To Amend A Tax Return File Form 1040X.
Aug19

To Amend A Tax Return File Form 1040X.

Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The Account On Us offers tips on how to amend a tax return: File using paper form. Use Form 1040X, Amended U.S....

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Taxpayers With High Incomes, Complex Returns: Check Withholding Soon.
Aug16

Taxpayers With High Incomes, Complex Returns: Check Withholding Soon.

Account On Us urges high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.   The Tax Cuts and Jobs Act, the tax reform legislation passed in December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit,...

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If You Are Starting A Business, Here’s Four Tax Tips.
Aug14

If You Are Starting A Business, Here’s Four Tax Tips.

If summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. New business owners may find the following four IRS tax tips helpful: Business Structure.  An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business...

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Taxpayers Need To Check Withholding Now to Avoid Tax Surprises Later.
Aug11

Taxpayers Need To Check Withholding Now to Avoid Tax Surprises Later.

With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven’t yet done a “Paycheck Checkup” to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law.   A summertime check on tax withholding is critical for millions of taxpayers who haven’t reviewed their tax situation. Recent reports note that many taxpayers could see their...

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Tips To Protect Taxpayers From Identity Theft.
Aug09

Tips To Protect Taxpayers From Identity Theft.

Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they are victims of identity theft when they submit their tax returns. That’s because the IRS lets them know someone else already...

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