Tax Tips & News

More Last Minute Tax Tips

7 minutes read

Countdown To April 15th

As the the clock approaches midnight on the 2015 tax season, many taxpayers still haven’t filed their tax return yet. While procrastination is common for many when it come to filing taxes, this year we are seeing a higher number of last minute filers. The winter was brutal on the east coast; extreme cold & snow produced more tax hibernators than in years past. Wage documents like W2s & 1099s were issued extremely late (And when they were finally issued, many were...

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:

Understanding Obamacare’s Hardship Exemption

4 minutes read

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.

Lookout For These Top 5 Tax Scams

4 minutes read

Beware Of These Top 5 Tax Scams

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...

Married Same Sex Couples Can File Joint Tax Returns

3 minutes read

IRS: Marriage Is Marriage!

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.

IRS Has Nearly $1 Billion In Unclaimed Refunds

1 minute read

$917 Million In Unclaimed Refunds

The IRS currently has $917 Million for clients in unclaimed refunds for taxpayers just like you, that have not filed a 2009 tax return. If these returns are not filed by the April, 15th deadline, your money then becomes the property of the U.S. treasury. The most common reason for not filing a tax return is that many workers believe they did not make enough money to have to file a return. This very well may be true however, if you worked, you most likely...

What Triggers An IRS Audit? (aka Desk Audit Tax)

5 minutes read

Avoid Audit Red Flags

Nothing brings on the cold sweats like an official letter from the Government; particularly the IRS. Like being pulled over by the police while driving, thoughts of everything you have ever done (or may have done) wrong begin to flood your mind. There are two different classes of IRS Audits: Correspondence Audits & Desk Audits.

IRS To Process Depreciation & Education Credits This Week

2 minutes read

IRS To Accept Returns With Form 8863 Feb. 14th

The IRS has announced that as of February 10th, they will begin accepting tax returns with form 4562 (Depreciation & Amortization) attached. Furthermore, as of February 14th, tax returns with form 8863 (Education Credits) will be accepted for processing by the IRS as well. The tax filing season this year was delayed until January 30th this year, however many taxpayer’s returns were delayed even further due to the IRS’ refusal to process forms...