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August 2015 Archives

Why taxpayers should file their returns early next year

As we noted in our prior posts, many people don’t think about their upcoming tax returns in August. After all, tax season is about six months away, and most consumers are thinking about maximizing their spending power for Labor Day weekend sales. Nevertheless, tax questions and problems are being resolved (or at least attempted to be resolved) right now.

Don't forget about moving expenses

It may be unusual to think about taxes in August, since next year’s federal income tax deadline isn’t until April. However, there are a number of people who relocate in August; whether it is to go to a new school (i.e. college) or to start a new job. Regardless of what the reason is, it may be possible to deduct the expenses incurred when moving on one’s tax return.

Feeling pressured by the IRS about appeals?

A taxpayer may feel very vulnerable when they are in a dispute with the Internal Revenue Service. The IRS is a large government organization that has some very significant powers, so it can be very intimidating to face off against this organization. Sometimes, in disputes with the IRS, a taxpayer may feel pressure (either intentional or inadvertent) from the IRS to make certain choices when it comes to the major decisions before them in the dispute.

Could some taxpayers lose subsidized health benefits?

It is not common to talk about income taxes, including forms, deductions and deadlines at the beginning of August. These issues are commonly reserved for March and April. But the reality is that more than 10 million taxpayers applied for extensions this year, and they will have to file an income tax return eventually.

How the IRS tries to catch taxpayers underreporting income

The IRS is aggressive in pursuing taxpayers it believes has underreported its income. The agency estimates that the federal government loses hundreds of billions per year in unpaid taxes due to underreported income, according to CBS News. This explains why IRS agents conduct field audits, also called face-to-face examinations.

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Law Offices of Robert T. Leonard, APC

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