You spent days, perhaps even months, wrestling with receipts, forms, and numbers to prepare your tax return. After countless hours of hard work, you finally completed it. You breathed a sigh of relief as you hit the file button. But, just when you thought it was over, unexpected news arrived. The IRS rejected your tax … The post 5 Simple Steps to Fix  Rejected Tax Returns appeared first on Tax Samaritan ..read more

Earning a high income has advantages, but it can also put you in a higher tax bracket. This means the government takes more of the money you worked hard for. Thus, it is essential to look into deductions and other tax-saving strategies to minimize your tax burden and keep more of your cash.  The IRS … The post 7 Smart Tax-Saving Strategies for High-Income Earners appeared first on Tax Samaritan ..read more

It’s tax season again, and many ask, “Will the IRS take my refund for my student loan in 2024?” Tax refunds  can be a source of financial relief for many people. Some use it to pay their bills, settle their debts, or save for emergencies. Getting a smaller refund or none at all could potentially … The post Will the IRS take my refund for my student loan in 2024? appeared first on Tax Samaritan ..read more

Taxpayers often get confused with the terms tax avoidance and tax evasion. While they both involve reducing your tax burden, they have different meanings and consequences. Not understanding the difference and choosing the wrong path can result in hefty fines and legal troubles with the tax authorities. Here’s the major difference: Tax evasion is illegal … The post Tax Evasion vs Tax Avoidance: Everything You Need To Know appeared first on Tax Samaritan ..read more

Here’s one of the most frequent questions people ask me about  Foreign Bank Account Reports (FBARs). ‘‘I recently learned about the need to file an FBAR for overseas accounts with over $10,000. I am eligible but I haven’t filed because I was unaware of this requirement. Can ignorance be a valid reason for not filing … The post Ignorance: A Flimsy Excuse for Not Filing FBARS appeared first on Tax Samaritan ..read more

Here’s one of the most frequently asked questions I receive about 401(K) withdrawal. ”I recently lost my job, and unfortunately, I don’t have an emergency fund or other financial resources to cover my daily expenses. Can I take money out of my 401(k) without facing early withdrawal penalties?” The question is important because making the … The post Unemployed? 5 Things You Need To Know Before Cashing Out 401(K) Early  appeared first on Tax Samaritan ..read more

The unique demands of military jobs pose challenges for military spouses, especially with the frequent relocations they face.  These challenges include adapting to new homes, finding employment, and, of course, managing taxes during tax season. When you’re constantly changing your address, it can be difficult to know where and how to file your taxes. Around … The post Military Spouse Tax Filing Challenges: Answers to FAQs appeared first on Tax Samaritan ..read more

When it comes to running a business, staying on top of your tax responsibilities is crucial. If you’re a small-scale employer, chances are you might be familiar with IRS Form 944, also known as the Employer’s Annual Federal Tax Return. In this guide, we’ll walk you through the essentials of Form 944, explaining why it … The post IRS Form 944: How to File When Your Business Owes Less appeared first on Tax Samaritan ..read more

Tax filing can be a perplexing time for many Americans, and sometimes, despite your best efforts, mistakes happen. If you’ve filed your taxes and then realized you made a mistake, don’t fear. The good news is that the Internal Revenue Service has a solution – the IRS Form 1040-X. In this guide, we’ll walk you … The post IRS Form 1040-X: How To Correct Mistakes on Previously Filed Return appeared first on Tax Samaritan ..read more

If you’re a freelancer or small business owner, the danger of neglecting estimated quarterly tax payments looms large over your financial stability. When you’re caught up in meetings, deadlines, and dealing with clients, it’s easy to forget about the tax responsibilities.  The IRS requires individuals with income not subject to withholding, like freelancers and business … The post The Peril of Ignoring Estimated Quarterly Tax Payments: How to Avoid appeared first on Tax Samaritan ..read more