You understate your tax if the tax shown on your return is less than the correct tax. The understatement is substantial if it is more than the larger of 10…

The most common penalties are for filing late or paying taxes late. Filing late: If you do not file your return by the due date (including extensions), you may have…

Employees have taxes withheld from their paychecks by their employer. When you have income that is not subject to withholding you may have to make estimated tax payments during the…

April 15th is the deadline for most people to file their individual income tax return and pay any tax owed. Tax returns are checked for mathematical accuracy. If there is…

This year, Uncle Sam is giving U.S. taxpayers some extra time before the filing deadline. The 2012 deadline falls on Tuesday, April 17, as the normal April 15 date fell…

If you show income from your job or business and claim rental-property losses, be wary. The IRS rules limit deducting those losses in the current year, unless you prove you’re…

An unexpected letter from the Internal Revenue Service can make your stomach drop, but you can take steps to reduce your audit risk. Taxpayers overall face a low audit risk:…

ITS Financial LLC, the Dayton, Ohio-based Instant Tax Service franchiser and franchisees were accused of fraud by the U.S. Justice Department. The department today said it filed federal lawsuits against…

Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with…

If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion. Here are five important facts from the IRS about the exclusion: The Foreign…