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Month: November 2018

Income tax fraud

The year is almost over, and it will soon be tax time again. However, according to the IRS, a significant portion of taxpayers in Maryland and across the U.S. fail to adhere to the tax code when they file their returns.The IRS reports that around 17 percent of tax...

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Why the IRS could audit a tax return

If the IRS suspects that a Maryland taxpayer or anyone else isn't being honest on a tax return, the agency may initiate an audit. In 2016, 0.7 percent of all returns were selected for audit. In some cases, audits may be initiated on a random basis. There are seven...

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Contributing too much to a 401(k)

For many Maryland workers, a 401(k) retirement account is one of the perks of their jobs. However, the Internal Revenue Service has found that some people have taken advantage of the system and are making contributions that are in excess of what is currently...

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