Tax season is upon us, and many people are discovering they owe money to the Internal Revenue Service (IRS).
This year, you have until April 18 to figure out how to pay taxes — April 15 falls on a Saturday, so taxes aren’t officially due until the following Tuesday. While there really isn’t a way to lower your tax bill at this point, although proper planning could lower it for next year, you may be wondering if you charge the bill to your credit card.
The short answer is yes, you can pay your taxes with a credit card. In fact, doing so may actually benefit you, if you’re using a rewards card. But there’s a lot to consider before doing you go this route.
Most taxpayers will likely agree that the U.S. tax code is complicated and hard to understand. So, naturally, a few common tax myths have popped up over the years. And some of the most common myths revolve around tax deductions.
Some tax deductions that seem completely legitimate are actually fake, while others that seem unusual or even silly qualify for beneficial tax treatment. Here’s a look at tax myths and truths to help you claim the correct tax deductions.
WASHINGTON — The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016.
IRS CI initiated 3,395 cases in FY 2016 that focused on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing.
“The IRS continues to work to ensure that everyone is playing by the same rules and paying their fair share,” said IRS Commissioner John Koskinen. “The IRS is committed to fairly administering and enforcing the tax code, and our criminal investigators play a critical role in that effort.”
The average tax refund is more than $3,000. When you hear that number and do your taxes, only to find out that your refund is much less — or worse, that you owe money — it can be tempting to fudge the numbers and increase your refund.
But misrepresenting your income on your return counts as tax fraud, and has serious consequences. Below, find out what happens if you lie on your taxes and what IRS penalties you could face.
If you forgot to file a tax return in 2013, the government may owe you more money than you thought.
On Wednesday, the IRS announced that it currently has more than $1 billion in unclaimed tax refunds for about 1 million taxpayers who didn’t file a 2013 federal income tax return. But if you want to collect the money, you have to act fast: The IRS said taxpayers must file a 2013 tax return with the IRS no later than April 18. After that, the money becomes property of the U.S. Treasury.
WASHINGTON – The Internal Revenue Service said mid-February marks the agency’s busiest time of the year for telephone calls. The IRS is reminding taxpayers who have questions about their tax accounts to be prepared to validate their identity when speaking with an IRS assistor. This will help avoid the need for a repeat call.
The IRS recognizes the importance of protecting taxpayers’ identities. That’s why IRS call center assistors take great care to make certain that they only discuss personal information with the taxpayer or someone authorized to speak on the taxpayer’s behalf.
To say the U.S. tax system is confusing is an understatement, so it’s no wonder there are many misconceptions about the rules.
The good news is that most people make less than $100,000 in a year and have no income other than their paychecks, so they can fill out the comparatively brief and very direct short form; almost everyone who uses the 1040EZ can fill it out themselves.
For everybody else, though, the baffling mysteries of the tax code prevail, and can ultimately cost money. To help unravel some of the perplexities of the system, here are 12 common tax myths debunked. It might save money and sanity when the deadline rolls around.
The Internal Revenue Service announced last April that taxpayers who need to make a payment in cash can now do so at 7-Eleven convenience stores.
While it may seem unusual to pay your taxes where you might otherwise pick up a Slurpee, it caters to a large number of Americans who do not have a bank account or credit card. The Federal Deposit Insurance Corporation estimates one in 13 households in the U.S. do not have a bank account.
“We continue to look for new ways to provide services for our taxpayers … this provides a new way for people who can only pay their taxes in cash without having to travel to an IRS Taxpayer Assistance Center,” said IRS Commissioner John Koskinen.
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