You are entitled to a free copy of your credit report from each of the three national consumer reporting companies every 12 months.
Credit reports contain information that agencies and companies use to evaluate creditworthiness. Banks use them to know if they can trust you with a home mortgage or auto loan. Credit card companies use them to determine if they should approve your credit card application. Insurance companies use them in factoring your insurance premiums. The use of credit reports to evaluate your financial situation is even used by your potential employers partly as a measure of your job qualifications. Because of this reliance on credit reports, it is important for you to ensure that your credit report is accurate. The government has recognized this by making available free credit reports.
When tax time comes around, inevitably there are people who are not able to pay everything they owe.
Although the IRS always prefers that you find a way to pay your taxes in full, circumstances can sometimes prevent that from happening. If you find yourself in this predicament, the IRS does have options available to help you resolve your tax debt.
Obviously, the best solution for past due taxes is to pay the entire debt as quickly as possible. Remember that penalties and interest will continue to accrue until your balance is fully paid – the IRS does not necessarily waive these late fees, even if you set up an approved payment arrangement.
In some cases, it is actually more affordable to pay your tax debt using a personal loan or credit card(s), which often charge lower fees than the IRS.
Read on to learn the IRS payment options if you cannot pay your taxes.
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund. The tool is updated no more than once a day so you don’t need to check more often.
No one enjoys the thought of preparing, filing and paying taxes, yet we all hope there is a refund in the works. As a result many of us wait til the last minute to file causing stress and possible mistakes. Filing isn't an option, so let's get it done - this year's deadline is April 17th!
The IRS urges taxpayers to avoid waiting until the last minute to file their taxes. For those who do wait, the IRS has easy-to-access online resources to help.
These eight tips from the IRS can help make filing less taxing:
There is still an opportunity to lower your tax liability before the year ends.
This can be accomplished in a Charitable and NonCash Charitable Contributions:
Charitable Contributions: If you are electing to itemize your allowable itemized deductions on Schedule A of your 2016 federal income tax return, then charitable donations are an excellent way to accomplish this goal. Whether the contribution is in the form of checks written and deposited into the U.S. Postal Box before midnight on December 31, 2016, or made online with a credit card or direct transfer from a bank account, your tax bill can decrease based on your individual marginal tax bracket. For example, if your bracket is at 25% then you will save 25 cents on each dollar contributed.
Life events such as marriage, divorce, death of a spouse, birth or adoption of a child, a new job or the loss of a job and retirement, all impact year-end tax planning.
Marriage: Marital status (single, married or divorced) for the entire tax year is determined on December 31st. Because the income tax brackets vary depending upon filing status, a marriage penalty or a marriage benefit may result for any particular couple.
As a general rule, if each partner has income approximately in the same amount as the other, they will pay more filing as a married joint return than as two single individuals. Accelerating or postponing marriage or divorce at year- end might be considered based upon this difference in tax brackets.
As tax filing season approaches, the Internal Revenue Service reminds taxpayers there are things they should do now to get ready for filing season.
For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns. For example, charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2017 count for the 2017 tax year, even if the bill isn’t paid until 2018. Checks to a charity count for 2017 as long as they are mailed by the last day of the year.