Tag: taxes

Understanding The IRS’s “Get Transcript” Data Breach

Update: The IRS has now said that about 220,000 additional tax accounts were potentially compromised in the May breach. “Your personal information has been illegally accessed.” It’s something that no one wants to hear – especially when it pertains to your tax information. Unfortunately, it does happen—even to the IRS. That’s right. In May, the […]

How to Help Better Protect Yourself Against Tax Identity Theft

If you get a notice from the IRS that someone else has filed a tax return using your information, the first question is likely to be, “How did this happen to me?” The answer is: all too easily. A thief only needs your name, birth date and social security number in order to file a […]

What To Do If A Fraudulent Tax Return is Filed Using Your Information

Identity theft is a fact of modern life. That may sound bold, but the numbers support that unfortunate reality. According to the Wall Street Journal in February, 803 million individual records have been stolen in the last three years through major information breaches – like when the Target or Anthem databases were compromised. The U.S. […]

Don’t Ever Ignore These 3 Common IRS Notices

Ed note: Any letter from the IRS is likely to get your attention, but these three should prompt you into swift action. Learn what the mashup of letters and numbers actually means and how to go about responding. Leer en español. Every year, the IRS mails more than 200 million notices to taxpayers. There are […]

Individual Taxpayer Identification Numbers and the Child Tax Credit

Ed note: Even if you don’t have a social security number, you may be required to file a U.S. tax return. To do that, you need an Individual Taxpayer Identification Number (ITIN). There is some confusion about what ITIN filers are allowed to claim, or not. Here’s help. Leer en español. Many individuals from foreign […]

Do I have to pay taxes on my scholarship?

Ed note: Scholarships are free money! Actually, depending on how the scholarship money is used, it could be taxable. Read on to learn when you need to report money from scholarships and when it’s tax-free. Leer en Español. College students and their parents often ask whether money from scholarships is taxable. As always, we are […]

The IRS changed my refund. Now, what?

Ed note: We know how important it is to get a tax refund. While waiting for the refund to arrive can be frustrating, getting a refund that’s less than expected – or none at all – can be upsetting. Here are a few reasons this could happen, and what to do if it does happen […]

Saving for College While Reducing Your Tax Bill

Ed note: As a parent, I do worry sometimes about my daughter and her future education. How expensive will college be when she enrolls? Will she need an advanced degree too? Or what if she doesn’t go to college at all? While I can’t know the answers to those questions, I can do some planning […]

Boats and Taxes, Everything You Need to Know While You Stay Afloat

Ed note: OK, taxes are pretty serious business. But with something fun – like summer boating – we just couldn’t help but get a little “punny.” We hope it makes you smile, with the added benefit of helping you maximize your tax refund. If you are thinking about giving into “pier” pressure and buying a […]

Top 7 Things Same-Sex Couples Need to Know About Marriage and Taxes

Today, the Supreme Court decided same-sex couples have the fundamental right to marry. That means regardless of what individual states may have decided in the past (we decoded the confusing discrepancies here), all same-sex couples can now get married and have those unions legally recognized. Additionally, those already married and living in states that currently […]