Sunday, December 10, 2017

Frequently Missed Deductions

State Tax Paid with Last Years Return

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Beware--If your tax refund is running late




In yet another tax season plagued with identify theft and tax fraud, a new method of online criminal activity has been identified, according to Turbo Tax's statements to The Washington Post.

Typically, fraudsters file a tax return in their victims' names to collect the refund. In February, a rash of taxpayers reported logging into TurboTax to discover their state return already processed, leading Turbo Tax to temporarily halt TurboTax e-filing.

Still Time to Contribute to an IRA for 2014


WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of 10 daily IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as the April 15 deadline approaches.

What's New for Your 2014 Tax Return


Due to Internal Revenue Service budget cuts, the agency says there will be limited tax preparation help, longer-than-normal customer service wait times for callers and delays in processing paper returns.

IRS Commissioner John Koskinen recently urged taxpayers to use the agency's phone lines only as a last resort.

Good Records Key to Claiming Gifts to Charity


WASHINGTON ― The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns.

IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2011 Federal Income Tax Return

March 12, 2015. WASHINGTON — Federal income tax refunds totaling $1 billion may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2011, the Internal Revenue Service announced today. To collect the money, these taxpayers must file a 2011 tax return with the IRS no later than Wednesday, April 15, 2015. "Time is running out for people who didn’t file a 2011 federal income tax return to claim their refund," said IRS Commissioner John Koskinen. "People could be missing out on a substantial refund, especially students or part-time workers. Some people may not have filed because they didn’t make much money, but they may still be entitled to a refund.” The IRS estimates half of the potential refunds for 2011 are more than $698.

Consider Life Changes When Filing Your Return


Consider Life Changes When Filing Your Return.

Life changes. And as it does, so do your tax deductions.

When you begin the process of filing your 2014 tax return, consider how your life may have changed last year.

IRS: $125 Billion Paid Out In Tax Refunds So Far This Year

One month into tax season, the Internal Revenue Service (IRS) is reporting that nearly 40 million tax refunds worth $125 billion have been issued. The average refund per taxpayer is $3,120.

8 tax audit red flags

Here are 8 relatively easy ways to steer clear of an audit:

1. Report all of your income. Wages from most jobs are reported on W-2 forms, while any interest, dividends and capital gains you made are reported on 1099s, as is income earned by independent contractors or freelancers.

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