Ways to Pay Your Tax Liability

Ways to Pay Your Tax Liability

Taxes

If you owe federal tax, the IRS offers many convenient ways to pay. Make sure you pay by the April 15 deadline, even if you get an extension of time to file your 2014 tax return. Here are some of the ways to pay your tax:

Continue Reading
8 Small Business Tax Preparation Mistakes to Avoid

8 Small Business Tax Preparation Mistakes to Avoid

Small Business

Tax time brings with it a sense of urgency and pressure, and mistakes inevitably follow. Tax deductions go unclaimed, paper trails go awry and costly surprises can result. Here are eight of the most common tax preparation mistakes that small businesses make, plus some tips for mitigating them.

Continue Reading
Seven Tips to Help You Determine if Your Gift is Taxable

Seven Tips to Help You Determine if Your Gift is Taxable

Taxes

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax.

Continue Reading
Most Suspicious IRS Audit Triggers

Most Suspicious IRS Audit Triggers

Taxes

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients' tax returns.

Continue Reading
Taxpayers Receiving Identity Verification Letter Should Use IDVerify

Taxpayers Receiving Identity Verification Letter Should Use IDVerify

Taxes

The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task.

Continue Reading
Deductiing Medical Expenses on Your Tax Return

Deductiing Medical Expenses on Your Tax Return

Taxes

Those expenses that are considered qualifying medical expenses are deductible for tax purposes. Medical expense deductions are claimed on a Schedule A (downloads as a pdf) on a federal form 1040.

Continue Reading
Top Six Tips about the Home Office Deduction

Top Six Tips about the Home Office Deduction

Taxes

If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home

Continue Reading
'#1 Tax Lady' Charged with Filing Phony Tax Returns

'#1 Tax Lady' Charged with Filing Phony Tax Returns

Taxes

A Kalamazoo, Mich., tax preparer who billed herself as the '#1 Tax Lady' has been indicted on multiple counts of tax fraud.

Continue Reading
Are You Self Employed? Check Out These IRS Tax Tips

Are You Self Employed? Check Out These IRS Tax Tips

Taxes

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment:

Continue Reading
Where's My Refund? How to check your refund check status

Where's My Refund? How to check your refund check status

Taxes

Get up-to-date refund information using Where's My Refund? or the IRS2Go mobile app. Where's My Refund? is updated no more than once every 24 hours, usually overnight. Refunds are generally issued within 21 days after we receive your tax return. You should only call if it has been longer.

Continue Reading

Top