Summer is in the full swing and thousands of children are spending time at summer camps. Although tax season is still months away, there are certain instances in which you’ll be able to claim a tax credit for some of those summer camp expenses. Not every summer camp expense is...

Updated May 27, 2015 – The IRS reported a breach at one of its online services that might affect as many as 100,000 U.S. households. The perpetrators used personal information, obtained from other sources, to steal previously filed tax returns and file for fraudulent refunds. It appears that the thieves...

With just a few days left to file taxes the IRS still expect to receive millions of tax returns. Before those returns are filed, many taxpayers will head to the local IRS offices for help. With limited resources and little time left, the IRS anticipates very long lines and wait-time...

There are only 3 days left to file taxes and you may have to file for extension to get some more time to organize all the necessary documents. If you’re using TurboTax to file taxes this year, there is an option within the software to help you get it done...

For the first time this year taxpayers have to share information about their health insurance with the IRS. The taxpayers who do not have health coverage – except for certain situations that can exempt them from health coverage requirement – may face penalties. This additional level of reporting and potential...

For many of us refund amount we are to receive, or worse a requirement to pay, is an enigma. There are so many factors that can influence that amount because or situation can change so many times throughout the year. If you filed your tax return already and weren’t satisfied...

If you didn’t receive the full refund amount you were expecting, one reason for that may be that the missing amount was used to pay some past unsettled debts. The Treasury Offset Program (TOP) is an arm of the government, namely Bureau of Fiscal Service and its Debt Management System,...

If you did not work in 2014 and have zero earnings you are not required to file a tax return. In fact, you may be exempt from filing a tax return if your income fell below the following limits: These amounts vary depending on your age and filing status and...

For some people filing taxes is a breeze, and for others quite a torture. All depends on complexity of your income and expenses and how well you are organized when tax time rolls around. The bare minimum required to file taxes: W2 Form – it details how much you earned...

There has been an ongoing discussion that the rich pay less in taxes, and that they don’t contribute to the economy the same way the rest of hardworking Americans do. What I wanted to know is how is it possible that the rich – you input your own definition of...