Check the status of your return. If you have a refund coming from the IRS, you want to get your hands on the money as soon as possible. Fortunately, the IRS makes it easy for individual taxpayers to track the status of their refunds and make sure they get the money they have coming....
In some cases, you can reduce your total tax liability instead of simply delaying payment. As you might expect, this option is tempting to those who may want to abuse it. For that reason, the IRS requires strict processes and certain qualifications for you to be eligible for tax settlement ...
Aim high. The monthly payment you offer should be equal to or higher than what the IRS believes it can garner from you from a negotiated agreement that it initiates. The regular (usually monthly) tax payment you introduce to the IRS should be tied to existing IRS criteria. For example, yo...
you can use the “Where’s My Refund” tool provided by the Internal Revenue Service (IRS) to track your refund status. This online tool is free to use and provides you with up-to-date information on the status of your tax refund. To use this tool, you need to provide your Social S...
What Is IRS Publication 557: Tax-Exempt Status for Your Organization? IRS Publication 557 is a document issued by theInternal Revenue Service(IRS) that details the steps to apply for and maintain tax-exempt status. For non-profit organizations, obtaining tax-exempt status is essential as it mea...
The first thing you need to do when you prepare a tax return is to choose your filing status. Your IRS tax filing status is a classification that determines many things about your tax return. It's important to select the correct filing status as the right one will get you the lowest ta...
Received:The IRS has your tax return and is processing it. Approved:The IRS is preparing to send your refund. Sent:Your refund money is on its way. If the IRS is still reviewing your return, the tool may display instructions or an explanation of what the IRS is doing instead o...
To calculate your effective tax rate you need two numbers: your taxable income and the total amount you paid in taxes. Key Takeaways Knowing your effective tax rate can help you understand how well you’ve been managing your tax situation throughout the year. Your effective tax rate is diffe...
You can also call the IRS helpline at 800-829-1040 with your tax questions. The IRS used some money it received from the Inflation Reduction Act to hire 4,000 new customer service representatives to help answer phones and provide other services last year, so wait times should be shorter. ...
If you’re selling on Etsy, be sure to set aside earnings to coverincometax and self-employment tax. Etsy tracks your Etsy Payments sales for you. After the end of the year, Etsy sends outForm 1099-K,Payment Card and Third Party Network Transactions, to both you and the IRS. Form 1099...