Interest rates on unpaid taxes are going up

Interest rates on unpaid taxes are increasing. The rate will go up to 5% for underpaid taxes beginning July 1, 2022 per the Internal Revenue Service. The interest rates are determined on a quarterly basis. The IRS interest rate was a mere 3% on March 31, 2022 then rose to 4% for the second quarter. Don’t …

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Common after tax season issues

After filing your tax return you may be wondering what is next, and may ask yourself “what if there are any issues with my return?” Here are the most common after tax season issues you may face: WHERE’S MY REFUND? Your taxes have been filed and you are eagerly awaiting your refund.  How long will …

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Paper filings are the IRS’s Kryptonite

The IRS is a mighty institution. The other half of the two sure things in life. Death and taxes. But as mighty as it is, just like Superman it has a weakness. For IRS, that weakness is paper filings. And the IRS is buried in it. It has been a problem for quite some time …

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1040 Tax Forms – What Line Is It Anyway?

As I was reviewing a final 2020 individual tax return last week, I needed to go back and look at the client’s 2017 and 2018 1040 tax forms . I already had the 2019 return open, just to make sure all of the carryovers had come over correctly. And I said to myself – “what …

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Are you choosing the best tax preparer?

It is in the taxpayer’s best interest to choose a tax preparer that best suits their needs. After all, responsibility does fall on the taxpayer for the information disclosed on their tax return, not the tax preparer. There is a large assortment of tax preparers available to assist you with your 2020 taxes, but are …

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Give back this tax season

The Internal Revenue Service (IRS) and its many partners are asking for volunteers who are interested in helping those in need this tax season. For many years, the IRS has sponsored various programs to help families in the U.S. who may be struggling. One of these programs provides volunteer income tax assistance to eligible taxpayers, …

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Is your charitable donation tax deductible?

Charitable donations are a hot topic during tax season. Luckily, the IRS has a helpful tool to help you determine whether donations can be taken as tax-deductible charitable contributions. Don’t miss: What your tax professional needs (and doesn’t) to prepare your 1040 It is called the Tax-Exempt Organization Search. This helpful tool lets you search …

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What your tax professional needs (and doesn’t) to prepare your 1040

For many people, maybe you, preparing a tax return is like a foreign language. Luckily for you, you can always have a tax professional prepare your tax return for you. It can be hard to distinguish what your tax professional needs to complete your return between all the statements, documents and other miscellaneous items you …

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