Are you looking forward to receiving a tax refund this year? On January 29, the IRS will begin accepting tax returns. However, you should be aware that your tax refund could be offset by the Department of the Treasury or the IRS for certain kinds of debts. Your tax refund will not be offset to satisfy private debts. The Department of the Treasury’s Bureau of Fiscal Service (BFS) or the IRS could offset your tax return for debts that include: Defaulted student loans: The BFS could offset your tax refund if you have defaulted on any type of federal student loan. FFEL and Direct loans are in default after at least 270 days of nonpayment. You could choose several options for getting out of default to prevent a tax refund offset. Unpaid child support: Your tax refund could be offset if you have failed to pay court-ordered child support. State…
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The IRS has announced that it will begin accepting tax returns on January 29. Tax season can be stressful, and we want to make sure everyone is aware of information that could make filing easier. Free filing services are available. We recently published a blog that listed free tax filing options in Kansas City. If you meet the income requirements, a certified professional could help you file your taxes. You also qualify for the IRS’ Free File service if your household income is under $66,000. The IRS teams up with other companies to provide free e-filing options for filers who meet this requirement. You can file before January 29. E-filing services and tax professionals can help you file your taxes before this date. However, the IRS will not accept your return until January 29. You can receive your refund faster by e-filing. There are many e-filing options you could choose…
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Our blog recently discussed where to find free tax preparation services in Kansas City. However, much more can be said about why you should prepare to file your taxes early. Thousands of Americans have their tax refunds stolen by cybercriminals each year. Cybercriminals will file fraudulent tax returns after stealing the Social Security numbers and other identifying information from victims. Refunds are typically stolen during the beginning of tax season. Filers are less likely to notice the theft until they e-file weeks or months later. If you are affected by tax refund fraud, then the IRS will send you a notice in the mail. This notice will inform you that a return has already been filed in your name. According to the Federal Trade Commission (FTC), you can reduce the chances of having your refund stolen by filing your taxes as soon as you have the necessary information and paperwork….
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