The Most Common Reasons Tax Returns Get Audited

“Only about 1% of taxpayers are audited. What triggers an audit is generally something on the tax return that’s out of the ordinary,” he says. “For example, if you have a side business and file a Schedule C, the IRS will flag large losses, particularly if they offset other income. The IRS is looking to Read more about The Most Common Reasons Tax Returns Get Audited[…]

10 Most Tax-Friendly States in the U.S.

10 Most Tax-Friendly States in the U.S.   Given a choice of several job opportunities across the country, or several contiguous states in which to live for a job in the area, don’t overlook the impact of state and local taxes on your household finances. These ten states impose some of the lowest taxes in the Read more about 10 Most Tax-Friendly States in the U.S.[…]

Summary of Federal Tax Law Changes for 2010-2016

Learn how federal tax law changes could impact your tax return in 2010 and beyond. Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term planning, this article explains Read more about Summary of Federal Tax Law Changes for 2010-2016[…]

Do You Really Have To File Tax Return in 2015?

Do You Really Have To File Tax Return in 2015? Tax season opens in a few days. The Internal Revenue Service expects to process nearly 150 million individual tax returns by the time tax season wraps. Will you be filing one of those returns? And more important, do you need to? For the 2015 tax season, Read more about Do You Really Have To File Tax Return in 2015?[…]

IRS Opens Tax Filing Sooner in 2015

IRS Opens Tax Filing Sooner in 2015 The IRS will open the 2015 tax filing season on Jan. 20, or 11 days sooner than it began accepting returns one year ago. The start date applies to both paper and electronic returns and was set after Congress renewed a number of “extender” provisions of the tax law Read more about IRS Opens Tax Filing Sooner in 2015[…]

Know Your State Tax Filing Status for Same Sex Couples

Know Your State Tax Filing Status for Same Sex Couples The federal government has made some things clear: Same sex couples married in any jurisdiction that permits such unions must now file their federal returns as married, even if they live in a state that doesn’t recognize their marriage. But the rules for state tax Read more about Know Your State Tax Filing Status for Same Sex Couples[…]

IRS Releases Dirty Dozen Tax Scams for 2014

  The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to  use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common Read more about IRS Releases Dirty Dozen Tax Scams for 2014[…]