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Being audited by the IRS is definitely a big fear for many taxpayers. Having to dig up old records and receipts to provide backup for deductions isn’t something any of us want to do. Yet, this fear rarely becomes a reality for the vast majority of individuals. According to the latest IRS Fiscal Year Enforcement [...]

Although most economists now believe that we’re no longer in a recession, the reality is many taxpayers are still hurting financially. To offer some relief to these individuals, the IRS has extended their “Fresh Start” initiative to help those who are struggling to pay their taxes. There are three components to this expanded relief initiative. [...]

Every year, “tax day” represents not only the day personal income taxes are due, but for those individuals who file quarterly individual estimated payments, it is also the day that quarterly payments are due. Not sure if you need to file quarterly individual estimated payments? Estimated tax payment is the method used to pay tax [...]

April 17th may mark the deadline for filing personal income tax returns, but for business owners, it marks the few weeks left before the first quarter employers’ federal tax return filing date. Also known as Form 941, this quarterly form must be filed by all employers subject to income tax withholding, Social Security, and Medicare [...]

Even though the economy is beginning to slowly regain strength, many homeowners are still finding themselves underwater on their mortgages due to the substantial drops in home values that have occurred over the last five years. For some, the answer is foreclosure, loan modification, or short sale. Prior to 2007, forgiven mortgage debt was considered [...]

With the recent controversy and legal cases involving large e-commerce retailers such as Amazon, the topic of Use Tax has definitely been in the news. This has spawned many questions from taxpayers about Use Tax. What is it? When should it be paid? And, how does one file a Use Tax return? Let’s take a [...]

Have you wondered if you should be making estimated tax payments? It’s a common taxpayer question, and one that can be very important for your overall tax planning. As we’re nearing Tax Day on April 17th, many of us want to better plan for next year’s taxes. For some, the answer is paying estimated tax. [...]

Have you always received your tax refund in the form of a check delivered by the US Postal Service? Wondering if there are any advantages to switching to direct deposit? The answer is definitely, “Yes!” The biggest and most obvious reason for choosing direct deposit for your refund is the fact that you will typically [...]

Did you know that more than 70 million taxpayers file their tax returns electronically each year? The Internal Revenue Service is working towards having every taxpayer eventually file their taxes online because it’s a far more efficient and cost-effective way for them to process the tremendous amount of tax-related data they receive. Choosing to e-file [...]

While it would be wonderful to receive your tax refund immediately after filing, the Internal Revenue Service has a schedule that it follows for issuing federal tax refunds. They call this the “refund cycle” which can be seen in Publication 2043. For tax returns accepted by the IRS before 11 am on Wednesdays, the IRS [...]