What to do if you receive an IRS notice

For more information about IRS notices and bills, see IRS Publication 594, What You Should Know about the IRS Collection Process. Information about penalties and interest charges is available in IRS Publication 17, Your Federal Income Tax. Each year, the

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Posted in IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Relief

Amending Your Tax Return

The IRS usually corrects math errors or requests missing forms – such as W-2s or schedules – when processing an original return. In these instances, do not amend your return. However, you should file an amended return if any of

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Posted in Amended Tax Return

Where is My Tax Refund?

If you file a complete and accurate paper tax return, your refund should be issued about six to eight weeks after the IRS receives your return. If you file your return electronically, your refund is issued in about half that time

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Tax Payment Options Available

The Internal Revenue Service reminds taxpayers who owe but can’t pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline. Taxpayers should file their return on

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Making Tax Payments: IRS Form 1040-V

If you have a balance due when filing your income tax return, remember to make sure your tax payment check or money order is payable to the "United States Treasury." Complete and include IRS Form 1040-V, Payment Voucher, when sending

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Posted in Paying Taxes, Tax Guidance & Preparation

Coverdell Education Savings Accounts

A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no

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Posted in Children, Education Expense

Deducting Vehicle Donations

If you donated a car or other vehicle to a qualified charitable organization and intend to claim a deduction you should review the special rules that apply to vehicle donations. You can deduct contributions to a charity only if you

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Posted in Charitable Contribution

Deducting Costs of Refinancing Your Home

If you refinanced your home mortgage you may be eligible to deduct some costs associated with getting the new loan. The term "points" is used to describe certain charges paid to obtain a home mortgage. Here are some things to remember when

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Posted in Mortgage

Sale of Your Home

If you have a gain from the sale or exchange of your main home, you may be able to exclude all or part of the gain from your income. Individuals may be able to exclude up to $250,000 of capital

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Posted in Passive Activity, Tax Guidance & Preparation

Home Office Deduction IRS Publication 587

If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of

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Posted in Employee Business Expense, Home Office
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