Taxpayers have a limited time to file refund claims to recoup money from the IRS. The IRS provides tax forms to be used for making these requests. But what happens if the taxpayer does not use the forms the IRS provided and, instead, writes letters to the IRS? Can the letters count as a valid… Continue reading Does a Letter Sent to IRS Count as a Refund Claim?
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Statistics show thаt you are likely tо mіѕѕ a tax return fіlіng deadline аt some роіnt іn your lіfе. It happens. Life happens: wоrk, vасаtіоn, family circumstances, and even financial problems. These events can make it very easy to miss a tax filing deadline. When it happens tо уоu, here is what you need to… Continue reading About Filing Tax Returns Late
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We are often asked if an error on a prior-year tax return can be corrected if it results in an increased tax in the current year. The answer is “maybe.” There are two issues that have to be considered, namely, whether (1) there is still time to correct the prior year’s tax return and, if… Continue reading Can I Correct a Tax Return Filed Several Years Ago?
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There are many advantages of having a foreign bank account, such as convenience, hedging against currency risk, etc. For U.S. persons, those advantages have to be weighed against the reporting requirements. Our laws require most foreign bank accounts be reported. There can be stiff civil and criminal penalties for failing to do so. The Foreign… Continue reading Have a Foreign Bank Account? What You Need to Know
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It can take a considerable amount of time to actually prepare and file a tax return. The IRS puts the time and cost at 13 hours and $210 dollars for the average income tax return. The numbers jump to 22 hours and $430 for the average business income tax return. Luckily, many taxpayers are not… Continue reading Am I Required to File a Tax Return?
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Here are ten of the common complaints that are filed with the IRS about tax return preparers: How to File a Complaint With the IRS To file a complaint, you typically have to submit Form 14157, Complaint: Tax Return Preparer. If a tax return preparer filed a return or altered your return without your consent… Continue reading 10 Common Complaints About Tax Return Preparers
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Do you have a hobby that makes money, but costs more than it makes? If so, here is what you need to know before deducting the expenses on your tax return. Business expenses are generally required to be reported on Schedule C, Profit or Loss from Business. A net loss from Schedule C is carried… Continue reading Deducting Expenses for Your Hobby
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