Monthly Archives: April 2018

Your teen turned 16 and has finally gotten a first job. Congrats! As a parent, you may be wondering if you should file a separate tax return for your working teen. Basically, there are three different questions to answer to determine whether your child should file a return of their own. Does the IRS consider […]

Which Form-1040 is Right for Me?

When tax tie rolls around, there’s three different forms one can use in order to file their tax return: the 1040EZ, the 1040A, and the full Form 1040. There are benefits and restrictions to all three forms, so deciding which to use should be based on which is best for your tax situation. You can […]

Electronic Tax Payment Options

When it’s time to pay your tax bill, you have a few quick and easy options to make an electronic payment. Electronic Funds Withdrawal (EFW)- Taxpayers can chose to file their tax return electronically and pay directly from their personal bank account. You’ll need to e-file if you want to use this option, so it’s […]

You owe money to the IRS but aren’t able to pay the whole balance at once. What can you do? Relax. You have options. In most cases, taxpayers can qualify for a relief program to help repay their financial obligations to the IRS. The two most popular programs include: Payment Plans with Installment Agreements – […]

Disabled taxpayers who wish to deduct their medical expenses at tax time, generally must follow a unique set of rules to do so. Expenses related to the disability that fall under the category as necessary and ordinary business expenses include: Those necessary for you to perform your work in a satisfactory manner Goods and services […]

How Likely Is It I’ll Get Audited?

Believe it or not, the IRS does actually audit a significant number of returns. The common rumor is that the IRS audits fewer returns than you might think. However, the IRS generally audits tax returns six times more than is reported. The IRS reports auditing roughly a million taxpayers every year, (approximately 0.7% of all […]

Education Savings Bonds and Taxes

Qualified U.S. Savings Bonds generate interest, which isn’t required to be included in your income at tax time, if you used the bond to pay for certain higher education expenses. Additionally, that interest isn’t subjected to any state or local income tax. Note: You can’t use the same expenses to claim the interest exclusion for […]