Countless people find themselves victims of tax preparation scams each year. But with a little research and some street smarts, you can keep yourself safe from scammers. Do you know all about the latest tax preparation scams? Every year, shady scammers try to take advantage of tax filers. And, unfortunately, they often succeed. Don’t turn your tax information over to a third-party without knowing if they're legitimate. Here are the three most common IRS schemes and scams: #1: We Can…
It’s Not Too Late for Tax Prep Did you put off your personal tax prep this year? There’s good news for taxpayers who forgot to submit their returns on time this year. The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. Every taxpayer knows that normally, they…
Here’s why the right tax preparation software is better than using a pencil and paper. As tax season looms near, you’ll start hearing more about tax preparation software. But should you make the switch? If you’re like the majority of people, the thought of doing your taxes makes your heart skip a beat—and not in a romantic comedy sort of way. You may even put it off until the last minute out of fear. Instead of working harder on your…
Start your tax preparation on April 14th? That doesn’t make you early to the game. When it comes time to start your tax preparation, how early is too early? While you probably know doing your taxes right before the April 15th deadline is not the smartest idea, you may not know how soon you should start. There is a misconception that you must wait until a specific day to even think about your taxes. Here’s why it’s best to pull…
The popularity of DIY tax software for your personal taxes is on the rise. How will you choose the right one? Do you want to purchase tax software for your personal taxes so you can do it on your own? More people than ever are using software programs to help them fill out their federal and state tax returns. But not all programs are the same. Here’s what you should be seeking when it comes to an at-home tax program.…
These tried-and-true estate planning tips, strategies, and advice will help your loved ones if something happens to you. As you prepare for the unexpected, these estate planning tips, strategies, and suggestions are sure to help. Finalizing things now may mean the difference between your loved ones dealing with legal headaches or being able to mourn in peace. Here are the best strategies that everyone can put to use: Write a Will Now Do you have a will? Many adults don’t feel…
Don’t fall victim to these tax preparation rip-offs. Tax preparation scams affect countless taxpayers every year. And just like you, the victims never thought it would happen to them. Fraudsters prey on innocent people every season with alluring ads and promises of bigger refunds. However, before you let anyone touch your return, make sure you know how to avoid some of the most common tax scams. Think Twice If It Seems Too Good to Be True When it comes time…
2019 Tax Bracket Why does everyone seem to care so much about their 2019 tax bracket? As a taxpayer, you pay a percentage of your earnings to the IRS each year. The government uses this money to fund almost everything, from public schools to military defense. How much will you owe this year? Depending on your annual income, you may end up owing anywhere from 10% to 37% in taxes. Knowing your bracket will help you determine how much you…
Beginning tax prep early may save you from a few headaches down the road. Putting off tax prep until tax season rolls around is never a smart idea. However, for many filers, this is their reality each year. Instead of organizing their taxes during the year, most haphazardly prepare them right before the deadline. Don’t follow this poor example. Here is why it’s never too early to start preparing your taxes for next year. Keep Deductions in Order Long gone…
Learn the benefits and pitfalls of relying on online tax calculator estimates for your personal tax liability for the year. When it comes time to figure out how much you will owe Uncle Sam this year, you may wonder if online tax calculator estimates are reliable or not. There are a ton of different calculators available. They’re designed to make it easier to determine your personal tax liability. But, do they really work? Here’s what you really need to know…
Knowing what triggers a tax audit may help you avoid a problem with the IRS this tax season. With tax season looming near, you probably want to know what triggers a tax audit. Even hearing the word audit can make your palms sweat and your pulse race. After filing your taxes, the last thing you want to deal with is an unexpected IRS audit. New tax codes make it especially challenging to avoid IRS problems. However, the good news is…
Is 2019 tax preparation software your new best friend? Have you invested in 2019 tax preparation software? Word on the street is that now is the time. This might be an especially tempting choice if you own a small business. You want your tax filing to be quick and easy, but even more importantly, you want it to be accurate. But can software really provide everything you need? Before you take the leap, take a look at what tax preparation…
