Saturday, February 24, 2018

Frequently Missed Deductions

State Tax Paid with Last Years Return

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More than 100,000 taxpayers have had their personal tax information stolen from the IRS website


More than 100,000 taxpayers have had their personal tax information stolen from the IRS website. The IRS said it is notifying taxpayers whose information was accessed. The IRS is providing them with credit monitoring services. Identity thieves, both foreign and domestic, have stepped up their efforts in recent years to claim fraudulent tax refunds. The agency estimates it paid out $5.8 billion in fraudulent refunds to identity thieves in 2013.

If you made a mistake on your taxes


It’s a common occurrence during tax-filing season to discover that you botched a previously filed return. Say you just figured out that you missed some tax-saving deductions and credits on your 2014 Form 1040, which you filed only a few weeks ago. Or you might have just learned that you failed to claim some righteous breaks on your 2013 return, which was filed last year. Don’t feel bad.

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.

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