All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories. Here’s an overview of these rights and links to details about each one: The right to be informed Taxpayers have the right…

It is cold and dreary and the last thing you want to do is mess with taxes. The IRS opened for filing on February 12 so now is the time to schedule your appointment. Go go my website: pedersonaccountingservices.com. Next to my telephone number is the button that says Schedule. The times shown are when…

After a tumultuous year that has upended traditional employment, millions of Americans could face income-tax surprises. One way to reduce the odds of owing a big bill to Uncle Sam — or paying out too much and thus giving an interest-free loan to the government — is to check your withholding. More than a year…

Your credit score, which is also referred to as your FICO score, is a measure that creditors use to assess your potential credit worthiness. Generally speaking, the higher your credit score, the less of a credit risk borrowers will perceive you to be. If you have a low FICO score, then you could be deemed…

WASHINGTON —The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit,…

WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the…

Happy New Year! We pray 2021 will be a much better year for everyone! It is that time of year again. Envelopes will start arriving that say “Tax Documents.” Be sure to put all the documents in the same place so when you are ready to have your taxes done, they will all be together.…

Earlier this year, all of the television stations were running ads screaming “FREE, FREE, FREE.” That screaming was followed by ads for online tax preparation companies where you could file your taxes for FREE. Please be aware, there are restrictions on filing for free. One site I found allowed free filing if you have W-2…

If your employer offers a match, make sure you’re getting all you’re entitled to. Are you contributing the maximum to your workplace retirement plan? And does your employer match your contributions? If you answered yes to both questions, you need to be careful about how much money you place into your account each month. Getting…

A New York schoolteacher held more than $1.6 million in a Swiss bank account for years but failed to file the required Form FBAR (Report of Foreign Bank and Financial Accounts) with her tax return. In an audit, the IRS determined that she willfully tried to conceal the account and assessed an $803,000 penalty. She…