Filing Feed

People who live in storm ravaged areas of Georgia, Louisiana and Mississippi have enough to worry about, so the Internal Revenue Service says they don't have to worry about filing their taxes next Tuesday. Neither do U.S. military personnel who are in combat zones. A Federal Emergency Management Agency (FEMA) worker assesses damage in Georgia from late January 2017 storms and tornadoes. (Photo courtesy FEMA Facebook) Major natural disaster victims: Taxpayers in several areas deemed major disasters — the IRS keeps a running list of tax-affected disaster areas —qualify for more time to file their tax returns and pay any... Read more →


No maybe about it. Taxpayers will be calling the Internal Revenue Service this weekend as the April 18 tax return filing deadline looms. Taxpayers will be taking Carly Rae Jepsen's advice and calling the IRS in a filing season last-minute rush to complete their returns. Click image to watch her song's video. Or you can check out IRS videos for tax help. The first two weeks of April usually are the busiest times of the year for IRS employees who staff the agency's toll-free telephone help lines. And since this is an unusually slow filing season — the IRS reports... Read more →


As if you and your tax adviser weren't already crunched enough in April, this filing season there's a new deadline for folks who have money or other assets in foreign accounts. FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is now due on the regular federal individual tax return's April deadline — that's the 18th this year because the 15th is on Saturday and Emancipation Day falls on Monday, April 17 — instead of June 30 as it has been in previous years. The good news is that your FBAR filing can be extended until October. And... Read more →


Time is rapidly running out this filing season to make tax-saving moves, but adding to an IRA could be a win-win-win. Win 1: Added feathering of your nest egg Most moves to reduce a tax year's final bill must be taken by the end of that tax year. Once Dec. 31 is past, so are your options to reduce what you owe the Internal Revenue Service. IRA contributions, however, are different. You have until the April fling deadline, which is next Tuesday, the 18th this year, to put money into your traditional or Roth IRA and have the contribution count... Read more →


You have a mortgage. That home's property taxes are waaaay too big. (Note to self: Protest the appraisal.) And you were really generous. All those expenses probably mean that you itemize instead of taking the standard deduction when you file your taxes. Yes, it's more work, but if you take full advantage of all Schedule A has to offer, it can really pay off. Schedule A (Form 1040) Here's a closer look at what you can claim where when you itemize. Medical and Dental Expenses Being sick sucks. Having to pay a lot of out-of-pocket medical expenses is a pain,... Read more →


Most of us — Internal Revenue Service data shows around 70 percent of taxpayers — don't mess with itemized deductions. Instead this large group of filers claims the standard deduction. It's easy. The amount to claim is based on your filing status and found directly on the 1040 and 1040A forms; it's included with the personal exemption amount(s) on 1040EZ. It's also adjusted annually for inflation, so generally if you make more the next tax year, your standard deduction is larger. But sometimes standard deduction claimants feel a bit left out at tax time, since so much is written (guilty!)... Read more →


You know there's Free File, but you'd really feel more comfortable getting some face-to-face help filling out your taxes. The problem is you don't have a lot of money to pay for accredited tax assistance. Good news. You might qualify for free, in-person tax help. Free tax-preparation and filing help, like that shown here at a Rutherford Country, Tennessee, VITA office, is available at thousands of sites across the country. No-cost tax return preparation and e-filing is available at nearly 12,000 Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites across the United States. These filing-season... Read more →


Click image to watch Stephen Colbert's character Otto Sanchez "advise" H&R Block customers. Stephen Colbert has assumed a variety of personas during his comic career. On his April 5 CBS late night show a new, sort of tax-focused character appeared. Hello Otto Sanchez, hoax H&R Block tax professional. As the company itself asked on its Facebook page, what could go wrong? Plenty. From singed and mistakenly shredded tax documents to an impromptu serenade to beer during the consultation, three customers of the country's largest franchised tax preparation service were amazingly good-natured victims of Colbert's skewed tax humor. I hope the... Read more →


Tax filing must keep evolving. That's the word from Internal Revenue Service Commissioner John Koskinen, who today made his fourth and final appearance as head of the U.S. tax agency before the National Press Club. IRS Commissioner John Koskinen holds a paper Form 1040 during his speech to the National Press Club in Washington, D.C. Each event attendee got a souvenir form, complete with a personal "thanks for filing" note penned by the commish. That means, Koskinen told the assembled group of media in Washington, D.C., more digital solutions to taxes. And if tax reform can help achieve that, then... Read more →


Wait. It's April, right? And isn't it March that has the proverbial lion-like entrance? Well, April apparently is trying to steal some monthly arrival literal thunder. Over the first weekend of this new month, violent storms raked much of Texas and are still marching east. Little April showers on spider web GIF by SomethingTraLaLa via Giphy Yes, I know spring heralds thunderstorm season, which is often dangerous and deadly like this weekend. But I also know I speak for a lot of us who were hoping simply for some more soothing April showers. So instead of just worrying about filing... Read more →


