Taxes

What Will Really Happen If You Don't Pay Your Federal Income Taxes?
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What Will Really Happen If You Don't Pay Your Federal Income Taxes?

The thought crosses our minds every year at tax time. What would happen if I didn't pay my income taxes? We never find out, however, since we always end up paying. But what WOULD happen if you didn't pay?

Elderly Couple
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You Can Get a Federal Income Tax Credit if You Financially Support Your Aging and Elderly Parents

If you are caring for an elderly parent, you already know that it can get quite expensive. But you can qualify for a some tax credits and tax deductions from the Internal Revenue Service (IRS) for the financial support you provide. There are a lot of different factors to take into consideration, so you may or may not qualify. But if you are able to qualify for the credits, you can see serious savings.

Money
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If You Want a Larger Tax Refund This Year, Don't Miss These Common Tax Breaks and Deductions

Are you looking for the biggest tax refund you can get this year? Well, you're not alone. But too many people miss out on some common tax deductions every year. But you don't have to be one of them. Review the following tax deductions to see if you might be missing out on a larger tax refund. And don't despair if you see something you may have missed last year. You can always amend last year's taxes.

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Here Are The Most Common Income Tax Return Errors And How To Avoid Them

There are a number of common tax return errors you should look out for when preparing your 2018 tax return! Many errors are caused by carelessness or not double checking the info you enter.

Scam Alert
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IRS Warns of New Phone Scam, Reminds Consumers to Remain Vigilant

The IRS is warning consumers to be on the lookout for a scam where fraudsters call to demand an immediate tax payment through a prepaid debit card.

Tax Return
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Think Again if You're Thinking About Getting an Advance on Your Income Tax Refund This Year

If you're short on money and know that you will be getting a tax refund this year, you may be tempted to get an advance on the refund. A tax refund advance, also called Refund Anticipation Loans or Refund Anticipation Checks, is a short-term loan based upon your estimated tax refund. But the fees and interest rates, which are often 200% or higher, should make you think twice.

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Job Search Expenses Can Be Tax Deductible on Your Income Tax Return, Even if You Don't Get the Job

If you've been looking for a new job in the same line of work as your last job, you may be able to deduct some of your job search expenses on your federal income tax return. It doesn't even matter if you get the job. But the Internal Revenue Service (IRS) does have some limitations. So if you've been looking for a new job, check into whether your situation qualifies you for a tax credit.

operating room
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Bigger Refund: Know Which Medical Expenses Are Deductible On Your Tax Return Under The New Law

If you're looking for a way to get a bigger tax refund this year, you might consider itemizing in order to take advantage of the medical expenses deduction. The IRS allows taxpayers to deduct qualified medical expenses.

Baby in Hat
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Have a New Baby or One on the Way? Don't Miss These Tax Breaks

After all the time you spend getting ready for your new baby, your taxes are probably the last thing on your sleep-deprived mind. But they shouldn't be. Children can save their parents money on their taxes in many ways.

filing taxes
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Here Are The Most Common Income Tax Return Errors And How To Avoid Them

There are a number of common tax return errors you should look out for when preparing your 2018 tax return! Many errors are caused by carelessness or not double checking the info you enter.

income tax brackets
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Federal Income Tax Brackets Updated With the New 2018 Federal Tax Laws

As if the federal and state income tax system isn't complicated enough, 2018 brought some changes to tax laws that affect how much taxpayers will pay on their federal income taxes beginning with in 2018.

IRS Scam
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Income Tax Professionals Beware: Tax Scams Are Targeting Your Network and Your Customer Data

Income tax time is when identity thieves and scammers go into overdrive aiming to steal sensitive data from tax payers and tax professionals alike. Tax return preparers and other tax professionals must be mindful of scams that seek to steal personal and professional information or that allow remote control of computer systems.

Money
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Check These Things Before the End of the Year to Be Ready to File Your Taxes

With Christmas just two weeks away, the last thing on everyone's mind is filing taxes. But even though the Internal Revenue Service (IRS) tax filing deadline is still months away, there are a few things you should look at now to make sure you're ready before the year ends. Once the new year begins, your ability to influence your 2018 taxes is very limited.

Rolled Dollar Bills
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Common Red Flags That Will Prompt the IRS to Pull Your Income Tax Return Aside for an Audit

You've probably seen ads guaranteeing that certain things will ensure you won't get audited by the Internal Revenue Service (IRS) at tax time. Want to know a secret? You can never completely avoid the possibility of an audit. The overall number of taxpayers chosen for an audit is usually less than one percent. But there are steps you can take to make an income tax audit even less likely.

Tax Forms
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Getting a Six Month Extension to File Your Federal Income Tax Return Is Easier Than You Think

Needing more time to prepare and file your federal income taxes is more common than you may think. If you need more time before the tax deadline, ask for an extension. Contrary to popular belief, requesting an extension doesn't trigger an audit and typically takes only a few minutes. Requesting an extension doesn't give you more time to pay, but it gives you time to get everything in order.