Did You Forget To Include Something On Your Tax Return?

File An Amended Tax Return 

Did you filed your 2015 tax return and forgot to include some income or failed to claim a deduction or credit?  Good news, it is not too late!

An amended return can be filed to correct an already filed tax return. Failing to report an item of income may generate an IRS inquiry, although it may take year or more after the original return was filed, but unfortunately, interest and penalties will have already built up. That’s why it’s a good idea to file an amended return as soon as possible to avoid the headache of IRS correspondence and to minimize the interest and penalties on any additional tax you might owe. (more…)

Continue ReadingDid You Forget To Include Something On Your Tax Return?

Did You Receive a Large Tax Refund or Did You Owe Money?

You Might Need to Adjust Your W-4

If you got money back, keep in mind that you are simply receiving your own money that was over-withheld by your employer in the first place.  A better solution would be to bank the money and have access to it for the entire year instead of giving the US Government an interest-free loan. (more…)

Continue ReadingDid You Receive a Large Tax Refund or Did You Owe Money?

Have You Filed Your 2015 Tax Return?

April 18th, 2016 is The Deadline for 2015 Tax Returns

If you haven’t as yet filed your 2015 tax return remember that April 18, 2016 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Usually April 15 is the due date, but because Friday, April 15, is a legal holiday in the District of Columbia (where the IRS is headquartered), the filing date is advanced to the next day that isn’t a weekend or holiday – Monday, April 18 – even for taxpayers not living in DC. (more…)

Continue ReadingHave You Filed Your 2015 Tax Return?