Tag Archive for: penalties

What Are Your Chances Of An IRS Audit? 15 Audit Red Flags To Know Before You File

Most taxpayers can relax. In recent years, the IRS has audited well under 1% of individual tax returns, and that figure is expected to decline further. That said, audits haven’t disappeared. Here are 15 common audit red flags to be aware of.

IRS Issues Urgent Warning About Social Media Tax Scams

The IRS reports that misleading social media posts and self-proclaimed "tax experts" have caused widespread confusion, resulting in over $162 million in penalties and more than 32,000 enforcement actions.

Don’t Like Your 2024 Tax Refund? Here’s An Easy Way To Get A Bigger One Next Year

It's fairly simple to make your tax refund bigger or smaller each year: It takes just a few minutes, once you have the paperwork in hand. The IRS even bakes the process into one simple step on its tax forms.
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What Happens If You Amend Your Tax Return?

Taxpayers may need to file an amended return if they discover that they made mistakes, such as failing to report income, claiming deductions or credits incorrectly, or making other errors that affect the amount of tax owed or the amount of refund due.

Taxing Times: IRS Warning Issued Over Major New Tax Question On Your 2022 Return – See Action You Must Take

Information was revealed through a recent warning issued by the IRS on January 24 that reminded taxpayers they have to report "digital asset-related income." Additionally, filers must give a response to a new digital asset question on their 2022 federal income tax return. A penalty or even a delay in refunds could result by not answering. CLICK ON THE HEADLINE FOR MORE

VIDEO: 7 Illegal Ways Some Americans Admit To Save On Taxes

Many Americans are missing out on certain tax-saving strategies because they think they're illegal. And, on the flip side, some Americans admit to using illegal strategies to cut down on their tax bill, CLICK ON THE HEADLINE FOR MORE