The Tax Cuts and Jobs Act included a deduction for pass-through business to level the playing field with corporations who received a significant tax break. If you are self-employed, an independent contractor, or own a business other than a C corporation, this new...
IRS Tax Help
5 Reasons to File Tax Returns on Time
Missing the tax return filing deadline can have serious consequences, whether you are owed a refund or have a balance due. If you haven’t yet filed your tax return this year, consider these five reasons to file your tax return on time. Get Your Refund (Before It...
Options If You Can’t Pay the Balance on Your Tax Return
Entrepreneurs, independent contractors, and other taxpayers may become accustomed to having a balance due when they file their tax returns. Even if you can’t pay your full balance right away, you should still submit your tax return on time to avoid the failure-to-file...
What to Do When You Owe a Balance on Your Tax Return
Although many people associate tax season with getting a nice refund check, some taxpayers do end up owing a balance when they file. A large balance due can put you in a difficult situation, especially if you weren’t expecting it. Double-Check Your Return Once you see...
Why Is Your Tax Return Being Rejected?
Tax return rejections are a frustrating, but fairly common experience. You may be able to correct the mistake that caused the rejection or submit a paper return if you can’t get an acceptance using e-file. Correcting Errors Probably the most common reason returns are...
When to Use an IRS Identity Theft Affidavit
You should use the IRS Identity Theft Affidavit on Form 14039 when you know or suspect that someone has used your personal information to file a fraudulent tax return. This form alerts the IRS of the issue so they can examine your account for suspicious activity. When...
Tips to Prevent and Deal With ID Theft This Tax Season
Tax-related identity theft occurs when someone else uses your personal information to file a tax return. This can cause your return to get rejected and could lead to other problems, such as IRS tax debt that is due to a fraudulent filing. Take the following steps to...
Tax Filing Extensions vs. Tax Payment Extensions
The IRS offers both tax filing extensions and tax payment extensions. Each program has its own conditions and benefits. Automatic vs. Conditional The filing extension is automatic for taxpayers that request it. There are no conditions to meet—just send in the filing...
Benefits of Filing Your Taxes Early
Many taxpayers fall into one of two categories—those who eagerly file their returns early (often to get their refund) and those who until the last minute to file their returns. Regardless of your situation, there are several benefits to filing your return as soon as...
Hardship Distributions from an IRA
If you haven’t reached retirement age and need quick cash, it may be tempting to take money out of your IRA. However, there are some consequences to consider that could result in tax problems later on. Know Your Taxes Distributions from a traditional IRA are generally...