Every year, the IRS announces important changes that all taxpayers should understand before they file. Check out www.IRS.gov to get the most current updates on any new legislation that may affect your tax return. Here are some of the tax change highlights: Due date difference – it’s not the 15th this year. This year, you [...]

Before you file your tax return, you need to have all of your documents gathered together, including all of your W-2 Forms.  If you haven’t received your W-2, here’s what to do: 1. Contact your employer to see if and when the W-2 was mailed.  If it was mailed, it may have been returned to [...]

Are you one of the individuals who is eligible for the Earned Income Tax Credit? This credit can be a financial help for people who earn $49,078 or less in 2011. Four of five eligible taxpayers filed for and received their Earned Income Tax Credit (EITC) last year. Here are some facts and tips about [...]

Are you one of the individuals who needs to repay the First-Time Homebuyer Credit? If you’re not sure, you can use an online look-up tool on the IRS website to check if you have a repayment obligation. Here’s a link to the online lookup tool that will help you determine this information: https://sa1.www4.irs.gov/irfof-fthb/ Also, here [...]

Are you a small business owner or are you self-employed?  If you are, you probably have questions about taxes for your particular situation.  You can check out the IRS’s Small Business and Self-Employed Tax Center on the IRS website. The IRS’s one-stop shop offers a variety of resources and online tools to help small businesses [...]

Are you self-employed? Do you work as an independent contractor, or are you a sole proprietor of a business? Self-employed individuals generally must pay self-employment taxes. Here are some facts that you should know about self-employment and the IRS: 1. Self-employment can be full-time or part-time. You may even have a regular full-time job and [...]

If you receive tips as compensation at your workplace, you need to be aware of some facts from the IRS. Very Important: Tips are taxable. Tips are subject to the following taxes-  federal income, Social Security and Medicare.  The value of non-cash tips, such as tickets, passes or other items of value, is also considered [...]

Do you know your tax filing status? Your tax filing status is used in order to determine your filing requirements as well as your standard deductions, your correct tax and your eligibility for certain deductions and credits.  Since there are five filing statuses, and since some people may qualify for more than one filing status, [...]

When you decide that you don’t have the time or inclination to do your own tax returns, you need to use the services of a qualified tax preparer. But how do you choose one that is honest, accurate and reasonably priced? The IRS has created a short video called “Tax Tips: Choosing a Tax Preparer” [...]

It looks like we’ll be getting an extra two days to file our taxes this year, since the 2012 tax filing deadline will be April 17th. That’s because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls on Monday, April 16. According to federal law, District [...]