IRS Initiative provides online help for tax identity victims

Image Credit FedBul  Shutterstock

While helping customers, prosecutors said, she willfully assisted taxpayers in filing fraudulent tax returns by claiming the taxpayers had personal business income which they did not have.

But that's no reason to rush through it.

Kimberly Butler, a tax preparer who manages two Chicago H&R Block locations, said that mistakes become more common when procrastinators rush to finish. Incorrect numbers can cause a refund to be delayed or deposited into the wrong account.

Tax software programs can flag errors like this, but every filer should still pay close close attention when reviewing their returns before sending them in, particularly pen-and-paper filers. If filing a joint return, both spouses must sign and date the return. Instead, file your return on time and pay as much as you can. Generally, the IRS will first mail a bill to those who owe any taxes. The agency cashed in on a lot of extra revenue a year ago.

So don't leave anything out. You may also owe a penalty for not paying on time. Fundstrat statistics indicate a lot of people bought cryptocurrency throughout 2017. The extension request is due by 11:59 p.m. Tuesday, April 17. The result? Itemizing might not be so rewarding next time you file.

We know what you're thinking: It doesn't matter how late I file my taxes, as long as I get them in before the deadline. If you were among those who ramped up their donations, make sure you get credit for all of your good deeds. But if you sold or traded it past year, you may have to report your gain or loss to the IRS.

Some forms will come in the mail, while others can be retrieved electronically.

Remember those fanciful childhood years when you dreamed about what you wanted to be when you got older?

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Since then each tax season, the school opens its doors on select Sundays so their students can assist hundreds of qualified individuals with incomes below $54,000.

"It's that time of year, with tax filing", the sergeant said.

With the increasing popularity of freelance jobs through services like Uber, Lyft and Upwork, this underreporting epidemic is going to get more severe.

If you had a lot of medical expenses previous year, you may benefit from one provision in the tax overhaul that applies to 2017 tax returns. Ironically, the national debate over tax reform continues, even as we consistently fail to collect those taxes already on the books. But even if you don't have any tax liability, it could be in your best interest to file anyway.

However Americans may bemoan its existence, the IRS' mission - as the main artery through which government funds flow to federal agencies - is essential to all government life.

Fraudsters frequently use personally identifiable information, such as addresses and Social Security numbers that are compromised in data breaches, to file fake returns on behalf of other people and collect ill-gotten refunds.

What's more, those who have fertility-related expenses for any of the 10 previous calendar years and have not claimed them can request a change to previous income tax and benefit returns to include these eligible expenses.

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