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April 2014 Archives

Instant Tax Relief? View Those Claims With Skepticism

If you owe the Internal Revenue Service (IRS) taxes, you may be worried. You know the IRS will want the taxes paid and there may be interest and additional financial penalties to pay. If you are struggling to figure out how to pay the tax, the prospect of the additional costs and potentially greater penalties, you may feel overwhelmed and trapped. You fear contacting the IRS, but you do not know how to extricate yourself from this predicament.

Tips on Making Estimated Tax Payments

When you do not have enough taxes withheld from your annual income, the IRS will expect you to make estimated tax payments. This is the case for those earning self-employment income, interest, dividends or capital gains. When applicable, estimated taxes should be done timely to avoid penalties and related interest assessments. Penalties for failure to pay estimated taxes are often the most difficult to remove.

How Consumers Can Avoid Becoming a Potential Victim

With the tax season rapidly approaching, it is extremely important for taxpayers to be vigilant. According to the Internal Revenue Service, scammers are targeting recent immigrants with threats of arrest and deportation if the money demanded is not paid through a pre-loaded debit card or wire transfer. Generally, these scammers use common names to identify themselves and are able to recite the last four digits of the victim's Social Security Number.

Some Tax Fraud Schemes You Should be Aware of

The clock is quickly winding down to file your taxes. As the April 15 deadline approaches, taxpayers in Maryland should be aware of the increasing risk of tax fraud. The Internal Revenue Service reports that between 2011 and 2013, there was a 400-percent rise in tax fraud related to identity theft.

IRS Commissioner Calls For Simplification of Tax Code

Tax laws often change, but the U.S. tax code hasn't seen a major overhaul in about 28 years. From business owners to wage earners, everyone who has paid taxes knows the process can be extremely complicated. In a rare comment on tax law, John Koskinen, Commissioner of Internal Revenue, has recommended simplifying the tax code in a number of ways.

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