The tax code contains a whole boatload of penalties. Some of these penalties related to tax returns failure to pay or failure to file are as follows: If you do not file by the deadline, you might face a failure-to-file penalty. If…
Personal Taxes
Tips for Managing Your Tax Records
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After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about…
Need More Time to Pay Your Taxes?
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Taxpayers who owe taxes may be relieved to know that there are some options for those who owe and can’t afford to pay the full amount right away. Taxpayers who are unable to pay all taxes due are encouraged to…
Tax-Time Errors Filers Should Avoid
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Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. Avoid these nine common errors so your refund is timely.
Seven Facts about Injured Spouse Relief
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If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be…
Eight Tips for Deducting Charitable Contributions
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Charitable contributions made to qualified organizations may help lower your tax bill. The IRS has put together the following eight tips to help ensure your contributions pay off on your tax return. If your goal is a legitimate tax deduction,…
Ten Tax Benefits for Parents
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Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year. 1. Dependents In most cases, a child…
Employee Business Expenses
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If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses…