You should review your tax withholding every year to see if any adjustments are needed. However, you should pay especially close attention to your tax withholding after doing your 2018 taxes because so many tax laws were affected by the Tax Cuts and Jobs Act (TCJA)....
Month: April 2019
What to Do If You Don’t Receive an Informational Tax Form
When you don’t receive an informational tax form you need to do your taxes, you’ll still be required to report that information on your return. You may need to contact the business that should have issued the form or to simply use your own records to add the necessary...
What to Do If Your Tax Forms Contain Errors
When you receive an informational tax form with errors, you should attempt to contact the issuer and get a corrected form. If you are unable to get a corrected W-2 or 1099, you should report the correct information on your tax return. Incorrect W-2 Forms Employers...
IRS Notices: Notice of Underreported Income
The CP-2000 Notice of Underreported Income is sent when the information on your tax return doesn’t match information the IRS received from a third party. Whether you agree or disagree, you should respond to this notice because it could result in a higher tax...
Should You Request a Tax Filing Extension?
As the tax season comes to a close, many taxpayers will be scrambling to finish their returns. You may be tempted to request a filing extension in these cases, but you should understand what an extension will and won’t do for you. Benefits of a Tax Filing Extension An...
IRS Notices: CP 508C Passport Revocation or Denial
The CP 508C notice is telling you that your passport may be revoked or denied because you have seriously delinquent tax debt. You’ll need to resolve your tax problems with the IRS in order to keep your passport or have your next passport issued. Why You Are Receiving...
IRS Notices: Final Notice and Intent to Levy
The Final Notice and Intent to Levy is a warning from the IRS that your assets or wages are about to be seized. This is also referred to as a Collection Due Process (CDP) notice because you have the right to request a CDP hearing. What to Do With the CDP Notice First,...
IRS Notices: CP501 for a Balance Due
The CP501 notice is a bill for unpaid taxes from the IRS. This notice is less aggressive than some other IRS notices, but it can still result in consequences if you don’t take action to resolve your tax debt problems. There are several ways to respond to a CP501...
IRS Notices: Refund Holds for Delinquent Returns
The CP88 Notice is used when a taxpayer’s refund is being held because they have delinquent tax returns. When you receive this notice, you should either file your past due returns or notify the IRS that you were not required to file a return. Why Refunds Get Held The...
What to Do If You Get an IRS Audit Notice
Even the most honest taxpayers get nervous when they receive a notice of an IRS audit. The audit process can be stressful, but many audits can be resolved fairly simply and without even meeting face-to-face with your auditor. If you receive an IRS audit notice, follow...