Not filing tax returns on time is not the end of the world, but it can get costly. But let’s focus on the positives first. If you do not owe anything, but instead are expecting a refund, there is no penalty for not filing taxes. The late filing penalty and...

The Internal Revenue System estimates that close to 15 million taxpayers will file taxes after April 15th. Many of them will qualify for the extension by filing a form, but there is another group of taxpayers who qualify for extension without having to request it. So, who are the taxpayers...

With tax filing deadline fast approaching, it is important to consider that filing on time is the first step to avoid paying penalties and fees. Due to the changes in tax law, many taxpayers did not make adjustments on W4’s to their withholdings and consequently were negatively impacted when the...

Besides the recent changes to the tax law – the Tax Cuts and Jobs Act – there have been changes to Form 1040. Namely, the phase out of Form 1040A and Form 1040EZ. All reporting is now consolidated on a single form without the need to select the proper one....

Competition to process tax returns pushes some preparers to less scrupulous methods, among them promise of large refunds. There wouldn’t be anything wrong with that except for the fact that they are willing to misrepresent taxpayer’s information to generate inflated refunds. Providing false information is illegal and may carry financial...

The IRS collaborates with thousands of volunteers who help prepare tax return in their communities. According to the IRS, they assist in preparing millions of tax returns every year. The two most common type of help organizations endorsed by the IRS are The Volunteer Income Tax Assistance (VITA) program and...

Despite the government shutdown earlier this year, there was a minimal impact on processing tax returns and issuing refund payments. We’re back to business as usual for the IRS and the typical processing times are applicable again. The speed of receiving your refund is tied to how you like to...

I’m about to get started with my own tax returns, and even though it’s not the highlight moment for the year for me, it is an opportunity to organize my documents. I find it much easier to get through the tax season when I’m well prepared and organized. Having a...

Many taxpayers are getting a refund this time of the year but it doesn’t apply to everyone. You only get a refund if you had withholdings throughout the year, but those who are self-employed, run a small business, or minimize the amount of withholdings on their W-2s may have a...

Over the last several years, TurboTax has moved away from offering product support via phone. Instead, it has opted for users to email any questions or find solutions independently and TurboTax is facilitating it by providing multiple resources. When you have an inquiry of any type, Intuit, the maker of...