Have you made a mistake on your tax return? You can correct errors and claim missed refunds by filing an amended tax return. The IRS provides Form 1040-X specifically for amending returns. Here’s a guide on how to use Form 1040-X to file an amended tax return. A federal tax amendment involves submitting a corrected Form 1040. […]
Are you thinking about relocating to a state that doesn’t tax income? There are nine states with no income tax in the U.S. Living where you don’t pay income tax could save you a lot each year. But is it smart to move? Keep reading to learn the good and bad of living in a […]
Dealing with an IRS tax audit can be intimidating, but being prepared and knowing what to expect can help you, as a taxpayer, get through it smoothly. This comprehensive guide breaks down everything you need to know about IRS audits, from how to avoid triggering one to what happens during the audit process. Read on […]
With the costs of higher education continuing to rise, many families desperately need help covering expenses. Fortunately, Uncle Sam provides two powerful tax benefits to slash higher education costs – the American Opportunity Tax Credit and Lifetime Learning Credit. This in-depth guide will explain how these valuable education tax credits work. We’ll cover who qualifies, […]
With the global pandemic forcing millions of employees to work remotely, home offices have become an essential part of our lives. While many are aware of the convenience and comfort that comes with working from home, few realize the potential tax benefits that can be derived from setting up part of your home as an […]
In the dynamic era of digital advancements, electronic tax filing has proven to be a pivotal innovation in the arena of income tax preparation. For individuals traversing the intricate landscape of tax season, choosing to electronically file your taxes presents a multitude of advantages that extend beyond mere convenience.. In this article, we delve into […]