For most people these days, tax return preparation is done by someone else. The IRS statistics bear this out. According to IRS data, most U.S. taxpayers used paid preparers. Even lawmakers who pass the tax laws generally do not–or cannot–prepare their own tax returns. With over half our returns being prepared by someone else, it…
WASHINGTON – The Internal Revenue Service said mid-February marks the agency’s busiest time of the year for telephone calls. The IRS is reminding taxpayers who have questions about their tax accounts to be prepared to validate their identity when speaking with an IRS assistor. This will help avoid the need for a repeat call. The…
WASHINGTON – For the third consecutive year, the IRS places abusive micro-captive insurance tax shelters on its list of “Dirty Dozen” tax scams. The list, compiled annually, describes a variety of common scams that taxpayers may encounter. Many of these schemes peak during filing season as people prepare their returns or hire others to help…
A powerful scam whose targets were exclusively businesses is now being used against nonprofit organizations and others, according to Connecticut Better Business Bureau. The Internal Revenue Service (IRS), says the “W-2” scam is carried out by criminals who disguise an email to make it look like it came from a business executive. The IRS says…
WASHINGTON — The Internal Revenue Service today continued issuing its annual list of common tax scams by warning taxpayers to avoid schemes to erroneously claim tax credits. This year’s “Dirty Dozen” includes falsifying income to claim tax credits. “Taxpayers should ensure all the information they provide on their tax return is accurate,” said IRS Commissioner…
There’s plenty of paperwork to keep track of during tax season. Do you have your W-2? How about a 1099 for the other job you have? Or receipts from the medical expenses you incurred in 2016? You think you’ve got enough to worry about? Think again. The Internal Revenue Service says don’t forget about…
The Internal Revenue Service and state tax authorities are seeing a sharp decline in tax filings during the first weeks of tax season. The slowdown may be due to delays in processing the Earned Income Tax Credit and the Additional Child Tax Credit, fears of extra scrutiny of tax returns of undocumented immigrants by the…
WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2017 filing season. Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter any time but many of these schemes…
February 9, 2017 Congratulations! You made it through another year. What better way to start 2017 than with 17 great money-saving tax deductions? Use them to save money on your 2016 taxes if applicable, and keep them in mind to save on next year’s taxes as well. 1. Charitable Donations: Donations to a qualified charitable…
If you are hiding income from the taxman–or just worried you might not be able to substantiate every deduction–are you at risk for three years, six years, or more? Taxes are horribly complex, and even innocent activities can be misinterpreted. That’s one of many reasons it pays to know how far back you can be audited. Start with the…