The Internal Revenue Service (IRS) has announced that the 2022 tax filing season will officially begin on Monday, January 24, 2022. This means that taxpayers can start submitting their 2021 tax returns to the IRS on that date. The filing deadline for most taxpayers is Monday, April 18, 2022. Key Dates for the 2022 Tax … Read more

Understanding the Consequences Mistakes on tax returns are common, but they can have serious consequences. The impact of an error depends on several factors, including: Type of mistake: Math errors, omissions, or incorrect deductions can all lead to different outcomes. Who discovers the mistake: If you find the error before the IRS, you can take … Read more

When filing your taxes, you have the option to either claim the standard deduction or itemize your deductions. Itemizing deductions involves listing specific expenses that are then subtracted from your adjusted gross income (AGI). However, recent tax law changes have significantly reduced the number of taxpayers who itemize. As a result, it’s crucial to be … Read more

After submitting your tax return, you may encounter the message “Your Tax Return Is Still Being Processed.” This message indicates that the Internal Revenue Service (IRS) has received your return but is still reviewing it. While this can be a nerve-wracking experience, it’s important to understand the reasons behind this message and the potential implications … Read more

A tax advance is a short-term loan that allows you to access a portion of your expected tax refund before the IRS issues it. Tax advances are typically offered by banks, credit unions, and other financial institutions. There are several reasons why you may be denied for a tax advance, including: Your physical address is … Read more

Navigating the complexities of tax laws can be daunting, and the consequences of non-compliance can be severe. This comprehensive guide delves into the potential legal implications of failing to report income to the Internal Revenue Service (IRS), examining the distinction between civil and criminal penalties, the statute of limitations, and the importance of seeking professional … Read more

Tax season can be a perplexing time, especially if you find yourself owing money to the IRS instead of receiving a refund. This comprehensive guide will delve into the common reasons why you may owe taxes in 2021, empowering you with the knowledge to navigate the complexities of the tax system. Reasons for Owing Taxes … Read more

Receiving a tax refund is a common occurrence for many taxpayers. However, some taxpayers may be surprised to find that their tax return shows a balance of $0. This can be a frustrating and confusing situation, especially if you were expecting a refund. This article will explore the various reasons why you may be getting … Read more

When you file your tax return, you may anticipate receiving a specific refund amount based on your calculations. However, in some cases, you may receive a refund that is lower than expected. This can be a frustrating experience, but it’s important to understand the potential reasons why your refund may not match your expectations. Tax … Read more

Individuals with dependents often wonder about the impact on their Adjusted Gross Income (AGI). This article delves into the relationship between dependents and AGI, exploring how claiming dependents affects your tax liability and eligibility for certain tax benefits. What is AGI? Adjusted Gross Income (AGI) is a crucial concept in the U.S. tax system. It … Read more