Ah, youth. The excitement. The energy. The illusion of immortality. The first-ever filing of a tax return. Boom. Taxes often are the first indication of young adulthood. And apparently it's a grown-up responsibility that many millennials are turning over to other grownups, specifically their parents. Real mom-and-pop tax help: More than a third (37 percent) of millennials relies on their parents at least in part for tax help, according to a new study released by TaxAct. The survey, conducted by ORC International earlier this year on behalf of the tax software company, also found that young men are more likely... Read more →


The April filing deadline (it's on the 18th this year) is less than a month away. So far, the tax season is running slow. The Internal Revenue Service says that fewer than half of the expected 153 million returns have arrived at its processing offices. That indicates that there will be a mad rush to the tax filing finale. And that means that a lot of people will fall into the proverbial haste makes waste pit, being in such a hurry that they'll overlook some tax breaks. If you're careful not to miss any tax breaks for which you qualify,... Read more →


Bluebonnets, the state flower of Texas, are among the wildflowers that emerged early this year thanks to warmer than normal temperatures. (Photo of a Hill Country patch on March 18, 2017, by Kay Bell) Hello, Spring! You used to be my favorite season, but for the last few years — OK, the last dozen that we've been back in Texas — you've arrived in late February or early March and only lasted about three days. By the time you're official, which was when you clocked in at 6:29 a.m. Eastern Daylight Time (5:29 a.m. CDT; I was asleep) today, it... Read more →


A Pennsylvania man said he didn't file 10 years' worth of federal tax returns because the forms required use of a Social Security number, which he considered analogous to the Biblical "mark of the beast." James Kerr Schlosser's 666 tax protest, however, didn't convince the Internal Revenue Service or the legal system. The 59-year-old Bird-in-Hand, Pennsylvania, resident was convicted on March 7 of failing to report $2.3 million he earned as a medical equipment salesman. Foreign accounts, coins used in scheme: To evade the tax due on the millions, federal court papers show that Schlosser used foreign business trusts and... Read more →


Are we having tax fun yet? We did for while last night when it looked like we finally might get a look at Donald J. Trump's taxes. OK. We did get to see part of the new president's 2005 tax return, courtesy tax journalist David Cay Johnston and MSNBC host Rachel Maddow. MSNBC hosts Rachel Maddow and Chris Hayes talk Trump taxes on March 14 with Pulitzer Prize winning tax journalist David Cay Johnston. (Click screenshot to view a segment of the Maddow show.) Trump tells tax all? The tax return provides some basic info, but raises a lot more... Read more →


Yes, there's the Republican plan to replace Obamacare. And, yes, a serious winter storm is pounding the Northeast. But today, March 14, attention turns to the men's college basketball championship. The quest for that title is known as March Madness and it kicks off with two games later today in Dayton, Ohio. Place your bets: I'm not a basketball fan, college or pro, but long-time readers know what this month means to me — gambling and taxes. While the Super Bowl is the year's single biggest betting day — we're waiting for the final tally, but last February's 51st NFL... Read more →


The United States and Canada share more than the world's longest undefended border. They also share attacks by cyber criminals on their online tax systems. A sign at the point where the railroad crosses the U.S.-Canada border at Peace Arch Park. This is the westernmost point on the continuous main section of the border. (Photo by Vmenkov via Wikimedia) Canada Revenue Agency’s website was down from the afternoon of Friday, March 10, until 5 p.m. Sunday, March 12, after tax officials discovered the site had a security vulnerability. South of the 49th parallel on Thursday, March 9, the Internal Revenue... Read more →


Have you filed your tax return yet? Neither have I. Neither have millions of Americans. The weekly filing data the Internal Revenue Service delivers during high tax filing season shows that almost all the numbers are behind where filing was at this point last year. Started slow, stayed that way: When filing season kicked off back in late January, IRS Commissioner John Koskinen said his agency was expecting 153 million individual tax returns to be filed in 2017. Most of those show up from January through the April deadline, which is on the 18th this year. There's usually a big... Read more →


Are you planning to catch up this weekend on some of this year's Academy Award winning movies you've yet to see? Me, too. But I'm also putting on my viewing list a newish flick, "Love & Taxes." Reel tax life: I'm not making this up. It's a real movie that, according to its website, is "a riveting comic tale of seven years of tax avoidance." OK. You probably want a less vested review. Here's what Ken Jaworowski had to say in Friday's New York Times: Likability goes a long way in "Love & Taxes," a comedy that relies on the... Read more →


Could you use $763? The IRS could have that much or more just waiting for you. It's yours as long as you don't miss the 2013 tax return tax deadline. Photo by 401(k) 2012 courtesy Flickr Creative Commons Nope, that's not a typo. More than 1 million taxpayers didn't file their federal returns three years ago and that oversight has left the Internal Revenue Service holding more than $1 billion in unclaimed refunds. If some of that money is yours, the IRS wants to send it to you. But you have to ask by filing a 2013 Form 1040 (or... Read more →