[…] What many people decided to do is to make an estimated payment for the future, yet unknown, tax for the 2018 calendar year. The tax departments were happy to accept these payments and place them in escrow – until the future time when taxes will be assessed. Then your prepayment will be applied towards your tax, and you will be […]
[…] The very unfortunate result of this breach is that the IRS shut down their online Transcript download system indefinitely, until they can figure out how to make it more secure… If you need transcripts, you have to order them the old-fashioned way […]
[…] The strict deadline is June 30th. No extensions. How serious the government is about penalizing someone the whooping $10,000 for not reporting a measly $15,000 overseas savings account set up for you by your parents? They sure promise to do so […]
[…] One big problem: this transcript is not available until late summer, simply because it has to wait until all these forms get reported to the IRS. Accordingly, if you want to use this transcript for tax preparation, […]
[…] The bottom line is that no tax returns will be processed until January 31st. If you print your tax return on paper and put it in the mail – it will be sitting in the IRS intake facility until January 31st. If you go online and submit it via TurboTax or some other software […]
[…] When the politicians were finally done, it was already 2013. Guess what? The IRS now has to change the tax forms and reprogram their computer systems. Imagine preparing for a wedding when the bride […]
[…] What usually triggers audits is not how much income you claim but how much expenses you deduct against this income. For example, if your business income of $15,000 is offset with $3,000 of business expenses such […]
[…] By the time you file your tax return, the IRS already knows a lot of the information that you are asked (forced?) to submit. How? Simple! Businesses report all the taxable transactions not only […]
[…] costly mistakes based on irresponsible advice from consumer publications, because, as a rule, the advice is incomplete and cannot be applied without analyzing the reader’s particular financial situation […]
[…] situations when basic understanding of taxes is not enough. If any of the following applies to you, I’d recommend that you consult a tax professional: Business or self-employment income […]
