December 13, 2016

Don’t Depend on Tax Refund Timing

The holiday shopping season is officially underway, and you may want to take advantage of great deals on expensive items. However, if you plan on making major purchases on credit this holiday season, don’t rely on having your tax refund in hand before your credit card bills arrive. Many factors can affect the timing of your tax refund, especially if you have a complex tax situation. Though the IRS issues most refunds within 21 days of receiving a return, extra reviews or requests for more documentation can delay this process. For more information on preparing tax returns or shortening your refund time, please contact a qualified tax professional. Tip courtesy of IRS.gov
May 19, 2016
Tips for Gift Taxes

Need to Amend Your Return? Here’s How.

“Need to Amend Your Return? “, If you discover that you’ve made an error on your tax return, you may need to file an amended return. Though you don’t need to file if you’ve made a simple math error or left out forms (the IRS corrects for those automatically), you should file an amended return for any missed credits, deductions, filing status, or income. Need to Amend Your Return?  Here’s How. Use form 1040X to file an amended return. You’ll need to fill out a paper form and mail it to the IRS. You’ll need to use separate forms for each year you need to amend. If you use any other forms or need to submit new documentation, attach them to the 1040X form. If you need to claim an additional refund, wait until you receive your original refund before filing an amended return. Pay any additional tax you owe as soon as possible to avoid accruing additional interest and penalties. Tip courtesy of IRS.gov