April 15th and all those other tax-filing dates are always just around the corner. This is the place to learn all about tax returns, tax deductions, tax regulations, tax accountants and (uh-oh) tax audits.
Through the use of home improvement tax deductions, it’s possible to receive a tax benefit for making substantial improvements to the quality of your home. Although this deduction may be similar to other deductions you claim for the interest on home equity loans or mortgages, it’s important to understand its qualifications. In addition, the amount...
Whether it is termed an IRS installment agreement, payment agreement, payment option, or a payment plan, the purpose is the same – to make payments on taxes owed. While it seems like a good arrangement, you actually save money by paying the full amount as quickly as possible. This minimizes interest and penalties that are...
The closer you get to tax season, the more you’ll hear about how people plan to spend their IRS refund. If you think you could receive money back from the government at tax time, it’s important to understand not only how you qualify for an income tax refund, but how the government gets your money...
If you itemize your deductions, you may be overlooking some federal tax deductions that could reduce your taxes. If you use the standard deduction and don’t itemize, you may be shortchanging yourself. Here are some things to take into account when you itemize your taxes that you may overlook. Missed Federal Tax Deductions State sales...
If you receive an IRS notice of an audit, you should follow these steps to survive your IRS audit. Generally, it’s best to call in a qualified tax professional to help you, but you can go through the process yourself by following these steps. Usually, you have 30 days to respond to the initial notice....
There are two types of property tax deductions you can use on your income taxes – real estate property taxes and personal property taxes. You can deduct these types of taxes you pay from your total income taxes, reducing your tax burden and perhaps gaining a tax refund at the end of the year. Types...
Income tax-preparation services take tax-related paperwork, use that information to fill out income tax forms, and file them with the IRS. The services are available on-line or at various locations around the country, and are prepared to help their clients file their taxes for a fee. Tax preparation services are popular for a number of...
You can set up IRS payments if you find you owe a tax bill that you can’t pay all at once. It costs you more money, because you’ll pay penalties and interest on your taxes, but a payment agreement can be another option if you owe a lot of tax. The IRS will usually work...
The IRS 1040ez tax return is the simplest of the IRS tax forms to fill out, the instructions are straightforward and easy to follow. To be able to use Form 1040EZ all of the following items must apply: Your filing status is single or married filing jointly (However, if you were a nonresident alien at...
If you need IRS help filling out your tax forms or with other tax issues, many Internal Revenue Service (IRS) offices open regularly during tax season to offer that help. IRS agents will offer advice and help with how to fill out tax forms, and they’ll offer advice if the taxpayer owes taxes, too. They...