What taxpayers need to know about filing an amended tax return

If taxpayers discover a mistake on their tax return, most common errors can be fixed by filing Form 1040X. Some reasons people may need to file an amended return: Entering income incorrectly Not claiming credits for which they are eligible Claiming deductions incorrectly Incorrect filing status The IRS may correct math or clerical errors on […]

IRS Extends Economic Impact Payments Deadline

The Internal Revenue Service announced that the deadline to register for an Economic Impact Payment is now Nov. 21, 2020. This new date will provide an additional 5 weeks beyond the original deadline. People who typically do not file a tax return, and have not received an Economic Impact Payment have multiple options. Filers can […]

Taxpayers should know and understand their correct filing status

Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least […]

Business Owners Can Claim a Qualified Business Income Deduction

Eligible taxpayers may now deduct up to 20% of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S-corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in […]

Taxpayers Who are Victims of Domestic Abuse Should Know Their Rights

  Taxpayers have the right to: File a separate return even if they’re married Review the entire tax return before signing a joint return Review supporting documents for a joint return Refuse to sign a joint return Request more time to file their tax return Get copies of prior year tax returns for the IRS […]

Gifts to Charity: 6 Facts

Taxpayers who plan to claim a charitable deduction on their tax return must do two things: Have a bank record or written communication from a charity for any monetary contributions Get a written acknowledgement for a single donation of $250 or more Six things for taxpayers to remember: Make single donation of $250 or more […]

Tax Relief of Victims of California Wildfires

Victims of wildfires ravaging parts of California have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments. This includes additional filing extension for taxpayers with valid extensions that run out this coming Monday, October 16. Currently, relief is being provided to Mendocino, Napa, Nevada, Sonoma and Yuba […]

Reminder to Taxpayers as Scams Continue Across the Nation

Phishing, phone scams and identity theft top the list of items normally reported. However, following hurricanes and other disasters, taxpayers should be on the lookout for schemes stemming from these recent events. “These scams evolve over time and adjust to reflect events in the news, but they all typically are variations on a familiar theme”. […]

What Taxpayers Can Do Now Before Filing Their Return in 2018

Report name changes. Married or divorced taxpayers who change their name should notify the Social Security Administration. They should also notify the SSA if a dependent’s name changed. Taxpayers need to do this so that when the taxpayer files next year, the new name on the tax return matches. A mismatch between the name on […]

Tips for Business Owners to Reconstruct Records After a Disaster

After a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursements. Here are four tips for businesses that need to reconstruct their records: To create a list of lost inventories, business owners can get copies of invoices from […]