There are numerous Americans who need not worry about paying taxes to Uncle Sam this year. Whatever amount they make in a month, they can save it instead of paying a part as taxes. It has been predicted that roughly 45.6% of American households, around 77.5 million won’t require paying federal income tax, as per data from the Tax Policy Center, a research group based in Washington. Continue reading 45% of Americans Pay No Taxes to the Government – Are There any Rebates Round the Corner?
We all can see that the tax season is almost here and along with the tax season comes different problems like utter confusion and the herculean task of filling out paperwork. If you’re still wondering about this year and the several ways in which you can take the best step forward to file your tax returns, you need to be aware of the bigger picture. Instead of being confused about what you can do and what you can’t, you can educate yourself on the latest news that is prevalent in the tax world. Here are some vital essentials which you need to know before you file your tax returns. Continue reading Important Things You Should Know while You File Tax Returns This Year
We are again nearing the tax time and this year is going to bring some staggering changes to the tax law which you need to educate yourself on. If you can learn about them way before the tax year, you will be aware of the various steps that you need to take to stay prepared for the changes. If you’re still not aware of the few changes that are going to come into effect in 2016, here are some that should take into account. Continue reading Some of the Biggest Changes in Tax Law that are Going to Come in 2016
Taxpayers in America have been dealing with fraud tax collectors for a long time and many have not been able to distinguish between a real collection call and the impersonators. A lot of people including taxpayers have fallen victim and have ended up paying money to the scammers. Although the tax paying season has ended, Treasury Inspector General for Tax Administration, J. Russel George, warns taxpayers to be cautious of these callers who claim to be working for the IRS. However, there are also reports and Tax Notes supports the statement saying that agents from IRS are indeed calling taxpayers as a way of initiating audits through phone calls. So, if you ask a layman, it can get even more confusing being able to distinguish between the two types of calls. Continue reading IRS Tax Scam Calls – Are Those Really Scamming Calls or is the IRS Really Calling You?
If you’ve kept an eye on the news of 2015, you will be pretty aware of the fact that there haven’t been any major tax changes. That is considered to be good news for the taxpayers as they need not worry about how any changes to tax laws would affect their lifestyle. However, that doesn’t mean that there wasn’t ANY changes as Congress did manage to bring about some small changes to the tax system. Continue reading 4 Top Tax Issues that You Should be Aware of in 2016
Thanks to the online tax preparation software that majority of us are making fewer mistakes with regards to our annual tax returns. Nevertheless, just one small mistake in entering data on your computer would cost you dearly, either in the form of smaller refund or in the form of larger tax bills. Although most companies and individuals have professionals who look into their accounting services, they should know that a mistake in any form could delay the receipt of any refund which you might be anticipating. Continue reading Tax filing mistakes in the US – Avert them and stay on top of your finances
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