Keeping your personal and financial information up-to-date with the Internal Revenue Service (IRS) is crucial to ensure the smooth processing of your tax returns and refunds. Among the essential details that require regular updates is your bank account information, which is necessary for direct deposits of your tax refunds. If you need to change your … Read more
TurboTax, a leading tax preparation software, boasts a reputation for accuracy and reliability. However, like any software, it is not immune to errors. This article delves into the accuracy of TurboTax, examining its strengths, limitations, and user experiences to provide a comprehensive assessment. TurboTax Guarantees TurboTax offers several guarantees to assure users of its accuracy: … Read more
Social Security benefits provide a vital source of income for millions of Americans, particularly during retirement and periods of disability. However, it’s crucial to understand that a portion of these benefits may be subject to federal income tax, depending on an individual’s income and filing status. This guide will delve into the intricacies of Social … Read more
Tax evasion, a severe offense, involves the deliberate and unlawful attempt to avoid paying taxes imposed by law. Individuals, corporations, trusts, and other entities may engage in tax evasion to reduce their tax liability or avoid paying taxes altogether. This comprehensive guide delves into the definition, methods, consequences, and prevention of tax evasion, providing a … Read more
The United States federal income tax system is a progressive tax system, which means that the tax rates increase as taxable income increases. The tax brackets for a given year determine the tax rates that apply to different levels of income. For the 2020 tax year, the IRS has released the following tax brackets: 2020 … Read more
Mistakes happen, even on tax returns. If you discover an error on a return that’s already been filed, you can amend it using Form 1040-X. When to File an Amended Tax Return File an amended return if you: Missed claiming a deduction or credit Claimed the wrong filing status Need to add or remove a … Read more
Tax season can be a daunting time, but it’s also an opportunity to get a significant financial boost in the form of a tax refund. By understanding the tax code and implementing smart strategies, you can increase your refund and reduce your tax liability. This guide will provide you with a comprehensive overview of the … Read more
Reaching the age of 65 marks a significant milestone in life, often accompanied by retirement and a shift in financial circumstances. While navigating this transition, it’s crucial to be aware of the various tax breaks available to seniors, as they can provide substantial savings and enhance financial well-being. This guide will delve into the often-overlooked … Read more
TransUnion, one of the three major credit bureaus in Canada, provides various services related to credit reporting and monitoring. While these services can be valuable, there may be instances when you encounter unexpected charges or errors that warrant a refund. This guide will provide a detailed explanation of the process involved in obtaining a refund … Read more
Understanding the Homebuyer Tax Credit In 2008, the United States government introduced a tax credit to incentivize homeownership, particularly among first-time homebuyers. This credit, initially set at $7,500, was designed to provide financial assistance to eligible individuals and families purchasing a primary residence. The credit was later expanded in 2009 and further modified in subsequent … Read more