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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What Is An Offer In Compromise?
Jun21

What Is An Offer In Compromise?

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the IRS cannot accept a settlement offer if the taxpayer can afford to pay what they owe. Taxpayers should first explore other payment options. A payment plan is one possibility....

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Interest Rates Remain The Same In The Third Quarter Of 2018.
Jun13

Interest Rates Remain The Same In The Third Quarter Of 2018.

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2018, as they were in the quarter that began on April 1. The rates will be: 5 percent for overpayments, 4 percent in the case of a corporation; 2.5 percent for the portion of a corporate overpayment exceeding $10,000; 5 percent for underpayments; and 7 percent for large corporate underpayments. Under the...

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Does My Child Qualify For The Child Tax Credit?
Jun06

Does My Child Qualify For The Child Tax Credit?

This interview will help you determine if your child is a qualifying child for the Child Tax Credit. There’s an additional requirement for a taxpayer identification number (SSN or ITIN) to be valid for claiming the Child Tax Credit. The “Protecting Americans from Tax Hikes (PATH) Act of 2015” requires you and the qualifying person to have an SSN (or ITIN) assigned on or before the due date of the return or on or before the extended...

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Taxpayers Who Usually Itemize Deductions Should Check Their Withholding To Avoid Tax Surprises.
May20

Taxpayers Who Usually Itemize Deductions Should Check Their Withholding To Avoid Tax Surprises.

The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers who itemize should use the IRS Withholding Calculator to make sure their employers are withholding the appropriate amount of tax from their...

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Many Tax-Exempt Organizations Must File Information Returns By May 15.
May10

Many Tax-Exempt Organizations Must File Information Returns By May 15.

The Internal Revenue Service reminded certain tax-exempt organizations that the Tuesday, May 15 filing deadline for Form 990-series information returns is fast approaching. Form 990-series information returns, and notices are normally due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018 the deadline to file for 2017. No Social...

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