Tax

The IRS has put out a timely news release on College Tax Credits for 2014. For most people, the best tax credit in the group is the American Opportunity Tax Credit, which can be worth up to $2500. However, the American Opportunity Tax Credit cannot be used by graduate students or part-time students. For them, […]

The Earned Income Tax Credit is not “underused” in this office, nor is it misused. We use it to get the largest tax refund the law allows. Better still, unlike most professional tax preparers, we do not charge extra for applying for the Earned Income Tax Credit or the Additional Child Tax Credit which usually

“The Treasury Inspector General for Tax Administration has received 90,000 complaints and identified approximately 1,100 victims who have lost an estimated $5 million to individuals fraudulently claiming to be from the IRS.” As I always say in these posts, if I did your taxes, just tell anyone claiming to be from the IRS that your

I have had two clients call me this morning saying that they received phone calls from people claiming to be IRS agents. They were told that they owed the IRS money, and that they needed to provide their bank account information and pay this now, or they would be arrested. Of course, this is a

An H&R Block client came in today with my 50% off flyer. He was a single guy with a house. I asked him how much H&R Block charged him to do his taxes last year and he said $275. I told him that he had a choice, he could use his 50% flyer and pay

Tax clients often ask me what they should do when they know that they owe taxes and April 15 is approaching. The correct answer is: file the tax return and pay what you can. The IRS and Department of Revenue charge interest and penalty whether you file or not. They will then tack on penalties

Q: When may a married person file taxes as Head of Household? A: When they are “considered unmarried”: The IRS says that: “You are considered unmarried on the last day of the tax year if you meet all the following tests. You file a separate return (defined earlier under Joint Return After Separate Returns ). You paid more

Unsurprisingly identity thieves are targeting tax refunds.  The best way to avoid having your refund stolen by an identity thief is to file your taxes early.  Since the IRS is not accepting tax returns until January 31 this year, the thing to do is see a licensed tax preparer, such as myself, on or before

I am looking at the 2012 and 2011 tax forms of a Bankruptcy client of mine. Her tax form included a 1040A, Schedule EIC, Schedule 8812, Form 8867, a Mass form 1 and schedule HC. In other words, an individual form with children, including an earned income credit and a child tax credit. There was