Clearing up confusion on the IRS’s latest grace period

Sign on IRS headquarter building in Washington, DC

In the midst of everything else that is currently going on in the country and across the globe, some aspects of life have to go on regardless. For instance, taxpayers here in Missouri and elsewhere have tax returns to attend to. Recently, the Secretary of the Treasury, Steven Mnuchin, announced that taxpayers will receive some relief from that obligation. However, the news…

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Not everyone will get to keep their tax refund

Woman opening an empty wallet

If you have run the preliminary numbers for your 2019 taxes, you may have expected a sizable refund. Before you even file your income tax return, you may have thought of how you would spend that money. Like other Missouri residents expecting a refund, you filed your taxes early in anticipation of seeing that deposit into your bank account. Unfortunately,…

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Eliminating some of the confusion over the EITC

Many would say that the earned income tax credit is one of the most beneficial and confusing credits in the U.S. Tax Code. Each year, a number of people who would otherwise qualify for this credit pass it by, even though it could save them a significant amount on their tax bill or provide them with a refund. Part of…

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Let’s clear up some misconceptions about state income taxes

State and local income tax written in a note

While many people tend to focus on their federal income tax returns, many people will also need to pay attention to their state income taxes as well since Missouri is not one of the nine states that do not have income tax. It may not surprise you that there are some misconceptions regarding state income taxes out there, especially since…

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It’s tax time again. Watch out for the “ghost” preparer scam

Scam Alert written on multiple signs

The IRS officially opened its doors for the 2019 tax season on Jan. 27. Like others here in Missouri, you may be gathering your documents and dreading figuring out whether you will have to pay or will get a refund this year. It’s kind of like playing roulette since you never quite know how your taxes will turn out, especially…

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Don’t trust just anyone with your tax preparation

'Tax time' memo on 1040 individual tax form

The U.S. Tax Code was complicated enough before the Tax Cuts and Jobs Act. Perhaps you want to make sure that you get every advantage possible in order to pay the least amount of taxes or receive the biggest refund possible, so you are considering hiring someone to prepare your taxes for you. This may be a good idea, but…

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Tax situations that could lead to the IRS assessing you penalties

penalty notice stamped on paper

As the new year begins, your thoughts may be turning to your tax situation. Like nearly everyone else across the country, including people here in Missouri, the last thing you want is to end up in a bad situation with the IRS. However, the tax code was complex enough before the new tax laws went into effect, and it may…

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First-time taxpayers may benefit from some tips

tax tips written on blackboard

Becoming an adult comes with a number of responsibilities. One of those responsibilities involves paying taxes. It’s called a civic duty, but it is often more of a stressor than anything else is. Even seasoned taxpayers can find filling out their tax returns daunting. If you are doing it for the first time, it may be causing you some anxiety.…

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This isn’t your grandfather’s IRS audit

income tax audit stamped on IRS form 1040

The changes in the tax code got a lot of press in the last couple of years. The changes have caused confusion, frustration and stress for a lot of taxpayers across the country and here in Missouri. However, those changes are not the only ones that went on in how the IRS does business. You may not have known that…

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Could you be the victim of tax-related identity theft?

Concept of cyber crime and identity theft

Why would anyone want to file an income tax return? The rules are complex; it takes some knowledge to make sure you get all of the deductions and credits possible, and you could end up paying. What if you could guarantee you would receive a refund? Would you want to file your taxes then? Obtaining a refund check is why…

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