Thinking about filing a tax return gives most people a major headache. First you have to collect the right documents from your employer and others. Then you have to figure out which deductions you can claim and which numbers to put on which lines to come up with a...
Tax Controversies
So tax day is nearly here and you haven’t filed. Now what?
April 15th. For some people, the date means little. For others -- particularly those who have not yet filed their income taxes -- the mere mention of the day fills them with anxiety.Maybe the months slipped away and you simply never got around to organizing your...
IRS sitting on $1 billion from 2011 unfiled tax returns
Most of us file a tax return every year because we have to. But there are a significant number of adults who don't need to file on a given year for various reasons; usually because they didn't make much money. This includes many college students and people who only...
E-filing software companies cite big problem of tax-return fraud
Many Americans prefer to e-file their taxes each year. It tends to be faster and easier than working with paper, and it usually results in a faster refund. Filing with software like TurboTax or H&R Block does cost money, but the convenience usually outweighs the...
ACA healthcare document mistakes benefit many early tax filers
When the Affordable Care Act (aka "Obamacare") was fully rolled out, people knew that it would likely make filing tax returns more complicated. What they weren't counting on was complications due to widespread errors. Yet it was recently reported that about 800,000...
One business sees return of money seized in civil asset forfeiture
In October of 2014, we wrote about a controversial practice that the Internal Revenue Service and certain other government agencies have been employing for years. A process called civil asset forfeiture allows the IRS to confiscate the entire balance of bank accounts...
10 ‘frivolous arguments’ people make to avoid paying taxes
"The dog ate my homework" is the old excuse for failing to turn in projects and papers during grade school. As we get older, our excuses tend to get more sophisticated.When it comes to filing tax returns, however, the Internal Revenue Service (IRS) is not impressed...
Experts warn of a possible nightmare tax season in 2015
Now that 2015 has arrived, it’s time for all Americans to start thinking about their federal tax returns. The Internal Revenue Service expects to begin accepting returns later this month. When it does, some experts are predicting that this could be the most...
How much money is wasted by the IRS on tax collection?
An old business adage that’s still popular today tells us that “it takes money to make money.” This most often refers to the costs businesses incur in overhead, advertising and other expenses before they can bring in revenue. But does the adage apply to the U.S....
Don’t fall for scams from thieves claiming to be with the IRS
Now that we’re well into the final quarter of the calendar year, the new tax season is just around the corner. Of course, there are plenty of special occasions to celebrate between now and January, so you probably won’t have taxes on your mind just yet.That being...