Taxpayers spend $27.7 billion a year preparing their taxes. A greater portion of this spending goes to the million of accountants or Tax firms that are hired each tax season. even the head of IRS gets his taxes done by a professional.   According to the New York Times, 80% to 95% of [...]

Having a extra cash in hand is the biggest blessing. You are happy that you can use it for any unexpected need or you can fulfill any pending expense. There are many tax refund ideas on how to spend your money. Here are a few smart ways to spend your tax refund: You can shop [...]

  No. 1: Invest in an Experience The most interesting way of spending your Tax refund is to spend money on your hobby. Learn to sing, join a gym, and take aerobic classes or travel. Studies show that a person gets more contended by spending on an experience rather than a product. Splurging on experiences [...]

Most states require you file state refunds along with the federal refund with the exceptions of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming where there is no state individual income tax. Are you curious how to check your tax refund status? Continue reading below. If you have a federal tax refund coming your way [...]

Asking for Tax Extensions are really helpful when you need some extra time to pay taxes. Members of military usually need extra time in paying the amount of tax owed. They might be at a deputation during a tax period or they might be so busy that they don’t get time to file the taxes. [...]

    EIN stands for Employer Identification Number; it is also called Federal Tax Identification Number. Like the individual tax payers are given a Social Security number, similarly companies are identified through EIN. Many entrepreneurs are confused if they really need an EIN, here are some basic details about it. Who actually needs an EIN? [...]

    The IRS first-time penalty abatement (FTA) waiver was introduced 12 years ago. It is still not known to many people. What is FTA? IRS FTA allows a non compliant taxpayer to request abatement of certain penalties for a single tax period. The reasons due to which individual tax payer can request FTA are: [...]

It is the duty of taxpayers to pay taxes on time. According to an estimate approximately 44% of people do not pay income taxes. This is a huge number, it is important that people are encouraged to pay federal income tax. Even if an individual is note paying income tax, he is still paying all [...]

When a tax payer gets a Tax refund, it’s a real happy moment for him. The excitement of getting the money back cannot be underestimated. This extra amount of money is a sort of a treat for the tax payer; it is the spare amount which tax payer can use anywhere he wants. It seems [...]

      No. 1: Lack of complete Information till the deadline It is impossible to file a tax return if you do not have proper information with you. Sometimes few required forms get delayed and you the tax payer is unable to file the return by the April deadline. The IRS allows the taxpayer [...]