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Posts Tagged ‘tax returns’

IRS Failed to Help All Taxpayers Affected by ‘Get Transcript’ Breach

‘Get Transcript’ is an online service by the IRS that allows taxpayers access to the transcripts of their tax returns. A security breach of ‘Get Transcript’ in May, 2015 enabled cyber thieves to steal the sensitive information of close to four hundred thousand taxpayers. Following this, the IRS re-launched the service this July with additional security. To add to the IRS’ woes, shortly after the re-launch, the Treasury Inspector General for the Tax Administration released ...

Common IRS Myths

March 28, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

Myths about taxes abound, but they can become dangerous if followed. A taxpayer believing false information about the IRS, taxes, audits or back taxes may make the wrong decisions. Here are seven of the most common IRS myths that taxpayers need to be beware of. Myth 1: Taxes are Voluntary Believing that paying taxes is voluntary is a myth that often leads taxpayers to face the IRS in ...

7 Most Popular Tax Deductions Average Americans Claim

The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recent available tax year. Here is what they found: “1. Personal exemptions “The most commonly used ...

How Much Does An Average American Pay in Taxes?

A variety of tax returns are filed each year, totaling nearly 50 million returns (as of Feb, 2015). To prepare those returns, individual taxpayers spent 3.8 billion hours (2009), according to the National Taxpayers Union. This hard work pays off when taxpayers receive their tax refunds. The average refund amount is $3,120, says the IRS, and almost 83% of the returns filed ...

When Do Your Kids Have to Start Filing Taxes?

Dependents are required to file a tax return depending upon their income and their source of income. If your child has income, you need to check if he/she is required to file a return. A dependent is a child under age 19 at the end of the year, or under age 24 at the end of the year and a full-time student. ...

Qualifying for the Home Office Deduction

If you use a part of your home exclusively for business purposes, you might be eligible for the home office deduction. Available for homeowners and renters, this deduction is application to all types of homes. Generally, you cannot deduct items related to your home, such as mortgage interest, real estate taxes, utilities, maintenance, rent, depreciation, or property insurance, as business expenses. However, ...