The Internal Revenue Service plans to put in place new procedures starting next January to limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three, as part of an effort to combat fraud and identity theft, including fraud committed by unscrupulous tax preparers. […]

Everyone seems to agree our current system for paying Income Taxes is much too complicated. It takes too much time and costs too much money – both for the taxpayer and employees of the Internal Revenue Service. Here are a few modest proposals for simplifying our taxes for both taxpayers and the IRS. [...]

Many small-business owners find themselves between a rock and a hard place when attempting to renew their company’s health plan. the Small Business Healthcare Tax Credit situation is something Doug Jackson knows intimately. […]

IRS tax collection takes in more than $2 trillion in federal taxes each year, with 84 percent voluntary compliance. Most taxpayers pay their share on time. But what about the $385 billion tax gap, the difference between what the IRS is owed and what actually receives? How will the IRS proceed with delinquent tax collection? [...]

The number one money saving tip: Re-Examine Your Filing Status Regardless if you file as single, jointly, head of household, married but filing separately – Your status can be a major money saving tip in the size of your tax return. […]

Did your parents get paid more than they should have via Social Security? Even if the government THINKS they did, they can now seize YOUR IRS tax refund check to pay back the overage. That’s right, if the government thinks your parents were overpaid, IRS seizures are targeting the tax refunds of the children of [...]

First passed by Congress in 1997, child tax credits were intended to benefit children and to help keep them from falling into poverty. The eligibility to claim the credit is tied to the child and not to the parent. The child being claimed must be under the age of 17, a legal dependent of the [...]

If anyone knew how the IRS determined which individual tax returns for audit, we’d do everything we could to stay under the radar and not be selected for further review. The IRS audits less than one percent of all tax returns, which is good news, but there’s no way to guarantee you’ll be among the [...]

The first rule of paying off tax debt is to make sure you file your return on time, even if you can’t pay it your taxes immediately. Doing so, you’ll avoid the IRS’ “failure-to-file penalty” of 5 percent per month (to a maximum 25 percent) of your balance due. You’ll still face that penalty each [...]

Looking for a list of tax deductions? Here is a Baker’s Dozen of frequently overlooked types of tax deductions for you to use when you file Job-Hunting Expenses – Keep close track of your job-search expenses, mileage, tolls, parking – and anything else related to your job search. If you’re looking for a position in [...]