If you are looking for information concerning your federal taxes, you now have even more ways to get it. You can now log into the new IRS Tax tool through a secure server at IRS.gov/account. Some of the information you can view includes data such as amounts currently owed, your payment history, and more. This tool gives you the ability to be more in control of your taxes.
The Tax Cuts and Jobs Act that Congress passed last year brought many changes to the tax law. With that in mind, it is important to meet with your CPA or CFP® to do a checkup on your taxes. If you are high income or have a complex return, it is advisable to schedule some time to look over the taxes and implement some tax saving strategies that might be available for you. Doing so could save you thousands of dollars.
If you discover a mistake on your tax returns you can file an amended tax return to correct it. Anything from changing the filing status to credits or deductions can be amended. Keep these six tips in mind when as you amend your tax return: You must file your amended return on paper using Form 1040X, which is the Amended U.S. Individual Income Tax Return. Complete and mail the form to the address according to the instructions unless you are responding to a notice received from the IRS. In that instance, mail the form to the address shown on the IRS notice. Any other IRS forms or schedule with amended information should be attached to your Form 1040X. If you need to amend tax returns for more than one year you will need a separate 1040X for each tax year. You will also need to mail each tax year’s Form 1040X in separate envelopes. Those entitled to […]
You now have more time to challenge an IRS levy. The Tax Cut and Jobs Act passed in December, upped the time for individuals or businesses from nine months to two years to file an administrative claim or bring a civil action for wrongful levy or seizure.
If you are still working to get your 2017 taxes done before the October 15th extension deadline, you need to make sure the tax returns you are filing are accurate. Making even the smallest mistake on your tax return will likely prolong the entire process. Here are a few of the most common errors to avoid people make: