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Tuesday, 19 January 2016 15:05

2015-2016 Tax tips from the IRS

Every taxpayer has a set of fundamental rights. The 'Taxpayer Bill of Rights' takes the many existing rights in the tax code and groups them into 10 categories. You should be aware of these rights when you interact with the IRS.

Publication 1, 'Your Rights as a Taxpayer,' highlights a list of your rights and the agency's obligations to protect them. Here is a summary of the Taxpayer Bill of Rights:

1. The Right to Be Informed.

Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices and correspondence. They have the right to know about IRS decisions affecting their accounts and clear explanations of the outcomes.

Published in Press Releases
Wednesday, 13 August 2014 14:18

Taxing reading

Midsummer is upon us, and perhaps you've grown tired of frothy summer fare about spies, zombies and fashion models. If you're ready for a change of pace, here are three books related to U.S. taxation. Not a single one tells you how to fill out a form, but each is intriguing.

Charles O. Rossotti was the IRS Commissioner from 1997 to 2002. His book is 'Many Unhappy Returns: One Man's Quest to Turn Around the Most Unpopular Organization in America,' published in 2005 by Harvard Business School Press. Rossetti was instrumental in overhauling IRS procedures giving taxpayers more rights. It's nice to read about a time when the IRS was becoming more responsive to taxpayers, and how Rossetti hoped for future simplification of the tax code.

Published in Money
Wednesday, 13 March 2013 16:40

Where's my refund?

Where's my refund? You're not alone in wondering; the IRS site for checking on refunds cautions that heavy use may limit its availability.

Tax season has had an unusual start. Very few returns were accepted prior to Jan. 30. Returns requiring a depreciation form were not accepted until Feb. 11. Returns claiming educational credits were delayed until Feb. 14. Residential Energy credits and Adoption Credit returns weren't accepted until March.  

Published in Money
Wednesday, 13 February 2013 14:50

Tax questions everyone asks

Whether you've just gotten your first W-2 or have been filing for years, there are a few questions everyone asks.

Why did I get this 'Important Tax Form'? 

Every tax form you receive has also been sent to the IRS. Some forms, like W-2s and 1099s, list income you need to report.  Forms starting with '1098' or '5498' often list potential deductions. 

Published in Money

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