TaxSlayer Blog is your source for tax preparation news, tips and advice.
When you lose your job, you have a lot on your mind and your taxes may be the last thing you are thinking about. However, losing your job can have a significant impact on your tax return. You need to be aware of the tax consequences to avoid costing yourself money and be able to take advantage of potential tax benefits. Below are a few of the tax consequences and benefits you should be aware of. [Read More...]
Are you a teacher who shells out your own money to pay for books, pens, pencils and basic supplies needed for your classroom? If you are an eligible educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies. These out-of-pocket expenses may lower your tax liabilities, even if you don’t itemize your deductions. [Read More...]
If you discover an error after you file your tax return, you can correct the error by amending your return. Amended returns, filed on Form 1040X, are used to make corrections to a previously submitted and accepted tax return. An amended return can be done for any tax year. However if a refund is being claimed, the return must be filed within three years after the date the original return was filed. While most filing statuses can be changed with an amended return, changing from Married Filing Joint to Married Filing Separate cannot be done after the original due date. The IRS released tips to amending your federal tax return, below we have summarized the major points: When To Amend A Return Generally, you should file an amended return if your filing status, number of dependents, total income, tax deductions or tax credits were reported incorrectly or omitted. The service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return. When To File An Amended Return Mostly if a change to a taxpayer’s return requires the IRS to give them a refund, the changes must be made within 3 years of the original return’s due date, or 2 years from the date the return was paid, whichever occurs later. If the taxpayer owes money to the IRS, the tax return can be amended for any year. · If you are amending your tax return to get an additional refund, make sure to wait until you have received your original refund before filing the amended return. · If you owe additional taxes, it is important to file your amended return as soon as possible to limit any interest or penalty charges that may incur. Form To Use To File Amended Return Form 1040X, Amended U.S. Individual Income Tax Return, is used to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ. Check the box for the year of the return you are amending on the Form 1040X. An amended tax return cannot be filed electronically and must be mailed to your local Internal Revenue Service Center. · Form 1040X has 3 columns. Column A shows original figures from the original return. Column B shows the changes you are making. Column C shows the corrected figures. There is an area on the back of the form to explain the specific changes and the reasons for the changes. · If the changes to the amended return required other forms or schedules, attach them to the Form 1040x. Failure to attach these forms can cause a delay in the progressing of your return. Multiple Amended Returns If you are amending more than one year’s tax return, prepare a separate 1040X for each return and mail them in separate envelopes. TaxSlayer.com allows users to amend returns with a step by step deduction guide, audit assistance, and customer support.
TaxSlayer.com is taking the show on the road this year. In an effort to help promote the TaxSlayer.com Gator Bowl and to reach campuses across the country, we have launched the TaxSlayer.com Gator Bowl Road Tour. The TaxSlayer.com Gator Bowl Road Tour will travel the Southeast this fall in promotion of the New Year’s Day bowl game. The TaxSlayer.com Gator Bowl bus will make eight stops at SEC football games offering students the opportunity to win a $10,000 scholarship courtesy of TaxSlayer.com. The scholarship contest will require students to submit a photo showcasing their game day attire, enthusiasm and team spirit! One student per campus will win a $1,000 scholarship and the chance to compete for the $10,000 grand prize. Beginning Monday, September 10th, you can visit www.taxslayerplayer.com to view photos from the road and to cast your vote for the TaxSlayer Player! We will be visiting a different college campus every week with prize giveaways and promotions. Make sure to review the schedule below and visit the TaxSlayer.com Gator Bowl Road Tour when it visits a town close to you. • Texas A&M University – 8/7-8/8 • Louisiana State University – 8/14-/15 • Mississippi State University – 9/21-9/22 • Auburn University – 10/5-10/6 • University of Florida – 10/19-10/20 • University of Georgia – 11/2-11/3 • University of South Carolina – 11/16-11/17 We believe college football fans remain some of the most passionate in all of sports. That is, without a doubt, the main reason that we have chosen to continue to integrate ourselves within the sport. Whether you are a Bulldogs fan, a Tiger, a Trojan, or a Wolverine, your dedication to your team is undoubtedly strong. College football unites the country in a way that few other sports can. So, as the season kicks off, many of you may be looking for the best sources to stay up to date on news and schedules. Without a doubt, my favorite site for finding football schedules is www.thefootballschedule.com. They show the schedules in a graphic format that makes it very easy to keep up with every team. For news, www.espn.com has always been number one. But, don’t forget to check out newcomer www.sportsonearth.com. And, without a doubt, make sure you enter weekly contests and more at www.gatorbowl.com or www.taxslayerplayer.com.