Of course, none of us “prefer” to pay taxes. Once we do pay our taxes, if we expect a refund, we hardly exhibit any patience awaiting it in the mail. But the IRS is a mega-bureaucracy, which means that things get lost, overlooked, mishandled, and, well I shudder to think. Thus, delays are not altogether uncommon, and failures to process and mail returns actually occur, albeit infrequently. So what do you do if you haven’t received your tax refund?
Federal Tax Refunds May Be Delayed In 2017
Earlier this year, the Internal Revenue Service announced it is beginning protocols for processing tax returns using the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). The IRS is sharing this information to help taxpayers, tax preparers, and other tax professionals prepare for the opening weeks of the 2017 filing season. The IRS is attempting to ensure taxpayers receive a correct and accurate refund.
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was enacted in December of 2015, which made several changes to the tax law affecting taxpayers with families. This change begins Jan. 1, 2017, and therefore may affect some returns filed early in 2017.
The Most Overlooked Tax Deductions, Part 7
Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. Here is the seventh part of our multi-part series of blogs on the most overlooked tax deductions:
BUSINESS EXPENSES AS DEDUCTIONS
Bonus Depreciation
When it comes to acquiring new equipment for an enterprise, business owners must regularly stay updated on all current, pertinent tax rules and regulations, which constantly change. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them.
The Most Overlooked Tax Deductions, Part 6
Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the sixth part of our multi-part series of blogs on the most overlooked tax deductions:
COLLEGE TUITION & LOAN DEDUCTIONS
The American Opportunity Credit
The Most Overlooked Tax Deductions, Part 5
Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the fifth part of our multi-part blog on the most overlooked tax deductions:
LEGAL INCOME & FEES AS DEDUCTIONS
Jury pay paid to employer
The Most Overlooked Tax Deductions, Part 4
Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the fourth part of our multi-part blog on the most overlooked tax deductions:
HEALTH, CHILD CARE, AND CHARITY DEDUCTIONS
The Most Overlooked Tax Deductions, Part 3
Many taxpayers overlook the long list of deductions that they may take when completing and filing their tax returns. The IRS has estimated that millions of taxpayers overpay their taxes each year mainly because they fail to avail themselves of all of the possible deductions. The tax professionals at the Thorgood Law Firm can help ensure that all taxpayers take advantage of any and all deductions that may apply to them. Here is the third part of our multi-part blog on the most overlooked tax deductions:
PAYMENT OF TAXES AS DEDUCTIONS
Estate tax on income in respect of a decedent
Can You Write Off Your (Expensive) Work Clothes?
Most employers impose a dress code for the office. As a result, there are more than a few members of the American workforce who must purchase items including expensive suits, dresses, shirts, blouses, and shoes to observe an employer’s dress code. Many employees have wondered whether the cost of these clothes, often worn only for work, is deductible at tax time.
What You Need To Do If You Haven’t Been Filing FBARs
Taxpayers are required to file an FBAR (Report of Foreign Bank and Financial Accounts) if they had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all of these foreign financial accounts exceeds $10,000 at any time during the calendar year for which the taxpayer is reporting.
The FBAR is a calendar year report and must be filed on or before June 30 (with no extensions granted) of the year following the calendar year being reported. But what do you do if you are required to file FBARs and you haven’t been filing them? An experienced tax professional like one of the many at the Thorgood Law Firm can help all taxpayers resolve their problems with delinquent FBARs.
What Can Voters Really Learn From Donald Trump’s Tax Returns (if they are ever released)
What will we really learn If Donald Trump ever releases his tax returns? While no technical, legal requirement compels him to do so, it is but a time-honored tradition among presidential candidates acting in the spirit of full disclosure. Trump has acted like it’s not a big deal and that little, if anything, will be revealed by any divulgence. If it’s not such a big deal, why doesn’t he simply disclose them like other candidates? What might he be concerned that voters will really learn from the release of his tax returns?
- Trump pays little or nothing in taxes