What Triggers an IRS Tax Audit?
The odds of an audit can increase substantially depending on your income, types of income, deduction amount and changes you have made since filing your last tax return.
Watch CBS News
The odds of an audit can increase substantially depending on your income, types of income, deduction amount and changes you have made since filing your last tax return.
About half of Americans say they feel underpaid. Are you one of them?
Most of us keep too much of the paper that comes into our homes.
Avoid the most common tax mistakes to get a faster refund.
Most tax filers are getting a refund after they file their 2012 return. With the average refund running about $3,000, a lot of people will be thinking about what to do with the extra cash.
The Internal Revenue Service has a message for taxpayers eager to learn the status of their tax refund: Please don't check the IRS website every five minutes — once a day is enough.
Experts recommend using some type of guidance to navigate forms and maximize your returns.
Consider treating your family and create some memories for everyone with the refund.
Your ability to earn a living is your largest asset.
The average taxpayer's refund this year will be around $3,000 this year. This is not a windfall!
The IRS expects that 75 percent of all 2012 returns will be entitled to a refund, so if you haven't started preparing your taxes yet, do it: There's no reason to wait for April 15 to roll around to get that money back from Uncle Sam.
So you've prepared your tax return and found that you owe. What should you do if you can't pay?
Millions of people are getting a jump on filing their tax returns now that they have received their W-2s and 1099 forms. And for most, the incentive to get moving is to get that tax refund in their bank account as soon as possible.
If you're preparing your own taxes you should definitely do what the professionals do: use tax preparation software.
The IRS expects 75 percent of all 2012 returns will get a refund, so if you haven't started preparing your taxes yet, do it.
There are lots of websites and software available, but you may not have thought of smartphone apps for doing your taxes.
For easy filing this year download all your Federal Tax Forms from our one-stop shop.
Get a jump-start on next year's taxes. Set up a simple filing system.
Be wary of anyone that wants you to sign a blank return or who refuses to put their name and Social Security number on your return.
Looking for a tax shelter? The best way to beat taxes is by investing in your retirement plan.
Most audits are simple paper audits where they send you a letter asking for supporting documentation.
Whether you do your taxes yourself or have someone else do them, only you can do the prep work involved.
Investments that you hold for less than a year and then sell are considered short term investments and are taxed as ordinary income.
College is very expensive, but Congress and the IRS have given us ways to offset education costs.
