Received a Notice or Letter from the IRS? We Can Help
Receiving any correspondence from the IRS can instantly strike fear in the heart of most. You have to admit that one would naturally get a little nervous when you see that the Treasury department wants to have a word with you. In this moment you don’t want to become overcome with panic, you want to prepare! Millions of taxpayers get IRS notices saying there may be an issue or error and you may owe additional tax, including penalties and interest. Just because you get a notice doesn’t mean that it’s correct
While fear is a completely normal reaction, here are four steps every taxpayer should follow if they receive an IRS notice or letter:
Open the letter RIGHT AWAY.
Don’t delay in opening and reading the correspondence. The notice will state the following:…
IRS reveals new postcard-size 1040 tax form
The IRS revealed a new postcard-sized tax filing form, following through on the Trump administration’s promise to roll out a smaller version. Mark Steber, chief tax officer at Jackson Hewitt, tells Yahoo Finance's Seana Smith why it just makes your taxes more complex.
Confused About Tax Reform? Top Tips You Need to Know
Concerned about the how tax reform changes will impact your tax return? You’re not alone. The biggest tax reform in 30 years is promising simplification, but it may not be that simple for many Americans. Jackson Hewitt® wants you to know the top things about tax reform that may impact you
No personal or dependent exemptions – Don’t panic; this doesn’t mean your taxes will automatically go up. It just means you won’t be able to claim exemptions for yourself or your dependents on your tax 2018 returns starting this year. Come in and ask a Tax Pro about built-in new tax benefits such as the increased child tax credit, new other dependents credit, increased standard deduction and a reduction in tax rates.
Lower tax rates
Double the standard deduction – In all…
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Need More Time? Here’s What You Need to Know to File a Federal Tax Extension
You started the year determined to get your tax return completed way before the deadline. Then life happens, and filing your taxes almost becomes an after-thought. Even though we’re a few weeks away from Tax Day and it might sound like a lot of time, it’ll literally be here before you know it. The sooner you get started on that return, the more options you'll have for getting it done smoothly
If you’re overwhelmed, under pressure, and don’t know where to begin, save yourself the anxiety by turning to a Tax Pro . If you won’t be ready by the deadline, filing for a federal tax extension has its perks. While an extension won’t get you out of paying your taxes by the regular tax deadline, it will give you more time to…
File an Extension
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Did you file an extension?
Filing a six-month tax extension keeps you in good standing with the IRS, while giving you more time.
Remember, an extension doesn’t delay payment if you owe money. You still needed to pay estimated taxes by April 18 to avoid fees.
What are the fees for paying late?
0.5 percent for every month.
Maximum penalty for late payment is 25 percent of the total.
After 60 days, the minimum penalty is $205 or 100 percent of the balance due, whichever is smaller.
Don’t forget: The IRS compounds interest daily and penalty assessments monthly.
If you want an extension because you owe money, an IRS Installment Agreement for payment is a better choice.