Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions.Continue reading
Tax Time! IRS has issued a Tax Tip (Issue Number: Tax Tip 2018-56), here it is…
The tax filing deadline is Tuesday, April 17 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra two days, the IRS urges taxpayers to avoid waiting until the last minute to file their taxes.
For those who have yet to file, the IRS has five quick ideas to help:
1. Gather Records. Good recordkeeping is important. It helps to ensure that nothing gets overlooked. Records such as receipts and cancelled checks also provide expense documentation.
2. Use IRS Online Tools. The IRS has many useful online tools, including the Interactive Tax Assistant, which provides answers to many tax questions. It gives the same answers that an IRS representative would give over the phone. Continue reading