Have you ever wondered what your odds are of experiencing an IRS audit? What the risk-factors are? How the process flows? Does an audit mean you need to get your checkbook out? Kiplinger's answers these questions, outlines some odds and also provides a tool to help you get a better idea of where you stand in terms of being audited. Click here to be taken to the article.
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Being just 2 weeks out from the 2016 tax filing deadline, you're probably shocked that I dare mention the 2017 tax season. But here I am, bringing up the 2017 filing deadline for your 2016 tax returns. The deadline next year is a moving target once again due to obscure federal holidays pushing the dreaded day back to Tuesday April 17, 2017. Money-zine.com has posted an article hitting the highlights of things to be aware of in 2016 from income tax rates, capital gains taxes, Earned Income Credit, mileage deduction rates and so on. Click here to view the article.
The IRS recently posted a newsletter that outlines a 400% increase in tax scams. Generally, the IRS does not contact taxpayers via email and certainly doesn't request personal information via that format. If you receive a suspect email or text, the best practice is to discard that communication and contact the IRS directly to confirm any issues. Click here to read more.
Are you trying to get your tax information together but aren't sure what information to provide? We have created a checklist here that will give you a pretty extensive starting point.
According to a statement from the IRS, the agency experienced a hardware failure Wednesday afternoon. At this time they are unable to process e-filed returns. Although they are still assessing the scope of the outage, they do not anticipate a major disruption in the filing season. Click here for the IRS statement. UPDATE - The IRS has resumed accepting e-filed returns as of February 5th.
The IRS recently released business and charity mileage rates for 2016. The rates have decreased a small amount from 2015 to 54 cents per mile for business mileage and 14 cents per mile for charity service. Click here to be taken to the IRS publication which outlines the new rates and explains the criteria and how the rates are calculated.
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