If you owe the IRS it is better to start thinking of ways to pay them rather than waiting for the burden to increase. Here are some ways through which you can minimize the burden of owning taxes: Tip No. 1: Pay it off The foremost tip is to try your best and [...]

It is estimated that most of the tax payers use help of tax prepares to file their taxes. If you are one of the 60% people who do not prepare their tax returns themselves it is important that you collect all your documents and start finding the right tax preparer for yourself. Step No.1:  Choose [...]

  Tax payers find it difficult to fill the tax forms and prepare the tax returns. Here are few strategies that can make this process simpler: Find the right tax forms Tax payers usually fill the wrong forms sue to which the process becomes long and tiring for them. The most important step is to [...]

    Taxpayers spend $27.7 billion a year preparing their taxes. A greater portion of this spending goes to the million of accountants or Tax firms that are hired each tax season. even the head of IRS gets his taxes done by a professional.   According to the New York Times, 80% to 95% of [...]

Having a extra cash in hand is the biggest blessing. You are happy that you can use it for any unexpected need or you can fulfill any pending expense. There are many tax refund ideas on how to spend your money. Here are a few smart ways to spend your tax refund: You can shop [...]

  No. 1: Invest in an Experience The most interesting way of spending your Tax refund is to spend money on your hobby. Learn to sing, join a gym, and take aerobic classes or travel. Studies show that a person gets more contended by spending on an experience rather than a product. Splurging on experiences [...]

Most states require you file state refunds along with the federal refund with the exceptions of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming where there is no state individual income tax. Are you curious how to check your tax refund status? Continue reading below. If you have a federal tax refund coming your way [...]

Asking for Tax Extensions are really helpful when you need some extra time to pay taxes. Members of military usually need extra time in paying the amount of tax owed. They might be at a deputation during a tax period or they might be so busy that they don’t get time to file the taxes. [...]

    EIN stands for Employer Identification Number; it is also called Federal Tax Identification Number. Like the individual tax payers are given a Social Security number, similarly companies are identified through EIN. Many entrepreneurs are confused if they really need an EIN, here are some basic details about it. Who actually needs an EIN? [...]

    The IRS first-time penalty abatement (FTA) waiver was introduced 12 years ago. It is still not known to many people. What is FTA? IRS FTA allows a non compliant taxpayer to request abatement of certain penalties for a single tax period. The reasons due to which individual tax payer can request FTA are: [...]