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Taxpayers should always be on the lookout for scams. Thieves want to trick people in order to steal their personal information, scam them out of money, or talk them into engaging in questionable behavior with their taxes. Scam attempts can peak during tax season, but taxpayers need to remain vigilant all year. Gift card scams […]

If there is one thing that we want to eliminate from this world, it is taxes. It seems like we have to pay taxes on whatever we do nowadays. At this rate, the day is not far when we’ll have pay for tax for breathing as well, isn’t it? What if we tell you that

WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which

The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the taxpayer’s main place of business. As a place of business where the

Taxpayers may discover an error after filing their tax return. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an amended return: Using the wrong filing status Entering income incorrectly Not claiming credits for which they’re eligible Claiming deductions incorrectly The IRS may correct math

After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement. In many cases, these records may have been destroyed in the disaster. However, not all hope is lost as people can often reconstruct records or get copies of

When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them. Knowing the correct

Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020. Educators who work

Some taxpayers may think they need to visit an IRS office for help in person with their tax issues. However, many of these people may actually find what they need online or by phone. In fact, many questions can be answered without ever having to visit to an IRS Taxpayer Assistance Center. Finding answers to

With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are some details about the property lien scam that will help taxpayers recognize it: This scheme involves a