With tax day quickly approaching, it has been a hectic time for local tax preparers.
Credit Karma has revealed that less than 100 people (out of 250,000 filers) have reported their Bitcoin holdings thus far to the IRS, despite the looming April 17 tax filing deadline.
If you're getting a refund, the IRS would like you to file on time.
The department offers two tax filing services: e-File provides a list of software providers certified to submit forms electronically, and using its online forms, which offer fillable online versions of tax forms for taxpayers that prefer to prepare their own returns.
Concerning those scams perpetuated against the IRS, remember, when you sign a tax return you are signing under penalty of perjury.
Tax season is the time of the year that people either love or hate, but according to the IRS, electronic filing is up 2.2 percent this year versus 2017.
Be careful with Roth conversions: If your tax bracket is dropping, this year could be an excellent time to convert your traditional IRA into a Roth, according to Ed Slott, CPA and IRA expert. Then, subtract this year's withholdings and estimated payments you made over the course of the year, and send the difference to the IRS this year. About 14 million Americans will get an extension this year, the IRS said.
On Tuesday, the IRS alerted consumers to a new email tax scam. You still have to file, that's the law. The sooner you get started, the sooner you can start planning that summer vacation. Nearly all rejected extensions are the result of submitting incorrect information, such as a name or Social Security number that does not match IRS records. However, they're more than happy to hang on to the money they owe you if you don't.
Unbeknownst to most folks, specific items, if found in your return, may trigger an audit. After doing so, you may want to adjust your W-4 at work.
Heidi Hutner, a writer and professor, likes to file her taxes as early as possible. If you're married filing jointly and your adjusted gross income is less than $150,000, just make sure that this year's withholdings plus payments equal the same as last year.