Giving to a charitable organization can make a meaningful difference in your community. But when tax season arrives, will you have the documentation needed to claim your donation? Charitable Contribution Deductions can help eligible taxpayers reduce taxable income, but the IRS has specific rules about which donations qualify and what records you must keep. Whether…

You filed your tax return. You received the acceptance confirmation. Maybe you even received your refund. Is it time to throw away the paperwork? Not so fast. Tax Record Retention matters long after filing season ends. Copies of filed returns and the documents supporting them can help you answer IRS questions, prepare future returns, verify…

You’ve checked your income, reviewed your deductions, and made sure every Social Security number is correct. Your tax return is ready to go. But there is one final step you cannot afford to overlook: signing it. An Unsigned Tax Return is generally considered invalid by the IRS. That means even a perfectly prepared return can…

A single incorrect digit can create a frustrating delay when you are expecting a tax refund. Social Security Number Errors are among the common mistakes that can cause the IRS to reject an electronically filed tax return. A mismatch involving your name, your spouse’s information, or a dependent’s Social Security number (SSN) can prevent your…

A message says you owe the IRS money. Pay immediately, it warns, or face arrest. Before you respond, know this: pressure is a warning sign, not proof that the message is real. IRS tax scams exploit a familiar fear: getting into trouble with the government. Scammers impersonate IRS employees, send convincing-looking letters, create fake websites,…

If you make Estimated Tax Payments, the fourth quarter is an important time to review where you stand. Income can change considerably over the course of a year. Business owners may have a stronger or weaker year than expected. Independent contractors may add clients. Investors may realize capital gains. Retirees may receive additional taxable income….

December 31 is not necessarily your last opportunity to make a retirement contribution that counts for the year. For traditional and Roth IRAs, the IRA Contribution Deadline generally extends until the federal income tax filing deadline for that tax year—not the end of the calendar year. That means eligible taxpayers may have several additional months…

Getting a large tax refund can feel like good news. Getting an unexpected tax bill definitely doesn’t. But ideally, your federal income tax withholding should come reasonably close to the amount of tax you actually owe. The Tax Withholding Estimator from the IRS can help you see whether you’re on track before tax season arrives….

Need more time to finish your federal income tax return? A Tax Filing Extension can give many individual taxpayers up to six additional months to file—but there is one rule that is especially important to understand: An extension to file is not an extension to pay. For most individual taxpayers, filing Form 4868, Application for…

Waiting for a tax refund can be frustrating, especially when you’re counting on that money. One of the simplest ways to avoid unnecessary delays is to E-File and Direct Deposit your federal tax return and refund. The IRS recommends electronic filing and direct deposit as the fastest way to receive a federal tax refund. For…

The Business Mileage Deduction can be valuable for self-employed taxpayers and business owners who regularly use a personal vehicle for work. But simply driving your vehicle for business isn’t enough. You also need records showing which miles were for business and which were personal. Keeping an accurate mileage log throughout the year can help support…

Business Travel Expenses can add up quickly when you’re self-employed or running a business. Airfare, hotels, transportation, meals, and other costs may be deductible when you’re traveling for a legitimate business purpose—but knowing which expenses qualify and keeping good records are essential. The IRS generally allows businesses to deduct ordinary and necessary expenses associated with…