5 minutes read
Odds are you will never be audited, as only about one percent of taxpayers receive audit requests from the IRS. However, if you do receive notification that you have been chosen to be audited, you can get through it by following some of these guidelines. Here are some tips on successfully surviving an IRS audit:
4 minutes read
Everyone looks forward to receiving their tax refund each year with great expectations. Oh the possibilities! Vacation! A new dress! But wait—think twice before you spend that refund frivolously. Just like your impressive vacation tan, the thrill of spending your tax refund will fade all too quickly. Instead of blowing through your refund all at once, think of your refund as an investment. The government essentially forced you to save this money (they just...
5 minutes read
There’s one dreaded word all taxpayers hate: audit. However, learning a little bit more about what could trigger an audit may help alleviate some of the stress associated with the process. While the prospect of an audit can seem daunting, it’s not as bad as you may think. In fact, less than one percent of all individual tax returns are audited by the IRS each year, and the audit rate could fall even lower due to shortages of personnel and funding. There are, however,...
4 minutes read
Hardly anyone thinks fondly on tax season, which involves complicated forms and financial stress. For those people who were not able to meet the April 15th tax deadline and filed for an extension as a result, here are the three most important things you need to know.
4 minutes read
Filing your tax return was stressful, but now that it’s done you know the amount you’ve got coming and you can’t wait to get your hands on it. This is understandable; we all usually have that refund earmarked for something. That’s why it can be so frustrating when your tax refund doesn’t arrive on time. Read on to learn what to do if you’ve been waiting an exceptionally long time for your tax refund.
4 minutes read
As a small business owner, filing your annual tax report may have required the use of a tax preparer, an expert who understands the complexity of tax filings specifically for small business owners. For those small businesses that are organized in a form other than a C Corporation, tax filing becomes even more complicated. If you used a preparer to file your small business tax return, you might think that the relationship is over once the filing has...
4 minutes read
The Affordable Care Act, also known as Obamacare, has been the law of the land since March 23, 2010. Under the provisions of the law, nearly every American is required to have an insurance plan on or before April 15, 2014 in order to avoid certain penalties mandated under the Act. After many separate repeal attempts and a lengthy court battle that resulted in a 5-4 Supreme Court decision upholding the law, more than 8 million...
4 minutes read
Tax season is always a stressful time of the year. Regardless if someone files themselves or hires a professional, nobody relishes the thought of having to file their taxes. Most people manage to get their taxes filed before the deadline, but there are always some who cannot get their taxes filed on time and don’t file an extension.
6 minutes read
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:
4 minutes read
Having a child changes your life in countless ways, one of which is how you are taxed. New parents unlock several different tax breaks not otherwise offered which are designed to make raising a family financially easier. Here’s a look at a few of them.