Well, 65 might be the new 50 to you, but to Uncle Sam, it means you're elderly. Embrace it! Being considered elderly could have a positive effect on your taxes, as in you may not need to pay as much in taxes as that 64-year-old whippersnapper.
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If you owe back taxes, consider signing up with a payment plan with the IRS. Yes, the IRS actually has payment plans for people with low income, not enough time, or maybe just some plain bad luck.
Once again, in 2017, the federal government pledged to simplify the income tax code. And they did…sort of. The Tax Cuts and Jobs Act of 2017 had a lot to unpack. Some things changed. A few stayed the same. It’s a lot to digest, even after filing in 2019. Now seems like a good time to put some of the changes in tax law in one place, plus highlight a few items that differ for filing in April 2020.
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It’s October. Do you know what that means? If you filed for a tax extension earlier this year, it’s time to file your taxes. And If you haven't spent the last few months doing so, you need to get all your supporting documentation together, get your taxes calculated, and file the whole thing by the middle of this month to avoid penalties and additional interest.
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Not filing taxes for several years could have serious repercussions. Not only can the IRS stop you from applying for a passport or a mortgage, but they can also create a Substitute for Return against you, charge you for failure to pay, or charge you for failure to file.
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As it turns out, non-profits must follow more than the tax law when it comes to being an exempt entity. If they hire employees, they also have the responsibility for payroll taxes, just like any business.
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The Tax Cuts and Jobs Act of 2017 created significant changes in exemptions, deductions, and credits for your federal taxes. One change you may not have noticed is the way alimony is treated.
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If you weren’t one of the taxpayers caught off-guard by a smaller than expected tax refund last spring, or worse, received an unexpected tax bill, the IRS has a tool for you.
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It seems as though the IRS doesn’t let a day go by without making announcements sure to put fear into the American taxpayer. Including the ones in this post, the IRS has launched 59 campaigns to date.
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As easy as technology has made it to file taxes quickly and get that all-important rebate deposited right into your bank account, it has also made it easier for thieves to steal your identity to commit tax fraud. Tax professionals are on the hook as well. They must follow scrupulous security procedures to ensure their clients’ data isn’t exposed.
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