The IRS uses a progressive tax system to determine how much money each citizen owes at tax time. This system involves using a series of brackets that indicate at what percentage each level of income is taxed. A number of misconceptions exist about tax brackets and the reasons for why they are used today. You can clear up any confusion and prepare to file your taxes better by learning the basics of tax brackets.
The Affordable Care Act will play a significant role in how you file taxes this year. If you do not have the lowest level of health insurance or failed to buy coverage at all last year, you could incur fines that take away from your refund or increase what you owe the IRS. Find out if you have to pay Obamacare fines this year or if you are exempt by learning more about the 2017 Affordable Care Act penalties.
Editor’s Note: This post was originally published in February 2017 and has been updated for accuracy and comprehensiveness.
As the IRS reviews your tax returns each year, they are paying very close attention to the details. They look for any entry that makes this year's return seem markedly different from last year's.
If the IRS finds discrepancies, your return may be be set aside for review or even an audit. Make sure your return is accepted and processed smoothly by avoiding these common tax filing mistakes this year.
Taxpayers who anticipate big refunds each year often look forward to the start of tax filing season. They know that within a few weeks that they will have a refund that totals hundreds or even thousands of dollars.
With the 2017 tax preparation season underway, now is the time to consider ways that you can lower your tax liability. When you want to ease what you potentially may owe or even anticipate an IRS refund, you can use these five 2017
tax breaks when filing your returns this year.
The IRS has the obligation to go after tax debts that are owed to the government. When you are delinquent in paying your taxes, you can expect the IRS to contact you and use all legal means to settle your account.
The inauguration of the new president in 2017 may greatly impact the way that Americans file their returns this upcoming tax season. The manner in which taxes were prepared and paid may no longer be the standard on which taxpayers can rely. Get ready for the 2017 tax season by discovering what changes may be lying in wait for you and your return.
d
December is a busy month for the IRS as it gears up for the new year's tax season. Numerous important tax deadlines fall during this month and could impact your finances and the way that you can file your tax returns after the turn of the year. Set yourself up for the most advantageous tax prep season by discovering what important IRS deadlines you should meet during the month of December.
Scam artists get creative in the ways that they take advantage of unsuspecting victims. They use the latest technology to broaden their targets and to prey on vulnerable individuals like the elderly.
Read More >
When you owe back taxes, the IRS may attach a lien to any property or assets that you own. This lien makes it difficult if not impossible to manage these possessions until your debt is satisfied.
However, you may be able to obtain a Certificate of Discharge, or COD, from the IRS under certain circumstances. These criteria may be sufficient for the IRS to release the lien and allow you more access to your assets or property.
