If you need more time to file your 2017 income tax return, you can get an extension — no explanation is necessary. There are a lot of reasons why you may need more time to file your 2017 individual income tax return. For instance, you might want to hold off funding a retirement plan until you can save more money.…
If you plan on having the IRS deposit your tax refund into one or more individual retirement accounts (IRAs), most of the hard part is already done: You’ve already decided that you want to save the money instead of spending it on new patio furniture or a trip to Jamaica. Still, you’re not in the clear yet. Here are a…
Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do not receive it within 30 days, appropriate collection steps will be taken.” “Payment is due on your account. Please submit…
After you file your tax return, the last thing you want to see is a notice from the IRS questioning your return. Some IRS notices involve very minor changes, like a correction to a Social Security number. Some are for serious changes that could involve a lot of money, such as a billing for more taxes, interest, or penalties due…
Are you looking forward to your tax refund? By now you know how much you’ll be getting and approximately when the cash will land in your bank account. The only question is, what’s the best way to put the money to work for you? Here are two tax-smart ideas. Tax Refund Tip #1 Fund your IRA. Depending on your income,…
Millions of taxpayers receive refunds each year. Will you be among them? Most of us will happily accept our tax refund checks, because we can usually use the money. However, it’s important to understand that refunds actually cost you money. Here’s why: * The government pays no interest on refunds. Kept in your hands, those dollars could have been productive.…