The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to [...]
Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most employees typically only have a few pay dates left this year, checking their withholding soon is especially important. It’s even more important for those who: • Received a smaller refund than expected after filing their [...]
With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and convenience of filing these returns electronically. IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, [...]
The IRS is joining an international coalition in launching the second annual International Charity Fraud Awareness Week (ICFAW). Today through Oct. 25, the coalition will raise awareness and share practices to help charities and other not-for-profit organizations avoid fraud and stop financial crime. A key feature of this year’s campaign is an online hub where [...]
Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable contributions if they itemize deductions. Here are some resources for people making donations: Tax Exempt Organization Search Taxpayers must give to qualified organizations [...]
The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all. Here are a few things people should know about this credit: Taxpayers [...]
Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn’t meet those qualifications, the taxpayer may be able to claim the credit for other dependents. Here’s some info [...]
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020. Educators who work [...]
The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers must generally pay at least 90 percent (however, see 2018 Penalty Relief, below) of their taxes throughout the year through withholding, estimated or additional [...]
One of the most recent political topics is the Obamacare and Affordable Care Act (ACA). Many people would say the ACA is not really affordable for the average household. Many Americans have complained that by forcing taxpayers to obtain a medical coverage is unconstitutional and un-American in that our freedom is being taken by forcing [...]