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IRS Form 1040-X Now Available for E-Filing

Posted on September 7th, 2020

Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software. Read More…

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E-Signatures Temporarily Allowed for Certain Forms

Posted on September 2nd, 2020

The use of digital signatures on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals. Read More…

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Filing an Amended Tax Return With IRS Form 1040X

Posted on August 2nd, 2020

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know:

Taxpayers should use Form 1040XAmended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax return should only be filed to correct errors or make changes to your original tax return. For example, you should amend your return if you need to change your filing status or correct your income, deductions, or credits. Read More…

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july 15 tax deadline

July 15 is the Deadline for Reporting Foreign Income

Posted on July 3rd, 2020

If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The deadline is normally June 15. Read More…

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owing money to the irs

Here’s How to Pay If You Owe Money to the IRS

Posted on July 2nd, 2020

The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Read More…

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tax return errors

Avoid These 8 Common Errors When Filing a Tax Return

Posted on June 1st, 2020

When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best way to avoid this. With this in mind, here are eight of the most common errors taxpayers make when filing their returns: Read More…

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Ready to File? This Tax Records Checklist Will Help

Posted on May 4th, 2020

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand: Read More…

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CARES Act: Information for Individual Taxpayers

Posted on April 2nd, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.

Let’s take a look at a few of the highlights: Read More…

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Tax Refunds: Just the Facts | Factors Affecting Refund Timing

Posted on April 1st, 2020

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such, those refunds may take longer.

Just as each tax return is unique and individual, so is each taxpayer’s refund. Here is what taxpayers should keep in mind as they are waiting for their refund – especially if they hear about or see that other taxpayers on social media have already received theirs. Read More…

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What to Do If You Are Missing Important Tax Forms

Posted on March 5th, 2020

If you are ready to file your taxes but are missing important tax forms here’s what you should do: Read More…

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Worker Classification: Employee vs. Contractor

Posted on March 3rd, 2020

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Read More…

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Tips for Taxpayers Who Make Money From a Hobby

Posted on February 5th, 2020

Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that income on their tax return. Read More…

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Figuring out Your Correct Tax Filing Status | 5 Options

Posted on February 4th, 2020

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return. Read More…

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2020 Tax Withholding: the new Form W-4

Posted on February 3rd, 2020

Form W-4, Employee’s Withholding Certificate has been redesigned for 2020. Previously, income tax withholding was based on an employee’s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker’s expected filing status and standard deduction for the year. Furthermore, workers can also choose to have itemized deductions, the Child Tax Credit and other tax benefits reflected in their withholding for the year. Read More…

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Six Facts About Form 1040-SR | U.S. Tax Return for Seniors

Posted on February 2nd, 2020

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a tax form for seniors. Here are six facts you should know: Read More…

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