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How to get your tax return for the FAFSA form

It’s that time of year and your filling out the FAFSA form then you realize you need your tax return. Well you are in luck! Here are some options to get your tax return for the FAFSA form. The IRS Data Retrieval Tool is available to those who are eligible. You can access it from within the Free Application for Federal Student Aid form. Applicants filing a 2019-20 FAFSA must use data from their 2017 tax returns. If

IRS recommends to check your withholding’s

IRS recommends to check your withholding’s. It is a good idea to check your withholding’s every year but for many taxpayer’s it is even more important to check withholding’s this year. The Internal Revenue Service encourages taxpayers to look at their tax withholding now to take charge of their tax situation and avoid a surprise at tax time next year. This includes anyone who: Expected to owe less tax or get a bigger 2018 tax

Understanding why you received a notice from IRS

It is possible that this year, certain taxpayers will receive a CP2000 notice from the IRS. The Notice provides detailed information about problems identified by the IRS. Here is some information to help you understand why you received a notice from the IRS and what you can do: The IRS sends a CP2000 notice to the taxpayer when the information on a tax return does not match the data reported to the IRS by banks

ITINs are set to expire at the end of 2019

2 million Individual Taxpayer Identification Numbers (ITINs) are going to expire at the end of 2019. It is essential that taxpayers submit their ITIN renewal application early to avoid refund delays next year. The IRS will begin sending the CP-48 Notice in early summer to affected taxpayers. ITIN’s are used by people who have tax filing or payment obligations under U.S. law. They are also not eligible for a Social Security number. Taxpayers needing to renew

Did you miss the April 15th tax filing deadline?

Here is some useful information if you did miss the April 15th tax filing deadline. The April 15th tax-filing deadline has passed for most people. Taxpayers who did not file an extension and still have not filed their tax returns should file ASAP. You should do so even if you are unable to pay to avoid potential penalties and interest, which can continue to add up quickly. Penalties and interest are only added on unfiled

How you can pay your taxes if you owe the IRS

IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Whether you e-file, paper file or are responding to a bill or notice the IRS offers secure ways to pay your taxes. It’s safe and secure. Here are some secure ways you can pay your federal taxes: You can pay using your bank account when you e-file your tax return for free using electronic funds withdrawal. Use IRS Direct Pay to pay

Documents Needed for Estate Planning

You work hard providing for your loved ones during your life. You can also provide for them when you are gone with a simple estate plan that legally conveys your desires to all your heirs. Here’s a short list of some of the basic documents you should consider including in your estate plan. Information memo. Keep a list of your insurance policies, brokerage accounts, businesses you own, outstanding debt, credit cards, tax-related documents, and names and

Will Your Tax Return be Audited?

Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that “audit anxiety” to help keep taxpayers honest on their tax returns. DIF scores count The IRS evaluates tax returns based on their “DIF” scores, a set of IRS formulas known as the “Discriminate Function System.” About three-quarters of all returns audited are selected by the DIF computer, which compares deductions, credits, and exemptions with the norms

Where to get money for a growing business

The following sequence of events is common to many new and expanding businesses. The Short-Term Squeeze You start your business with a limited amount of capital and an abundance of good ideas and ambition. The sales activity has been adequate to produce a net profit. Your inventory is about twice as large as you intended. Your accounts payable are past due to the point where some creditors want to ship C.O.D. only. To keep your

Everyone needs a financial plan

As some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for retirement is crucial. Even small amounts can go towards U.S. savings bonds or mutual funds with an automatic savings plan. If you have more money to work with, diversify your holdings among several types of investments. The younger you are,