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This year has seen its share of natural disasters. From tornadoes to earthquakes to flash floods, it seems few regions are immune this spring. Adding to the anxiety is peak tornado season, and locally, possible evacuations for Denton county residents due to flooding. The volatile weather patterns have caused many to access their disaster preparedness plans. Though it might not be the first...

The tax deadline has come and gone – time to breathe a sigh of relief. But before you throw all of your tax documents up in the air to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you should store your tax information and documentation, including a copy of your tax return, for safe keeping – just in case you need to...

What is tax-related identity theft? Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Generally, an identity thief will use your SSN to file a false return early in the year. You may be unaware you are a victim until you try to file your taxes and learn one already has been filed using your SSN. If you do find...

Have you found an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips for filing an amended tax return: 1. Tax form to amend your return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You must file a paper Form 1040X; it can’t be e-filed. 2. Amend to correct errors. You should file an amended tax return to...

The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice. Here are 10 steps to take in the event that you get one. 1. Don’t panic. You often can take care of a notice simply by responding to it. 2. An IRS notice typically will be about your federal tax return or tax account. It will be about a specific issue, such as...

The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, you may or may not have to file a child’s tax return. Dependent children Your dependent children must submit tax...

The Internal Revenue Service today reminded taxpayers that they still have until April 15, 2015 to make IRA contributions for 2014, and in many cases, qualify for a deduction or even a tax credit. Roth vs. Traditional IRAs Available in one form or another since the mid-1970s, individual retirement arrangements (IRAs) are designed to enable employees and self-employed people to save for...

Adopting a child doesn’t only provide a benefit to your family, it can help your taxes, too. If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax benefits. Adoption Tax Credit or Exclusion. The...

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. Self-employment can include income you received for...

Did you spend a lot of money on your medical care last year? If so, you may be eligible for the medical expense deduction. In total, you must spend more than 10% (7.5% if you are age 65 or older) of your Adjusted Gross Income (AGI) on medical expenses in order to possibly benefit from the tax break. For some people, that’s a lot of dough, but if you qualify, the tax deduction can be significant....