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IRS Warns Congress About Fiscal Cliff Tax Delays

If a deal on the so-called “fiscal cliff” is not reached by the new year, the IRS is warning that 2012 tax returns may be delayed for 100 million Americans. On December 19, the IRS sent a letter to Congress indicating that inaction by Congress on the “patching” of the Alternative Minimum Tax (AMT) will result in much higher taxes for 30 million Americans, and widespread processing delays. Introduced several decades ago, the Alternative Minimum Tax, prevents high-income taxpayers from using vast amounts of exceptions to dodge paying taxes. Sometimes called the...

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What is the Earliest Date I Can File My Taxes for 2013?

Eager to get those tax forms filled out? Ready to get your tax refund now? With online tax filing tools, you can get started on your tax returns now, but due to the recent fiscal cliff negotiations in Congress, you may see a delay in IRS processing this year. Online eFile services including TurboTax and H&R Block at Home have their 2013-2014 tax filing software released online and both services are already accepting tax returns for 2013. If you complete your tax return with TurboTax or H&R Block now, as soon as the IRS is ready to accept your return, your taxes will be...

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How to get a copy of previous years tax returns or W2s

You may need access to previous years’ tax returns in order to file taxes for the current year, or if you are involved in an audit or a legal matter. If you don’t have copies of these previous years’ tax returns, past W2 forms or 1099s saved somewhere safe, you could be on the verge of panic. Luckily, there is no need for alarm – You can request a copy of your previously filed tax returns as well as previous year W2s or 1099s filed by employers, banks, etc. and receive these documents the same day. Visit the Tax Documents Site to find out...

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Higher Education Tax Credits

Higher eduction can mean lower taxes. Recent tax law changes have expanded the education credits available to you. Check out this video outlining recent education tax law changes that will help you save money: There are many ways that education tax credits can help you lower your tax bill, or increase your tax rebate. For example, 529 plans are a great way to help pay for your child’s education. In the past, deductions were limited to room and board, books, and tuition. But, with recent tax law changes, you can use funds from a 529 account to buy computers and internet...

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What tax credits can I get for having kids?

Having kids can give you a sizable tax credit. When you maximize your child tax deductions, you’ll keep more money in your pocket. Check out the video below for detailed explanations on how to maximize your deductions for having kids. You can get a tax credit for having kids– up to $1000 per child under the age of 17. You may also qualify for an additional earned income credit to further boost your tax refund. This year the maximum tax credit is about $5750 for 3 kids, $5,100 for 2 kids, $3100 for 1 kid. You can even get a tax deduction with no children — maxing out...

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How does getting a divorce affect my taxes?

If you are recently divorced, or are in the process of getting a divorce, or had a marriage annulled, your tax situation has changed. Check out the video below for a simple overview of how diverse will affect your taxes. If your divorce was finalized before the end of the year, you are eligible to file single. You can’t choose Married Filing Jointly, but you can still file as head of household if you have a qualifying dependent. If you are still in the process of getting a divorced, you are generally still considered married. This means you can choose Married Filing Jointly or...

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