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Archive by Month: May 2017

Trump’s Budget Could Tighten Refundable Tax Credit Requirements

Posted in News on May 31, 2017

Under the U.S. tax code, there are several refundable tax credits, including the Child Tax Credit and the Earned Income Tax Credit. A tax credit is not the same as a deduction. A deduction allows you to reduce your taxable income so, for example, a $1,000 deduction if you have a $20,000 income would mean you were taxed only on $19,000 in income instead of $20,000.  A tax credit reduces your tax bill so if you owed $1000 in taxes and got a $500 tax credit, you'd only owe $500.

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What to Do if You Get an Audit Notice from the IRS

Posted in News on May 17, 2017

The Internal Revenue Service audits less than one percent of all of the tax returns that it receives.  While the percentage of audits is small, the threat of being audited looms large in every taxpayer's mind. Receiving notice that you're being audited can be frightening and you may be unsure of what your best course of action is if you find out that the IRS wants to take a closer look at your tax return.   Read More

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