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Your next audit may be an “audit lite” – The IRS is handling more reviews with form letters
Your next audit may be an “audit lite” – The IRS is handling more reviews with form letters In-person audits with an IRS agent are becoming more uncommon. The IRS is instead handling their reviews through form letters called correspondence audits. Here is what you need to know. In-person audits with an IRS agent are becoming more uncommon. The IRS is instead handling many routine reviews through form letters called correspondence audits. These IRS letters are a kind of “audit lite” the agency uses to ask for clarification and justification of specific deductions on your tax return. Common issues that
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Taxpayers to forfeit more than $1 billion in refunds – Are you one of them?
Taxpayers to forfeit more than $1 billion in refunds – Are you one of them? The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. The IRS disclosed there will be more than $1 billion in federal tax refunds forfeited this year if taxpayers don’t claim them by April 18. Refunds have to be claimed within three years or they are forfeited to the government. The unclaimed $1 billion comes from about 1 million taxpayers who still haven’t filed returns for the 2013 tax year.
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Tax Credits versus Tax Deductions – Which is worth more to you?
Tax Credits versus Tax Deductions – Which is worth more to you? Deduct this or take a Tax credits? Which is worth more to you? Often the answer is not as simple as you think. Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the tax terms “deductions” and “credits”. Is one better than the other? If it were simple
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The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits
The Tax Impact as Your Children Grow Up – Prepare now for potential income tax hits As your children age, you can easily be surprised by a larger tax bill. To help ease the possible burden, here are some possible tax hits to prepare for as your children age A higher tax bill in your future At age 13: loss of your Dependent Care Credit. If your children are in daycare and you offset some of this cost with the Dependent Care Credit you will lose this benefit when they reach age 13. The impact: a credit against up to $6,000
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