On Sunday, Forbes posted an article explaining a part of the new Protecting Americans from Tax Hikes (PATH) Act of 2015 that will affect many taxpayers: their refunds will be delayed next year. As part of the “Protecting Americans from Tax Hikes (PATH ) Act of 2015,” […]
Remember that pesky question, “Did you have health insurance last year?” If you were enrolled in health coverage for 2015, you may receive a Form 1095-A, 1095-B, or 1095-C, which will answer that question for you. In addition, if you were an employee of an employer […]
Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are […]
If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach. The IRS has teamed up with state revenue departments and the tax industry to make sure you […]
The Internal Revenue Service issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick […]
Commonly asked question: Do I have to pay taxes on my Social Security benefits? Answer: Social Security benefits include monthly retirement, survivor and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable. The amount of Social Security benefits that […]
Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must […]
We all make mistakes. It’s a part of life. Sometimes mistakes are something you can laugh off and learn from. In other cases, mistakes can be costly. Errors on your tax return generally land in the last category. Below are three of the most common […]
A deduction is an expenditure that will reduce your taxable income. There are two kinds of deductions: adjustments to income and itemized deductions. The adjustments to income are the better of the two, as they reduce adjusted gross income, or “AGI.” Itemized deductions reduce your […]
WASHINGTON — The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them. “This is the largest scam of its kind […]
