On this month's closed case round up, we see a geologist who got into tax debt due to oil and gas royalties, a business owner whose accountant put him in a worse situation and a plumber who got audited after business slowed down! Check out just a few of the fantastic results we achieved for our clients!
Congress is looking at reforming the IRS, just days after a computer crash temporarily suspended processing of tax returns on the date of the filing deadline. The House voted to pass bipartisan legislation that would help modernize the IRS’s information systems.
The IRS apologized for the crash and extended the tax return deadline to help the millions of taxpayers who weren’t able to file their taxes yesterday. The outage affected the “Direct Pay”, a free service for paying taxes using your personal bank account and the “Payment Plan” page which allowed taxpayers to pay their tax bill in installments. The IRS announced that both pages were operational at 5pm on Tuesday after being unavailable for most of the day.
With tax season almost over, you want to make sure you make the most of your deductions on your federal tax return, especially with the changes coming with the new tax law! Here are just a few deductions that you may not know about:
Taxes are confusing for most people and knowing how to file and which deductions to take isn’t always easy. When completing your IRS tax return, each person must select a filing status. Generally when filing, it is important to know what your IRS filing status is. Your filing status can influence what taxes you owe and the deductions you can take. There are five different filing status options you can choose from and each one has its own requirements. It’s important to review each option because it can impact the tax benefits you receive. Here are the five filing statuses you can choose from:
With the tax deadline quickly approaching, it’s important to make sure that you not only file your federal tax return, but that you make sure you fill out your return correctly. If there is a mistake on your IRS tax return, this will delay your refund and the IRS may need to contact you to fix the mistake. Here are a few of the most common mistakes people make when filing their return.
With the deadline quickly approaching, time for filing your 2017 federal tax return is running out. If you don’t think you will finish your return in time and need some extra time, you should file for an extension. To file an extension, all you need to do is fill out Form 4868 and send it to the IRS. This will inform the IRS that your return will be sent in by October 15, 2018. It is very important to know that even if you file for an extension for your tax return, you still have to pay your taxes on the 17th of April. Filing an extension does not give you more time to pay, it only gives you more time to file. If you expect to pay, send the IRS a close estimate of what you will owe. If you do not pay by April 17th, you will likely incur penalties and interest on what you already owe.
It seems a lot of Americans are missing out of some big money, about $1.1 billion to be exact. The IRS announced that there is about $1.1 billion waiting in tax refunds for an estimated 1 million taxpayers who did not file a 2014 federal tax return. To be able to collect the money, these taxpayers must file their 2014 return with the IRS no later than April 17th, 2018.
Time is running out for taxpayers to file their 2017 tax return. All taxpayers must either file their federal tax return or file for an extension by April 17th. If you’re going to owe taxes for 2017, you must pay those by midnight on April 17th, even if you file for an extension. Getting an extension on your tax return does not extend your time to pay, only your time to file.
Tax season is here and your 2017 return is the last time (until 2026) to take advantage of certain deductions. If you missed the previous post on personal exemptions and the new tax law, you can find it here. Another thing that will be changing is the deductions you will be allowed to take each year. Below are just two examples of the recent changes you might see on your 2018 return.