When you file your tax return this filing season, you must make sure that you are filing accurately. Even if a tax preparer is preparing your return, you should still check your return for inaccuracies before it is filed.If you have hired a professional to prepare your taxes, be sure to sign the return only…
Continue reading →Same-sex couples face complex tax rules because many states do not recognize same-sex marriage. Because the Defense of Marriage Act (DOMA) was struck down by the Supreme Court, married same-sex couples are recognized as legally married and thereby eligible to file jointly for on federal returns. However, many states do not recognize same-sex marriage. In…
Continue reading →The tax season will open on January 31st, 2014. During tax filing season, tax fraudsters file fraudulent tax returns using a stolen Social Security Number, filing status and other personal details of taxpayers. After stealing the essential details, they fill in the rest of the information on a tax return to claim huge refunds. Every…
Continue reading →Identity theft remained at the top spot in the IRS’ Dirty Dozen Tax Scams list in 2013. This type of theft is the most widespread because of the ease and remoteness with which it can be conducted. Thousands of taxpayers fall victim to identity theft each year. Identity thieves either coax, threaten or dupe taxpayers…
Continue reading →It is during tax season that identity thieves are the most active. Identity thieves use various means to obtain your tax information such as Social Security Number, name, date of birth, and filing status. Using this information, they file fraudulent tax returns on your behalf to claim huge refunds. The IRS may not always discover…
Continue reading →Preparing taxes requires knowledge of tax credits, tax deductions, qualifying factors and tax laws. It is the complexity of tax preparation that leads many people to hire professional services for tax return preparation. Apart from the tax knowledge, you also need to plan your taxes, and keep your receipts and tax documents organized. After filing…
Continue reading →As many as fifty-five tax breaks expired in 2013. Many of these were initiated by the Bush administration and were supposed to expire earlier, but were extended by Congress. Some of the notable tax breaks to expire in 2013 include the tax credit for research and development and renewable energy tax credit.The tax deduction for…
Continue reading →After the Supreme Court struck down the Defense of Marriage Act (DOMA), same-sex married couples became eligible to file taxes jointly. As a result, same-sex couples preparing their taxes in the upcoming tax season, will have to brave all the challenges that come along with it.Many U.S. states, including California, Delaware, Hawaii, Illinois, Iowa, Massachusetts,…
Continue reading →Taxes are complicated for same-sex couples. Certain states now recognize same-sex marriage, but there are still others that do not. For tax purposes, if a couple moves from a state that recognizes same-sex marriage to a state that does not, their marriage is still recognized and they can file jointly. They must be married in…
Continue reading →The tax season is the time when the IRS is the busiest. The agency has complained about the lack of staff, but the Treasury Inspector General for Tax Administrator (TIGTA) found in its 2013 report that the IRS processed tax returns and issued refunds on time in 2013 in spite of the delay in the…
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