So you filed your tax return and you later realize that you made a mistake!! If you made a mistake on your tax return after you filed it, the IRS will allow you to prepare and file an amended return to fix the errors in the originally filed return. A lot of taxpayers tend to choose the wrong filing status or notice mathematical errors on their returns. It’s important that if you do realize you made a mistake on your federal tax return, that you file an amended return as soon as possible.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act
n important tax deadline is coming up and missing it could cause you to collect some IRS penalties. 3rd quarter estimated tax payments (ETP) are due Monday, September 17th. Estimated tax payments are a method of paying the tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, or other sources. The IRS requires these payments to be made quarterly. If you underpay your estimated tax payments, you will end up having to write a bigger check to the IRS when you file your tax return. If you overpay, you will receive the excess amount as a tax refund once you file. If this is your first time making an estimated tax payment or you aren’t sure if this applies to you, the process is simple.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law
One of the biggest struggles we see with our clients is them trying to deal with a revenue officer by themselves. A revenue officer is an IRS civil enforcement employee who works cases that involve an amount of money owed by a taxpayer or a delinquent tax return. Their job is to collect tax debts on those cases the IRS has deemed significant. Usually individuals who owe more than $250,000 to the IRS will be assigned a revenue officer.
Tags: Tax Return, Tax, Tax Deductions, tax extension, Tax Help, Tax Law, Tax Cuts and Jobs Act, Liens
If you plan on deducting any moving or vehicle expenses on your 2018 tax return, there are some changes you should be aware of. The IRS released information on changes from the Tax Cuts and Jobs act that affect moving expenses, vehicle expenses, unreimbursed employee expenses and depreciation limits for some vehicles. Here are a few of the changes:
Tags: Tax Return, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act
Graduating college can be one of the greatest moments in your life. One of your not-so-great moments is when you get your first student loan payment. If you are paying back student loans it can be overwhelming. Before you make your first loan payment or try to apply for loan forgiveness, make sure you’ve done your research and you know the tax consequences of repaying or not repaying.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law, Student Loans
It’s that time of the year when everyone seems to be tying the knot and probably the last thing on the mind of a newlywed is their taxes. If you plan on getting married this year, here are some tax tips to help you have a long prosperous marriage and hopefully avoid some tax trouble.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law, Identity Theft, Tax Court, Wedding
In this month's closed case round up, we have a business owner who didn't file their tax returns for a few years and a contractor that created a large tax debt after his business slowed down!
Tags: Tax Return, Tax, Tax Deductions, audit help, Audit, levy, tax extension, Tax Help, Tax Law
If you watch the news, you know that Congress passed a major tax reform bill several months ago that could alter your situation for the 2018 tax year. The Tax Cuts and Jobs Act is over 500 pages and 72,000 plus words long. In this blog, we will work to break down two significant changes.
Tags: Tax Return, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act
If you’re a small business owner, chances are you’ve been researching and looking at the new tax law to see how it could affect you. Depending on how you are structured, there are a few changes that will apply to you, and it’s important that you pay attention to your business structure, because that can mean more or less taxes.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law, Tax Cuts and Jobs Act
As the 2017 tax deadline has come and gone, you may be wondering how the new tax law for 2018 might affect you. The Tax Cuts and Jobs Act has an affect on many of your tax deductions. One of the many changes has to do with the standard deduction you take each year.
Tags: Tax Return, Tax, Tax Deductions, Tax Help, Tax Law