The odds of an audit can increase substantially depending on your income, types of income, deduction amount and changes you have made since filing your last tax return.
So you’ve prepared your tax return and found that you owe. What should you do if you can’t pay?
Millions of people are getting a jump on filing their tax returns now that they have received their W-2s and 1099 forms. And for most, the incentive to get moving is to get that tax refund in their bank account as soon as possible.
It is no secret that the IRS has cranked up its efforts in order to bring in extra funds.
If an individual owes taxes and misses the Apr. 15 filing deadline, the IRS can impose various penalties.
There are now more ways than ever to reduce your tax liability.
Experts recommend using some type of guidance to navigate forms and maximize your returns.
The IRS expects 75 percent of all 2012 returns will get a refund, so if you haven’t started preparing your taxes yet, do it.
‘Where’s my refund’ has been updated this year, so you can find your status within 24 hours of filing your return electronically.
Contract workers, consultants, freelancers or the self-employed face additional tax challenges.