Tax Refunds Down Over 8%
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6 minutes read
Filing taxes is a painstaking process for almost everyone and every year, without fail, many returns full of mistakes are sent in to the IRS. In fact, mistakes are extremely common on tax returns, with an error rate of 50 percent; on self-prepared returns, according to the Government Accountability Office. There is a near-infinite number of things that can be done wrong on tax returns, from simple computational errors to missing out on deductions. Knowing...
5 minutes read
The Internal Revenue Service (IRS) requires all employers to provide employees with a W-2 form, which lists the employee’s income information for the previous year. It doesn’t matter how long you worked for the company; if you earn more than $600, your employer must issue you a W-2. If any of your wages were withheld for Social Security or Medicare, the employer must issue a W-2 no matter how much you earned. Employers are required to provide you with this...
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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.
3 minutes read
There are many ways to maximize your refund in any given tax year. However, as opposed to sifting through reams of tax laws to determine whether or not you qualify for certain tax credits, various deductions or if you should file additional tax schedules, one of the easiest & most frequently overlooked adjustments you can make is to your employee withholding.