The IRS announced new rate changes for their 2014 tax tables. How will these changes affect our tax payments? Check out our latest blog for a quick peek at some of the more important changes to America’s tax rates. You may have changed tax brackets!
Do you have a business that’s been losing money? In their upcoming second quarter report, Blackberry expects to post a billion dollar loss. The tech company expects to recoup a good chunk of that by using that loss to their advantage. Our latest blog recounts Blackberry’s plan and teaches you how to employ this tax trick for your own business.
Famous NASCAR driver Juan Pablo Montoya has been accused by the IRS of underreporting his income. The fine the IRS wishes to exact runs in the millions of dollars. The case is pending, but the details can be found in our latest blog. Find out why the IRS calls his tactics “a sham”.
Trying to get into the lower tax bracket by year’s end? Our latest blog has a few of the tips and tricks that tax professionals tell their clients to do before the end of the year to pay less in taxes next year. Find the secret to your tax reduction and claim more deductions on your tax return.
Have you ever wondered why it seems that the self-employed pay more than regular employees in taxes? Our latest blog focuses on how to claim those same taxes as deductions. Learn about what tax credits a self-employed taxpayer is eligible for, as well.
Reports show that the IRS has mistakenly paid out billions in the past decade to identity thieves and people who fraudulently claim credits on tax returns. Find out which credits were the easiest targets and why in our latest blog. We also outline the criminal punishments that can befall those who commit these tax crimes.
Have you been the victim of theft, natural disasters or failed banks? The losses you suffered may be deductible, getting you some money back to help you replace what was lost. Learn how to file IRS Form 4684 in our latest blog and get back on your feet.
The government shutdown has affected the time schedule for the IRS. One of the consequences of playing catch up will be a late start to the 2014 tax season. Our latest blog focuses on how this will impact taxpayers and how they can begin preparing for the shorter filing season.
Tax credits and deductions hang in the balance waiting for Congress to extend their tenures. If they are allowed to expire, this may be the last year that they can be claimed on tax returns. Our latest blog focuses on which deductions may be gone next year. Learn which credits taxpayers should make sure to qualify for before they’re gone.
A new study indicates that people who owe taxes are more likely to cheat on their tax returns. How legal is this practice and what risks do taxpayers run when they do this? The answers may be found in our latest blog.
Tips are income and subject to Medicare and Social Security tax. Employers withhold tax from tips, as long as employees report them. Unreported tips can be filed using IRS Form 4137. The latest post in our blog zeroes in on this form, the penalties one can avoid by filing, and where tips are found on a W-2 form.
Sometimes mistakes happen when filing income tax returns, such as late W-2s, or extra deduction we forgot to take. Most taxpayers feel that fixing these errors can’t wait until next year. Filing IRS Form 1040X informs the agency of any changes in status and figures that may impact our returns. Our latest blog covers more reasons to file this form and also informs taxpayers on what to expect throughout the amendment process.
While many government services continue to be unavailable, it does not mean that the October 15 IRS deadlines are moot. Read our latest blog to find out what is expected from taxpayers by midnight on Tuesday. Avoid IRS penalties by being informed and submitting all expected documents.
Most taxpayers don’t like to pay taxes. But trying to argue your way out of paying taxes can make more trouble. In fact, if it’s seen as trying to obstruct the administration of tax code, the agency may charge a penalty. This penalty may be lowered by filing IRS Form 14402, the details of which are in our latest blog. Read on to see if you qualify for a huge reduction of those penalties.
If you face high deductibles on your health insurance, our latest blog has information you shouldn’t pass up. We cover IRS Form 8889 and how to use it to submit expenses and distributions related to health savings accounts. Familiarize yourself on how taxpayers can effectively utilize these accounts to grow tax deferred money for health expenses and how to correctly report these transactions to the IRS.