If you missed the April 18th deadline to file your 2010 Tax Return, it’s not too late. While you consider whether it’s worth the hassle to file your late return, here’s some things to keep in mind: PENALTIES AND INTEREST. For every day your tax return is late, filing penalties, payment penalties, and interest will… Continue reading Missed the 2010 Tax Return Filing Deadline?
Knowing the chances of the IRS auditing your Income Tax Return is relatively slim, are you willing to take that gamble and “modify” the figures on your return to maximize your refund or minimize the taxes owed? If so, you are definitely not alone! But before you turn in that return, you might want to… Continue reading Audit Gamble – IRS Steps it up Against Tax Cheats
Need Help Filing Your Return, but Can’t Afford a Tax Prep Service? You May Qualify for FREE Tax Prep Assistance! If you need help filing your income tax returns, but think you cannot afford a tax preparer service, beware! Some tax preparation providers may offer you a lower fee or offer to take a percentage… Continue reading Free Tax Return Help!
Yesterday, we talked to you about a local story covering the bust and raid of Gainesville, Florida tax return preparation business, On Time Tax Consultants. Attorney Sarah Martello was interviewed by GTN news for insight on the situation and advice for potential victims of tax preparer scams. You can take steps to protect yourself from… Continue reading Update on the Alleged Gainesville Tax Scam
The IRS is cracking down on Tax Fraud by Return Preparers. While most tax return preparation providers are competent to handle most of your tax return needs, there are still those lurking amongst us whom are con artists filing fraudulent tax returns and stealing their client’s money. Don’t believe it can happen to you? Think… Continue reading Alleged Tax Scammers Target Lower Income Taxpayers
QUESTION: What happens if I owe the IRS money but after paying my living expenses/bills, I currently can’t afford to pay my tax liability? ANSWER: Depending on your particular situation, there are several options. If you are going through a financial hardship, the IRS may be willing to suspend collection activity to allow you the… Continue reading Tax Q & A – I Currently Can’t Pay the IRS because of an Economic Hardship
QUESTION: Did the IRS really change the filing deadline from April 15th to April 18th? ANSWER: Yes! Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law,… Continue reading Tax Q & A – 2010 Filing Deadline
QUESTION: I Know My Tax Return is Due, but I Cannot Pay the Taxes…Should I Still File on Time? ANSWER: YES, YES, and YES! Even though you will not be able to pay the full amount of your taxes when you file your Income Tax Return, you should still file on time to prevent the… Continue reading Tax Day Countdown Q & A
IRS Letter 525: General 30 Day Letter. This is a notice from the IRS informing you of potential mistakes concerning items on your tax return. These errors may be mathematical or clerical errors in preparing your tax return. This letter is accompanied by a report including the computations of their proposed adjustments. If you agree… Continue reading Common IRS Letters and Notices
If you just received a letter from the IRS, you may be freaking out and envisioning the IRS breaking down your door – swat team in tow – to raid your house for valuables to satisfy your tax debt. Before you shred the letter in hopes it will magically disappear forever, take a moment to… Continue reading IRS Audits and Letters…AUGH, what does this mean?!