It’s summer time already that means school vacations, child care and self employed teens. There are 2 summer events parents need to think about. That is childcare for your little ones and what teenagers need to do. These tips will help you manage the summer finances a little easier for you as parents. This article will also explain what teens who earn money from a summer job should do. Continue reading
Room Rentals Generate Good Income
Are you familiar with how the IRS treats the income and expenses for when you rent rooms in your home? Due to the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Some questions that often come up in regard to room rentals include: Is the income taxable? If so, how do I report the income from a room rental? What deductions can I take on my tax form? Can I claim a loss on rent? Answers to these questions are as follows: Continue reading
Did you know you can e-file your income tax return to save time?
Some taxpayers go the old route of filing paper tax returns. This is a great time to implement electronic filing. Since the April tax deadline is very close, this is the as good a time as any to e-File with the IRS. This blog lists 5 reasons why you should e-file your income tax return soon. Continue reading
A Summary of Tax Reform Changes and Where Taxpayers Can Find More Information.
In this summary of tax reform, we will see that major tax law modifications affect every taxpayer that files a 2018 tax return this year. This article is to assist taxpayers in fully grasping these changes. Therefore, the IRS has made available some resources that are on the IRS.gov website. Here’s a brief summary of key changes:
Was Your Tax Refund Lower Than Expected This Year?
Did you expect have your tax refund lower this year? You are not alone! In fact, the IRS put out a report by the Treasury Department on February 14th. The IRS report said that, the average refund it is paying in 2019 has gone down to $1,949 from $2,135 in the prior year. On average the tax refund decrease was $186 per taxpayer. In addition, the number of taxpayers filing returns so far has Continue reading
Forms 1040: Six New Schedules
There are six new schedules some taxpayers will file with the new 2018 IRS Form 1040. This new Form 1040 replaces the prior year Forms 1040, 1040A and 1040EZ. The 2018 IRS Form 1040 uses a cornerstone approach. This means that taxpayers only file the schedules they need with their federal tax return. The expectation is that numerous individuals will not need to file schedules, and only file the Form 1040. Continue reading
IRS Warning About Ghost Tax Return Preparers?
Today, as we are well into the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. Continue reading
Do you owe the IRS money for taxes? Can you afford the tax penalty on the money you owe to the IRS?
Nothing can be more taxing than to discover you owe the IRS money. When calculating your taxes, especially when you already are struggling financially, this is stressful. The concern, of course, is where do I get the money and how long do I have to pay it? You are responsible to file your tax return on time, regardless whether you can’t pay the taxes you owe. Unfortunately, you will face a tax penalty if the money is paid late. This is just one reason why people hate tax time! Here are 5 things you should know when you owe the IRS money. Continue reading
Where’s My Refund? Tool helps taxpayers check the status of their refund
The best option for taxpayers to find out the status of their refund is to use the Where’s My Refund? tool on IRS.gov. This tool gives taxpayers access to their tax return and refund status at any time they are online.
The IRS 2019 Tax Season Has Begun
The 2019 tax season has begun for taxpayers and businesses. The agency is officially accepting and processing federal tax returns for tax year 2018. Even though major tax law changes are in effect due to the Tax Cuts and Jobs Act, the IRS has been able to kick off the season without a hitch. Continue reading