With our tax returns due in just two days away – April 18th – You still have the option of filing for extension if you need more time to get your returns completed. Here is couple of reasons to consider filing for extension: – You don’t have all the information...

Updated April 15, 2017 – Did you know you can still file taxes for free? Filing taxes may only take your time, not money. Taxpayers who made $64,000 or less can use IRS Free File tax software to prepare their federal tax return. The software also includes free state return...

When preparing tax returns, there are certain common deductions every tax software checks for. Those typically represent the biggest impact to your overall refund or tax liability, but in the end every dollar counts. Vehicle registration fee is another one of those less common deductions that can have a positive...

In order to confirm your identity when filing taxes – efiling to be exact – the IRS uses your Adjusted Gross Income, or AGI from the tax return you filed in the prior year. There are few ways to get your AGI: – If you filed taxes using TurboTax last...

When visiting TurboTax website you encounter two products with very similar names: Freedom Edition and Federal Free Edition. Despite similarity in their names there is a significant difference between the two. One is appropriate for taxpayers filing the simplest tax return regardless of amount of income earned – TurboTax Federal...

This week the IRS will begin processing income taxes many of which will result in a refund. As reported by the IRS, last year the agency processed nearly 50 million individual income tax returns and 83% of them resulted in a refund. This year should not be a whole lot...

Posted January 17, 2017: In the upcoming months the IRS will start issuing and sending tax refunds to millions of Americans. This is also the time when most tax scams occur. Despite the repeated warning against phishing attacks, many individuals fall victim of this practice. The IRS reminds individuals that...

For income generated in 2016, the tax brackets are as follows:   Why do we have 7 tax brackets? American tax system is also called progressive tax system because it taxes higher earnings at higher level. Common misconception is that once you go from one tax bracket to another your...

In December of 2015 a new law was enacted that would, among other things, help protect taxpayers who file taxes early from identity theft. Protecting Americans from Tax Hikes Act (PATH Act) stipulates that taxpayers who claim Earned Income Tax Credit or Additional Child Tax Credit cannot receive their refund...

If you live or work in one of the 41 states or the District of Columbia you are required to pay a state income tax. Majority of states align the due dates to file taxes with the federal requirements so if you happened to file for extension to file taxes,...