Tag Archive for: penalties

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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

Six Things Every Homeowner Should Know About Property Taxes

It's important to discover how your property tax bill works - once you know how it's calculated, you can challenge it if you feel it's too high. For six things every homeowner should understand, CLICK ON THE HEADLINE FOR MORE

30 Ways To Prevent A Tax Audit

To avoid receiving an audit letter from the IRS, avoid foolish mistakes and take the right steps to minimize the risk. CLICK ON THE HEADLINE FOR MORE

Nine Expenses You Can’t Deduct On Your Tax Return

If you can't prove your deductions are valid if audited, you could end up having to pay additional taxes, penalties and interest. For some expenses you can't deduct in most cases, CLICK ON THE HEADLINE