The passage of the Tax Cuts and Jobs Act (TJCA) has affected every taxpayer a little differently. Because of this, the IRS has encouraged taxpayers to do a “Paycheck Checkup” to make sure they aren’t underwithholding or overwithholding their taxes throughout the year....
IRS Tax Help
Factors That Impact Your Tax Refund
If you aren’t sure why your tax refund is higher or lower this year, there are several possible reasons. This post gives you a quick overview of some of the potential causes, but you should ask a professional tax preparer for a personalized explanation. New Tax Laws...
Is It Better to Get a Refund or Owe Taxes on Your Return?
Many people look forward to getting their tax refund checks, there are also benefits to owing a small sum to the IRS at tax time. The pros and cons of each approach are discussed in this post. Pros and Cons of Getting a Tax Refund Getting money at tax time feels good....
Why You May Need to Adjust Your Tax Withholding
You should review your tax withholding every year to see if any adjustments are needed. However, you should pay especially close attention to your tax withholding after doing your 2018 taxes because so many tax laws were affected by the Tax Cuts and Jobs Act (TCJA)....
What to Do If You Don’t Receive an Informational Tax Form
When you don’t receive an informational tax form you need to do your taxes, you’ll still be required to report that information on your return. You may need to contact the business that should have issued the form or to simply use your own records to add the necessary...
What to Do If Your Tax Forms Contain Errors
When you receive an informational tax form with errors, you should attempt to contact the issuer and get a corrected form. If you are unable to get a corrected W-2 or 1099, you should report the correct information on your tax return. Incorrect W-2 Forms Employers...
IRS Notices: Notice of Underreported Income
The CP-2000 Notice of Underreported Income is sent when the information on your tax return doesn’t match information the IRS received from a third party. Whether you agree or disagree, you should respond to this notice because it could result in a higher tax...
Should You Request a Tax Filing Extension?
As the tax season comes to a close, many taxpayers will be scrambling to finish their returns. You may be tempted to request a filing extension in these cases, but you should understand what an extension will and won’t do for you. Benefits of a Tax Filing Extension An...
What is a Hobby Loss?
Many people have side businesses or activities that they pursue for fun, but may also make money doing. Determining whether these activities qualify as a business or a hobby has serious tax consequences, especially after the passage of the Tax Cuts and Jobs Act...
What Causes a Delay of Your Tax Refund?
A delayed tax refund may mean your refund is being offset or put on hold temporarily. The IRS might just be verifying some information before releasing your refund, but it could also be an indication that you have some IRS tax problems. Refund Offsets A refund offset...