An amended tax return is a formal document that a taxpayer may file to correct a tax return from the preceding year. It’s generally used...
As tax season approaches, it's important to make sure you're filing on time.
In this article, we’ll discuss exactly how to calculate your student loan interest deduction so that you can speed up...
Here are some specific year-end tax tips that will help you make the most out of your return:
Under official IRS rules, qualifying dependents can take on any number of forms. But in order to claim someone as your dependent...
Here's a handy list of some of the most commonly overlooked tax deductions.
If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...
Freelancers generally find they have a more difficult tax situation than most employees.
The processing of your return will be declared by the IRS whenever they say. The IRS stated that the 2018 tax season opened on January 29th.
For practical reasons, filing early generally reduces your stress levels at tax time.
Since a refund takes much longer for paper filers, the IRS and tax professionals recommend electronic filing.
Learn how to avoid an IRS Tax Audit with Taxfyle.
When you encounter a tax problem of any variety, here are a few steps you can take to resolve it.
If you are an employee, you have certainly noticed the taxes taken from your paycheck every month.
Own a rental property? As you know, the IRS requires you to report the rent you collect and pay income tax on those amounts.
Whether you'll be filing an individual tax return, a business tax return, or a combination of both, this can be a stressful time of year.
The Standard Deduction allows you a deduction even if you have no expenses that qualify for claiming itemized deductions.
Deductible taxes include state and local income tax or sales tax, property tax paid during, and any other mandatory tax charged.
Seven ways to maximize your refund this tax season.
The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late.
Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.
Learn how to estimate your tax refund using the Taxfyle calculator. Find out what information you need to estimate your income tax refund.
Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of qualified medical expenses that exceeds 10% of their AGI.
To see if one should itemize their deductions depends if their allowable itemized deductions exceed the standard deduction for the year.
The first step is always to read the notice, then review the information and compare it with your original return.
Selecting the correct filing status can be the first important step when properly reporting your tax return.
In order to avoid an underpayment penalty, the government expects to have received a certain amount of money depending on several factors.
A sales tax is a direct tax on the purchase of goods and services that many states and local governments enforce.
A couple of factors have to be determined before you can properly determine whether you are below the income thresholds to file a return.
Without an active extension in place, the last day to file your tax return is the original due date for the return.
The IRS offers an automatic six-month extension to file your taxes known as Form 4868 (Form 7004 for businesses).
When filing taxes for yourself or for your business, it's good to start by knowing what form you will be filing.
Every tax return and supporting forms should be kept. These include 1099s, expense tracking, W-2s, and other documents.
Generally the IRS will treat convertible virtual currency as property using established tax principles applicable to property transactions.
If you have ever prepared your own returns you have probably noticed AGI. AGI is basically your total gross income less specific deductions.
Buying a home is a huge investment, and knowing the tax implications attached to this decision can be invaluable.
After you submit your federal tax return to the Internal Revenue Service, you wonder when you can expect your refund.
As you've probably already heard from your favorite news sites, there are some changes in tax refunds this year.
While everyone appreciates a timely tax refund, there are a few situations that might cause a return to be delayed.
We would like to bring some facts to light that could have an impact on your finances as we start the new year.
As Tax season approaches, we want to make sure you have your taxes filed on time.
The best suggestion when dealing with an auditor in person would be to remain polite and organize all requested information beforehand.
The IRS will agree to work with you to set up a payment plan so the liability can be paid off with minimal hardship.
Determining the exact amount of withholdings you should be making in order to avoid any payment at tax time can be difficult to determine.
There are a number of situations that would prove hiring a professional worth while.
Married couples always have the option to file separately if they wish, however, the question in this scenario is why would they want to.
If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty.
If you owe taxes, it’s the result of your income exceeding your deductions and quarterly payments for the year.
A Social Security tax is the tax used to fund the Social Security program, which is levied on employers and employees.