the estate tax was also removed for legally wed couples. But now, The NY State Supreme court has gone one step further and ruled to refund estate taxes collected from any gay couple going as far back as tax year 2008:
3 minutes read
“Where’s my refund”! Is a common cry from NY State residents these days, and according to the state for good reason. After using Bank Of America to process refunds for the last 18 years, BOA decided to get out of the tax business all together and did not renew their contract. So what was Albany to do? Outsource the job of course! These subcontractors and not-for-profit groups are backlogged with refund requests which is what is causing the delay for so many New...
4 minutes read
As the April 15th Deadline rapidly approaches, there are still hundreds of thousands of taxpayers expected to file the final week of the tax season. The late start to the tax season and the fact that we are getting reports from clients that they still have not received all their tax documentation in order to file is making this last minute crunch even more magnified. Here are some last minuted tax-tips (even if you’ve filed already)
2 minutes read
H&R Block (HRB)–the largest public retail tax preparation company in the United States–has confirmed that they have filed many tax returns containing certain delayed credits too early, causing their clients refunds to be delayed. The primary issue is the Education Tax Credit which was not accepted for electronic filing until recently (February 22nd). This has prompted the IRS to send letters to HRB clients instead of their expected refunds....
1 minute read
In an effort to educate low income taxpayers on the benefits of the Earned Income Tax Credit (EITC), the IRS has launched EITC Awareness Days. Please watch the IRS Video below for more information. Highlights include: