Did you know that each year the IRS has upwards of a billion dollars in unclaimed tax refunds? That’s right, a billion dollars of money that is owed to taxpayers across the country. How does this happen?
Some believe that you can deduct contributions to any organization you want. Others insist that you can deduct the value of time spent volunteering. In fact, both of these ideas are wrong. Here’s the a quick guide to charitable deductions.
You beat the tax deadline and were lucky enough to get a tax refund! But what happens when the amount the IRS has deposited into your bank account is less than the amount you expected. Your tax refund may have been offset by the Treasury Offset Program. Here are the most common examples of past due debts that can offset (reduce) your income tax refund.
If you’re a true bargain hunter, you’ve probably heard about duty-free shopping before. It’s an opportunity to save tens or hundreds of dollars on your purchases by shopping in areas that have been designated as “duty” (or tax) free. Unfortunately, like many shopping tactics, duty-free isn’t always clear-cut. Today, we’ll introduce you to the topic with our beginner’s guide on duty-free shopping.
Say you suddenly find yourself in need of one of your old tax returns. Such a circumstance might come about when applying for a loan, be it a home mortgage, refinancing, or for college funding. If you’re unable to find your return among the piles of old photo albums and dated baseball cards in your closet, the IRS can help. Here’s how.
Every year, disgruntled taxpayers try to dodge their IRS obligations using shady and questionable loopholes. These dubious shortcuts always sound clever, but, it’s important to realize that most of these tax stunts don’t work at all. Worse yet, they are actually illegal and will land you in serious hot water if you ever get caught.
Although filing an income tax return is not a straightforward exercise for most people, some taxpayers can file a condensed tax return using Form 1040EZ. While the 1040EZ might not be as simple as you’d like, it’s about the uncomplicated form the IRS has available.