March 16, 2016
The IRS announced this month it has refunds totaling $950 million for people who have not filed a 2012 Federal income tax return.
Students and others who don’t earn much money often decide not to file a return, but they may be missing out on refund.
To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than the Monday, April 18, 2016, tax deadline. (The deadline has been extended from the usual April 15 due to the Emancipation Day holiday celebrated in Washington D.C.)
If you’re due a refund, there’s no penalty for filing a late return.
If you have a previous year's return to file, the staff at Foltz and Associates can help ensure you receive all that you're due. Give us a call at 540-373-6589.
Do I still have enough to itemize?
Since before I can remember, taxpayers have had the option of reducing their income (to arrive at taxable income) by using either the standard deduction or itemized deductions. It was the one place on the tax return where most folks felt like the IRS granted them a little bit of favor…because you got to deduct whichever...
What’s going on with my exemptions under the Tax Cuts and Jobs Act (TCJA)?
Under the former law, which of course applies to the tax returns being filed for 2017, taxpayers can claim a personal exemption for themselves, their spouse (if filing jointly) and each qualifying child or relative. Each of these exemptions allowed taxpayers to reduce their taxable income by...
As we all know (if you don’t, I’m not sure what rock you’ve been sleeping under), Congress presented and the President signed in to law the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. This law amends the Internal Revenue Code of 1986.
This new law affects us all. No taxpaying person in the United States will escape these changes. For some of...