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Posts Tagged ‘Tax Refund’

How Not to Spend Your Tax Refund

April 19, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

The average refund amount for the 2016 filing season is $2,798. This may seem like free money from the Treasury Department, but this amount represents the excess taxes you paid the previous year. How you use your tax refund really depends on your financial situation and your immediate needs. However, there may also be temptation to spend your extra money on non-essential items. Bankrate ...

Tax Breaks You Might be Missing

Popular tax breaks such as deductions on home office, charitable contributions, and IRAs are used by thousands of taxpayers. There are also certain lesser-known tax deductions that can lower your liability. To pay less in taxes and get a bigger refund this filing season, you may review these often overlooked tax deductions as shared by Las Vegan Review Journal: “1. Alimony “Breaking up is hard ...

Get a Bigger 2015 Refund by Using These Tax Saving Tools Now

Many taxpayers believe that with the end of the year, their chances of reducing their annual tax bill has ended, too. However, there is one big way through which taxpayers can lower their tax liability after the end of a year: contributing to retirement accounts and claiming a deduction. The deadline for making contributions to many types of retirement accounts, including traditional IRA’s, extends well beyond Dec 31. Regardless of whether you’re an employee or ...

Working Abroad and Your Tax Obligations

January 08, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

For Americans working abroad, most of the tax filing and reporting requirements are the same as it applies to those residing in the U.S. If a person is a citizen of the United States (even those with dual citizenship), they are required to report and pay taxes on their worldwide income. U.S. citizens, resident aliens and those holding a green card when working abroad are considered ‘taxpayers living abroad’. U.S. Taxpayer Identification Number To file a tax ...

The Importance of Keeping Your Address Current with the IRS

December 18, 2015  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

The IRS sends letters and notices to taxpayers throughout the year. If you moved, it is important to inform the IRS of the change to receive communications and/or your tax refund. Usually, the IRS sends notices to: • Inform of changes they made on your tax return • Inform of back taxes owed • Verify identity • Request for further information • Inform of delays in processing the return If you miss communication with the IRS, it may ...