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Did you file your taxes on time? If not, do you know what to expect?
What to Know about Late Filing and Late Paying Penalties April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on time, you will usually owe …
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Changing your name can affect your taxes…
What You Should Know if You Changed Your Name IRS Tax Tip 2015-22 If you changed your name last year, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name: …
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You may be eligible for the Retirement Savings Credit? Learn more here…
Save on Your Taxes and for Retirement with the Saver’s Credit If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should …
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It is important that you file your tax return on time even if you can’t pay!
File on Time Even if You Can’t Pay Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay all …
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There are 5 things phone scammers will do that the IRS will not…
"This is no April Fool's joke. Everyone should be on the lookout for threatening calls from people faking IRS phone numbers and demands for immediate payment," IRS Commissioner John Koskinen said. "These are scams. I urge taxpayers to stay vigilant and remain aware of the constantly changing tactics used by these criminals.” They often leave …
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The date for many retirees to take required minimum distributions (RMD) approaches!
"Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions" The IRS released a reminder to 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 …
Taxpayers not expected to pay additional taxes based on corrected Form 1095-A.
Statement from a Treasury Spokesperson on Forms 1095-A 3/20/2015 WASHINGTON - In light of today’s announcement—regarding additional incorrect information on certain Marketplace tax statements (Forms 1095-A)—the Department of the Treasury is expanding the relief it announced previously on February 24,which will mitigate any harm to tax filers. Any individual who enrolled in qualifying Marketplace coverage, received …
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IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2011 Federal Income Tax Return!
IR-2015-44, March 11, 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 …
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