Tweet NEW YORK (CNNMoney) — The typical American tax cheat is male, single and under the age of 45. At least that’s what an annual survey by DDB Worldwide Communications Group found. “The overall characteristics of this particular minority group are surprising — and in some cases, a little unsettling,” DDB concluded. While only 15% [...]
Tweet Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these nine common errors so your refund is timely. 1. Incorrect or missing Social Security Numbers When entering SSNs for anyone listed on your tax return, be sure to enter [...]
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Tweet If you own real estate property in a state other than the one in which you live and you have earned money off the rental of that property, you are required to file a nonresident income tax return in that state. This is true even if you live in a state that does not [...]
Tweet Do You Feel Lucky? No one wants to be audited. And yet as a tax lawyer advising clients about tax issues, I’m required by Treasury Department rules to assume every return will be audited. In truth, there might be only a 2% chance of audit. When I say there’s a 50/50 chance a tax [...]
Tweet There are steps you can take to reduce your chances of IRS pain. Except for tax protestors, no one wants to fight with the Internal Revenue Service. That’s why there’s such a mystique about avoiding an audit. While what-triggers-an-audit theories abound, there are some basic things you can do to reduce your chances of [...]
Tweet Over the years, taxpayers have concocted a lot of zany arguments to justify tax deductions. We’ve come up with what we think are the 10 most creative ones that the courts decided did not quite work. As secret agent Maxwell Smart would say, “Missed it by that much!” Overdone Overdrafts A couple who owned [...]
Tweet Income Tax dept call Center to Solve taxpayers queries related to Refund, ITR V Status etc Update on CPC – Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following: 1. Status of receipt of [...]
Tweet Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. Here are six things the IRS wants you to know about the Home Office deduction 1. Generally, in order to claim a business deduction for your home, [...]
Tweet Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. 1. Payments you receive from your Individual Retirement [...]
Tweet Starting off as self-employed is a dream for many people, although not everyone who thinks about it, actually gets round to doing it. Some people can’t wait to give up their employment to start on their own while others are simply pushed in this direction by circumstances making any Self Employed individual responsible for [...]
Tweet One of the most common misconceptions that tax payer have is, that once the tax has been paid there is no need to file tax returns. But in reality, to comply with IRS tax law, filing tax return is a mandate for all business houses meeting filing requirements. For every business enterprise to have [...]
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