The tax return extension deadline is fast approaching but there is still plenty of time to file taxes. Despite the fact you may not have the entire amount you owe at this time, it’s better to get the process started and avoid late payment penalties. So far this year the...

A decision between which version of QuickBooks 2015 to pick should not come down to price (which, both versions happen to be on sale right now) but rather to the features you will require. QuickBooks Premier is more robust than QuickBooks Pro but unless you take advantage of the additional...

School season is underway and if you, your spouse, or a dependent decided to take higher education courses, some of the expenses such as tuition, books, and fees, may be tax deductible. Tax credit lowers your overall tax liability and deduction lowers your taxable income, in any case, each one...

Mistakes happen and if you’ve just discovered an error on your past tax return you can still make it right. Your refund or the amount you owe to the IRS will change if you discovered that any of the following mistakes were made: You used an incorrect filing status (filing...

The IRS issued a new alert in response to the increase in phone scam activities by individuals pretending to be the IRS representatives. As we are getting closer to the end of the extension period to file taxes (October 15) and only a few months away from the closure of the current...

One of the most common questions that we run across here at Let’s Do Taxes is “How do we deal with home-based business expenses when conducting business at two different locations in a tax year?“. Well, as you know, when operating a home-based business there are certain expenses you can...

It is not always easy to comply with the U.S. Tax System and although we all may disagree on many of its policies it’s the law that must be followed. Every year the IRS deals with hundreds of cases of frivolous tax arguments made by the taxpayers trying to avoid...

Today I came across an article posted by the U.S. Government Accountability Office, which conducted a study of accuracy of the tax returns prepared by paid professionals. Although the study is limited in its scope, it found significant errors made by the tax professionals and great discrepancy in the amount...

Time to file your 2013 tax return is fast approaching and not everyone is going to make it on time. The IRS reports that last year over 12 million taxpayers filed for extension to file taxes. Once approved, the extension is good for 6 months giving you until October 15...

Taxpayers who meet certain income level may qualify for Earned Income Tax Credit (EITC) that helps lower the overall tax liability. Besides income there is one more category that determines the final amount of the credit and it is a number of qualifying children one can claim as dependents. Earned...