US Expats – Have you filed your 2014 US Tax Return?
IRS Refunds worth $1.1 billion waiting to be claimed by those who have not filed 2014 federal income tax returns
Claim yours now before you are unable to do so – June 15 is the deadline for US Citizens Living Abroad
WASHINGTON ―Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service.
When a taxpayer changes their name, that change can affect their taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what a taxpayer should do if anyone listed on their tax return changed their name:
- Reporting Taxpayer’s Name Change. Taxpayers who should notify the SSA of a name change include:
- Taxpayers who got married and use their spouse’s last name.
- Recently married taxpayers who now use a hyphenated name.
- Divorced taxpayers who now use their former last name.
Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2017 tax return. While each is worth the same amount, different rules apply to each type.
Here are five key points for taxpayers to keep in mind on exemptions and dependents when filing their 2017 tax return: Read More
The IRS reminds members of the military and veterans that they may qualify for the earned income tax credit. This credit benefits certain people who work and have earned income that’s less than $53,930.
A tax credit usually means more money in the taxpayer’s pocket. The EITC can reduce the amount of tax someone owes, but it might also result in a refund. Here are some things members of the armed forces should know about this credit. These are all specific to the military: Read More