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Essential Tax Terms to Understand for First-Time Tax Filers

Essential Tax Terms to Understand for First-Time Tax Filers

We admit it, tax filing is not an easy task. It is intricate in itself, plus the instructions do not always come in handy. Filling out the forms is daunting especially for first-timers who are unaware of terms like Adjusted Gross Income, capital gains, exemptions and such. To help you get a better grip on […]
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The IRS Reminds Taxpayers to Consult the Agency before Hiring a Tax Professional

The IRS Reminds Taxpayers to Consult the Agency before Hiring a Tax Professional

Last February 28, The Internal Revenue Service reminded taxpayers to refer to their useful tips and tools in finding a qualified tax professional. Since 2015, a Directory of Federal Tax Return Preparers Credentials and Select Qualifications has been available on the IRS website for the public. The directory is a searchable and sortable database that […]
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IRS Reminds Taxpayers to Avoid Common Tax-filing Errors

IRS Reminds Taxpayers to Avoid Common Tax-filing Errors

As the tax filing deadline approaches, the Internal Revenue warns taxpayers against common tax-filing errors and advises them to take extra time to accomplish their taxes. The IRS noted that errors commonly occur among taxpayers who are completing the tax return at the last minute. Mistakes in Form 1040 lead to prolonged processing and can […]
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Huge Tax Benefit Awaits Millions of Taxpayers

Huge Tax Benefit Awaits Millions of Taxpayers

Millions of workers, self-employed and farmers can receive refunds if they qualify for the Earned Income Tax Credit (EITC). Qualifying taxpayers are those who earned $53,505 or less last year. The Internal Revenue Service said that the qualifying head of the family with three or more qualifying children can claim up to $6,269 of maximum […]
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Essential Guide to Tax Extensions for Business and Individual Taxpayers

Essential Guide to Tax Extensions for Business and Individual Taxpayers

Tax filing season is almost underway. Sure enough without proper preparation, filing income tax returns and information returns could be headache-inducing and stressful. Everyone has his or her own reason for delaying tax filing a few more months. Most of the taxpayers are crippled to prepare necessary papers, thus they need an extension, while others […]
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Tax Filing Season 2017 Starts January 23

Tax Filing Season 2017 Starts January 23

The Internal Revenue Service announced that the 2017 tax filing season will begin on January 23, Monday. Filing Electronic and paper tax returns and will be accepted on the said date and will be due on April 18, Tuesday. Expect efiling companies and tax preparers that they’ll accept tax returns prior the opening of the […]
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All You Need to Know About W2-Forms

All You Need to Know about W-2 Form

It’s finally January, the start of the filing season. At the end of the month every employee expects to receive W-2 from employers. As an employee, you must know that the information reported in your W-2 is important to prepare your tax returns. You must receive it on time and the information reported should be […]
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Expiring ITINS are Advised to Renew

Expiring ITINS are Advised to Renew before January 1, 2017

The Internal Revenue Service urged those with expiring Individual Tax Identification Number (ITIN) to apply for a renewal before tax filing season to avoid delays in refund processing. The ITINs are issued to taxpayers who are not eligible for a Social Security Number (SSN). Recent law amendment sets January 1, 2017 as the expiration date […]
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IRS: Some Tax Refunds are Delayed in 2017

IRS: Some Tax Refunds are Delayed in 2017

The Internal Revenue Service reminds taxpayers, as the holiday is approaching, that some refunds are going to be delayed until mid-February in 2017. Those who expect to claim Earned Income Tax Credit or Additional Child Tax Credit must expect their entire refund, even those not related to EITC and ACTC, until at least February 15. […]
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All About Tax Credits for Businesses and Individual Taxpayers

All About Tax Credits for Businesses and Individual Taxpayers

While Tax credits are generally purposed to encourage us to do certain activities that are good for the economy, they are essentially helpful for us, in every way. If you plan your purchases, you can score great savings with Tax credit, way better than deductions.   Why You shouldn’t Miss Tax Credits? Compared to deductions […]
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