With tax day looming just ahead, it comes as no surprise that the number of phishing emails has surged as well. They are not only targeting individuals, by emailing as someone legitimate from your bank or Human resources department but are also targeting companies in hopes of acquiring personal information and Social Security Numbers of [...]

With the tax season on, it comes as no surprise that a number of scams and myths start swirling around. Here we take a look at some of the most common income tax myths and the right way to go about it.   Tax-Deductible Work Clothes Not all work clothes are tax-deductible. The only type [...]

This year the standard deduction for heads of household, according to IRS, is $9300. For single filers and married couples filing separately, it is $6300 and $12600 for jointly filing married couples. Like anything, taking standard tax deductions has its pros and cons, which are discussed below. Pros of Taking Standard Tax Deductions If you [...]

Filing your taxes is no fun and going through all the paperwork, as the tax season comes near, is even worse. Depending on how you handle it, it can be easy and seamless or it can be your worst nightmare. There are a number of steps you can take to ensure you end up in [...]

  You know tax season is here when you have a big pile of year-end statements, tax return forms and crumpled receipts. According to IRS, an average taxpayer takes around 13 hours to prepare and file a tax return. Most of the time is spent in organizing everything; each and every single thing has to [...]

  As scary as it sounds, an audit can be inconvenience as well. However, the good news is that only 1% of tax returns are selected for auditing. There are a number of ways you can avoid an IRS audit. Here is how to avoid an IRS audit:   Reporting All Your Income Failing to [...]

Words like ‘Tax’ and ‘Audits’ can throw anyone in a spiral. Asking a pro to help you with your tax returns may seem easy, but in actual, choosing the right one is as complicated and difficult as doing it yourself.   The reason is absence of any federal law regulating tax preparers outside of known [...]

   The Affordable Care Act, also known as Obamacare, is tied to the federal tax system. With the tax deadline approaching fast (April 18th), this can actually create problems for self-employed individuals. Although it is always a good idea to get help from trusted websites, it is also important to have some knowledge of the [...]

WASHINGTON —the Internal Revenue Service's Low-Income Taxpayer Clinic (LITC) Program Office has released its fourth yearly program report. The new report portrays how LITCs have helped low-income tax payers and people whose mother tongue is not English across the country with free or minimal effort representation in question with the IRS. During 2014, LITCs provided [...]

  WASHINGTON ― Deadline for paying taxes with next Tuesday is approaching fast for agriculturists and fishermen. The Internal Revenue Service is reminding these and other individual filers that the new IRS Direct Pay apparatus offers citizens the speediest and most effortless approach to pay the expenses they owe. Accessible at IRS.gov/direct pay, this free [...]