April 1 Deadline to Take Required Retirement Plan Distributions The Internal Revenue Service today reminded taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to owners ofRead more
Health Care Tax Credit
Employers: Don’t Overlook the Small Business Health Care Tax Credit Do you own or run a small business or tax-exempt group with fewer than 25 full-time employees? If you do, you should know that the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to saveRead more
Education Tax Credits
Education Tax Credits: Two Benefits to Help You Pay for College Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax youRead more
When Will I Get My IRS Tax Refund?
Checking the status of your IRS Tax Refund WASHINGTON — The Internal Revenue Service today reminded taxpayers that they can quickly check the status of their tax return and refund through “Where’s My Refund?” Taxpayers who have not yet received their refunds can use “Where’s My Refund?” on IRS.gov or on the smartphone application IRS2GoRead more
Another Good Reason to Become a Pro in Tax Preparation
See this AP Press Article: IRS cuts taxpayer services as filing returns gets harder By STEPHEN OHLEMACHER, Associated Press WASHINGTON (AP) — The IRS is cutting taxpayer services to historically low levels just as President Barack Obama’s health law will make filing a federal tax return more complicated for millions of families. Got a questionRead more
5 Ways to Spot Scam Phone Calls
The Internal Revenue Service issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can soundRead more
Taxpayer Bill of Rights
WASHINGTON ― The Internal Revenue Service announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories,Read more
Received a Notice from the IRS
What to do if You Get a Notice from the IRS Each year the IRS mails millions of notices. Here’s what you should do if you receive a notice from the IRS: 1. Don’t ignore it. You can respond to most IRS notices quickly and easily. And it’s important that you reply promptly. 2. IRS notices usuallyRead more
IRS Warning of Telephone Scam
WASHINGTON — the Internal Revenue Service issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to rise nationwide. These scams won’t likely end with the filing season so the IRS urges everyone to remain on guard. The IRSRead more
4 Tax Credits That Can Reduce Your Taxes
Here are four tax credits you should consider when filing your 2013 taxes. Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund. Earned Income Tax Credit The Earned Income Tax Credit is a refundable credit forRead more