tax credits

Top GOP’s Priorities under Trump: How It Affects You and Small Business Owners

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IRS Tax Relief

With Donald Trump back as President, and both the House and Senate in GOP’s power, Republicans become ready to push a set of legislative changes. Most important will be the thorough reform of the U.S. income tax system. The following are some of the top GOP’s priorities and how those changes can influence individuals and small businesses.

An illustration of tax changes coming in 2025
Top GOP’s priorities and tax changes coming in 2025

Key Legislative Changes

Making the 2017 Tax Cuts and Jobs Act, TCJA Permanent

Overview: Major tax reductions and reforms were designed to be temporary, cessation or expiring by the end of 2025. The Republicans … Read more at 2009 Tax.

Step-by-Step Guide for How to Fix Tax Return Errors

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IRS1040X

Don’t let tax return errors ruin your day! Learn how to easily identify and fix errors with this step-by-step guide for correcting tax return mistakes.

Mistakes on your tax return can delay any refunds you are due and may even result in an IRS penalty. Following this step-by-step guide, you can easily identify and fix errors on your tax return to avoid these associated headaches.

Fix Tax Return Errors
Fix Tax Return Errors

Check Your Return for Error Messages or Red Flags.

After submitting your return, look for an error message or red flags that indicate something is wrong with your filing. The … Read more at 2009 Tax.

Considering Your Home Mortgage Tax Deduction

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Let Turbo Tax 2014 guide you at tax time.

Many people debate the merits of having a mortgage tax deduction when they file their taxes.

It makes sense to work at lowering your taxable income and getting all of the credits and deductions that you are entitled to, and claiming mortgage interest may be at the top of the list for you. Some homeowners think so much of this deduction that they forgo paying off their mortgage in spite of having enough money to do so. The question becomes whether it makes more sense to keep the savings or eliminate … Read more at 2009 Tax.

An Important Guide On Filing Taxes Online

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An agreement between a group of private companies that produce tax filing software,the Free File Alliance, and the IRS has made it very easy to file your taxes. Even filing taxes online. The companies have availed their software to be used at absolutely no charge. This has resulted in over 40 million people turning to filing taxes electronically because of the ease and safety associated with this method. When you file your returns electronically, you also benefit from being able to receive your refund faster than those who have to go through a lot of paperwork.

In order to … Read more at 2009 Tax.

Surviving An IRS Audit

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Surviving An IRS Audit

An IRS tax audit is requested when the tax filer submits tax information that doesn’t match with that submitted by employers, brokerage firms, banks and other institutions. This document-matching is only one means of identifying tax returns to be audited. The Discriminant Function System (DIF) is a point system the IRS gives each return rating it on its possibility of containing fraudulent information. Informants are still a popular means to detecting who has filed a fraudulent tax return and finally, self-employed persons and persons earning $200,000-1 million are often pursued when their returns appear suspicious.

Any … Read more at 2009 Tax.

Last Minute Tax Tips When Using Turbo Tax

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Last Minute Tax Tips

Are you going to use Turbo Tax 2013 to file your taxes this year? Before you head to TurboTax.com, take a moment to read through these tips. With the deadline approaching, you need to know what to do at the last minute to make the filing process successful.

  1. File the Paperwork Electronically

Did you know that Turbo Tax 2013 allows you to e-file your paperwork when you are done? This can save you a lot of time; it really only takes a few minutes. You will instantly submit your tax files so that you do not … Read more at 2009 Tax.