This is a common situation for many foreigners that come to America. Here’s the scenario: this is your first year filing taxes and you recently moved to the United States. However, your spouse and family remain in your country of origin until you establish yourself financially. Now you’re wondering how to file your taxes. Can you file jointly or separately and what other considerations should be noted? Read More.
Technological advantages have helped to reduce the number of mistakes that can be made when filing a tax return. However, taxpayers continue to make some mistakes and are forced to file an amended tax return. They either are notified by the IRS of the error or they identify the mistake after receiving a 1099 form that they forgot to incorporate on their return. What can you do to avoid these mistakes? Read More.
The IRS began accepting tax returns on January 31st. As such, those tax filers that overpaid taxes throughout the year are likely eager to obtain their federal and state tax refunds. When can you expect to receive your refund after filing your return? Also, should you expect any delays? Read More.
President Obama recently announced plans to create a new retirement account backed by the United States government. The primary objective of the plan is to provide Americans with another option to save for retirement if their employer doesn’t provide a plan. While the plan offers certain benefits, it’s definitely not for everyone. Find out if this plan is right for you. Read More.
Now is the time to gather all of your receipts to maximize your tax deductions. If you did make a charitable donation during the year and intend on itemizing deductions via Schedule A of your Form 1040, it’s important to understand the requirements for supporting such a deduction. The requirements vary depending on whether you’re donating cash or property and the amount you donated. Find out if you have met the IRS standards. Read More.
As the tax filing season has recently kicked off, you may be gathering all of your paperwork. This may include W-2 forms, 1099s, 1098s, broker statements, and the endless amounts of different types of receipts. While you’re gathering all of the necessary information, you should be mindful of all of the tax deductions that you may be able to claim on your tax return. This includes certain lesser known write-offs that can reduce your tax liability. Read More.
A 529 college savings plan offers many parents and future college students with an attractive option for socking away funds for tuition expenses. While the plan offers many benefits, the account holders don’t always understand the mechanics of how the plans work and how they can be used effectively. Find out if you understand the complete capabilities and limitations of these plans. Read More.
Most IRA account holders have contributed to their accounts for the 2013 tax year even though they technically have until the April 15th tax due date to do so. Having said that, there are number of reasons why you should have contributed in January of the preceding year. Read More.
It’s not uncommon for taxpayers to file their tax return with the IRS on April 15th and then forget or misplace their own copy. In the past, the only option to fix this problem was to complete a lengthy questionnaire and then wait 5 to 10 business days to receive a copy in the mail. Finally, the IRS has provided taxpayers with a much easier way to access their tax returns. Read More.
Many taxpayers may soon begin filing their tax returns since the January 31st IRS processing date is upon us. If you will be receiving a lower refund as compared to last year, there’s no doubt that you’re going to be asking some questions. What are some of the reasons why your tax refund may be lower this year? Read More.
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