Posts Tagged ‘Personal Taxes’
Do You Know the Difference Between an Itemized Deduction and a Standard Deduction?
Do you know the difference between an itemized deduction and a standard deduction? Deductions reduce the amount of taxes you owe when filing a federal tax return. That said, there are two types of deductions: The standard deduction, based on an IRS schedule, or the itemized deduction. Knowing which type of deduction is best for…
Read MoreKnow Your Taxpayer Rights
Best PersonalTaxPrep.com tax tip this year: Know your rights. Fifteen years ago, the IRS has created the Taxpayer Bill of Rights (TBOR). Since then, congress codified it as part of the tax code. That means the Taxpayer Bill of Rights is law and it applies to all U.S. taxpayers anytime they must deal with the…
Read MoreFile Free at IRS Free File
File Free at IRS Free File If you just want to get your 2019 personal tax return filed, the IRS wants to make it easier to do. At IRS free file if you earn less than $69,000 in 2019, you can log onto IRS.gov to choose your free file product. You can find both federal…
Read MoreWithholding Estimator Now Saves Headache in New Year
Planning to figure your taxes after the new year? Why wait? In the first of a series of tax filing reminders, the IRS urges individual taxpayers to use the Tax Withholding Estimator to find out whether more should be withheld or worse, how much will be due when the tax return is filed. If you…
Read More2 Million ITINs expire in 2019
By the end of 2019, 2 million ITINs will to expire. If you, or someone you know were unable to get a social security number, and needed to get an ITIN instead, you may need to renew it to avoid a delayed refund. Any ITIN with the middle digits 83,84,85,86,87 will expire as of December…
Read MoreWatch for Fake Charities Donation Drives
We’re in the 4th quarter of 2019. If that reminds you that you still need to get your donations made, you might want to check the list with the IRS. This is International Charity Fraud Awareness Week (ICFAW). Fake charities are one of the IRS’s worst tax scams for 2019. These fake charities lure victims…
Read MoreTuesday Tax Tip
Personaltaxprep.com asks: Have you filed for that personal tax extension? Okay, are your taxes ready? Then file them. If your taxes are not ready, if your tax preparer needs anything, GET IT SUBMITTED To your tax preparer. The October 15, 2019 deadline is around the corner and you are officially out of procrastination time. With…
Read MoreIRS Extension Filing Deadline Almost Here
If you requested an extension for filing your 2018 tax return, the IRS reminds us your deadline is close, Tuesday, October 15, 2019. AcctServices.org wants to remind you there is still time for taxpayers to file a complete – and hopefully accurate – return. The deadline doesn’t mean you should wait until October 15 to…
Read MoreNew Tax Estimator Tool for Freelancers
Today, with so many millennials freelancing on the side while working a salaried job, the IRS wanted to reduce the risk of sticker shock when taxes are due on the W-2 income as well as the additional self-employment income. To solve this challenge, the Internal Revenue Service issued the new Tax Withholding Estimator tool. To…
Read More