New tax brackets have been released for income earned in calendar year 2019 for taxes due on April 15th. In 2020 that day falls on Wednesday. By releasing the tax brackets at this time, the IRS is giving the taxpayers roughly 6 weeks to make last minute adjustments to income...

What is H&R Block Emerald Advance and is it worth it? Beginning on November 18th (all throughout January 10th) you can visit any of the H&R Block locations to apply for the card. The card is essentially a line of credit that for many of its users works as advance...

Next Tuesday marks the deadline to file taxes for individuals who filed for extension. In order to minimize the cost of taxation, taxpayers who filed for extension, and especially those who didn’t, should do the following: File tax returns Pay as much as feasible, if owing anything Filing by the...

The bulk of the tax returns have been already processed and the available software have gone through a lot of review and scrutiny. Here are some highlights if you’re still wavering between the options. Overall, all the most popular products have received top scores from different reviewers. A decision to...

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...