Asking For an Audit: The 4 Biggest Tax Filing Mistakes To Avoid

laptop with earnings reports

You know the deal: unless you’re making some serious cash, it’s highly unlikely that the IRS will audit you. For Millennials, the likelihood of a tax audit is pretty close to zero. That is, unless you end up with a suspicious-looking tax return. But how do you know if your tax return looks suspicious? Well, if you’re trying to game the system, which, by the way, is a huge no-no, then chances are your tax return will have some red flags that spur the IRS to investigate.

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What to Know About Federal vs. State Taxes

What to Know About Federal vs. State Taxes

If you’re still a novice when it comes to filing your taxes, you may be pretty intimidated by the idea of filing two separate returns – federal and state. It sounds like double the work, right? Thankfully, that’s not entirely the case. Filing state taxes after you’ve filed your federal taxes doesn’t have to be difficult if you use a tax preparation software service like E-File.com. So what makes your state taxes different from your federal taxes? Here’s what you need to know. Federal income tax applies to everyone Federal income tax law is imposed by the federal government. As

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The 2018 tax reform bill (known as the “Tax Cuts and Jobs Act”)

The 2018 tax reform bill (known as the "Tax Cuts and Jobs Act")

The following is a quick introduction to the tax changes that may impact you (with one exception) as a result of the Tax Cuts and Jobs Act. This list is by no means exhaustive, but it will help you get your bearings on this bill. SALT SALT is an acronym for “state and local taxes” and relates to a filer’s ability when itemizing deductions to deduct state income taxes and/or sales taxes. In the past, there wasn’t any limitation on the deduction of state and local taxes (and for residents living in states with notoriously high taxes like California and

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Checklist: Settling Your Back Taxes

If you owe back taxes to the IRS that you don’t think you’ll be able to ever pay off, you may have an option to settle what you owe the IRS with an “Offer in Compromise.” This is simply an offer to settle for a smaller amount than what you owe. An Offer in Compromise is a very long process that requires staying up-to-date on your current tax payment plans and making a good faith effort to pay the balances.

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What wealth means in today’s economy

For most people wealth has a direct correlation to their income. Achieving your financial goals and being able to put away money for your family may be more difficult depending upon your situation – but in no case is it impossible. As with tax planning, if you want to build wealth, it is important to evaluate your resources carefully and plan ahead.

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First time filer with limited income? Tax tips for parents, guardians and filers

Are you the parent of a first time filer with limited income? 1040 EZ may be your child’s solution. As a parent you may be reading this with interest as your child is growing up and facing for the first time – his or her income tax return. If your child has been working a part time job and has his first W-2, this is a good year to sit down with him or her and go through this checklist.

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How’s Your Neighbor Spending Their Tax Return? A Peek Through the Curtains

So, you’re expecting a healthy refund from the IRS any day? If you’re like most Americans, you already know exactly how you’ll be spending it. But did you ever wonder what your fellow taxpayers spend their income tax refunds on? And how your plans compare to theirs? Wonder no more – we’ve got the inside scoop on your neighbors’ spending right here. While most people imagine that vacations or big purchases are the most common things people choose to use their refunds on, those make up only a small percentage of the actual ways in which they’re spent. According to

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What’s Your Tax Time Personality? A Quiz

Are you the type who puts off filing your taxes till the absolute last minute, and then pulls a coffee-fueled all-nighter frantically pawing through piles of paperwork and filling in forms till your eyes are crossed?

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Eight Reasons a Tax Refund Will Be Delayed

You’ve completed your taxes, filed your report, and all that’s left to do is to get your refund. But wait! What if it’s delayed? Refunds typically come in about 3 weeks. Do you know why most refunds are delayed?

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Tax Refunds vs. Correct Withholding: Which Makes More Sense For You?

You’ve heard all the hype about income tax refunds. People love them, look forward to tax season because of them, use them for vacations, for big purchases, or to pay off debt.

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