The IRS is developing a “Future State” plan that it says will transform the way the service interacts with taxpayers. Many parts of the plan may ease the processing of filing returns, the issuing of refunds, and the identification and resolution of problems. But the Tax Advocate Service – an independent part of the IRS that defends and assists taxpayers – warns … Read More
Is Your Social Security Taxable?
Are your social security benefits taxable income? Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2015, you should receive a Form SSA-1099, Social Security Benefit Statement, which will show the amount. If Social Security was your only source of income in 2015, your benefits might not be taxable. You also may … Read More
What To Do If You Owe the IRS
Do You Owe the IRS? Not everyone gets a refund. Many taxpayers owe money. It is important to make sure you file timely even though you may not have the money to pay to avoid late filing penalties. There are a number of ways to pay your tax: Check or money order IRS Direct Pay (New in 2014): You can now pay … Read More
Unfiled Returns and Back Taxes? Read This.
We all know the annual ritual: once January rolls around, you gather your tax documents to file your tax returns by the deadline to avoid back taxes and unfiled returns. Sometimes (or maybe the whole time!) you need an extension. And maybe you don’t meet the extended deadline, and now your return is late and unfiled. The next tax season … Read More
How to Prevent Income Tax Refund Fraud
How do you know if someone has filed a tax return using your Social Security number to commit income tax refund fraud? And what do you do then? This is happening all the time—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns in 2013. The IRS does have security measures in … Read More
Missed the April 15 tax deadline?
Pay IRS now if you still owe taxes If you still owe taxes and missed the April 15 deadline for filing and payment, you could be incurring interest and late penalties as you read this. File and pay the IRS pronto! If you file your federal tax return late and owe taxes with the return, these two main penalties could … Read More
6 ways to avoid an IRS audit
Like so many things in life, the tax-filing process has become less ‘human’ and more automated. That means all you need to do is type one key wrong on your computer, and you could be an IRS person of interest. And, with the increase of ‘robo-audits,’ it’s becoming more important to leave no guesswork on your returns, because computers are … Read More
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