There are some great changes happening for Indiana 529 accounts starting in 2024. People will begin to have the ability to roll 529 accounts to Roth IRA’s in 2024. There are some limitations but it is an excellent program. Often, people ask, “Why should I put money into a 529 if I don’t know if…

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents   Get the child a Social Security or Individual Tax Identification number To claim…

WASHINGTON – The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home…

Taxpayers who missed the recent April filing and payment deadline should know their obligations and the possible consequences if they don’t file or have an overdue tax bill. Taxpayers who owe tax Tax owed and not paid by April 18, 2023, is subject to penalties and interest. Anyone who didn’t file and owes tax should file a return…

If you have not received your refund, go to www.irs.gov. On the front page there are several buttons, one of which says “Where is My Refund?” Click on that button and follow the steps as directed. You should be able to see from there if your refund is in process or has been paid. If…

Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer’s tax return, let them know about a change to their account or request a payment. When an IRS letter or notice…

While scammers work hard during tax season to try to steal money, personal information and data, they also stay busy the rest of the year. Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data. Social media: Fraudulent form filing…

Unscrupulous tax preparers and tax fraud promoters make big promises – and charge high fees – but taxpayers are legally responsible for what’s on their return. Taxpayers should use only reputable tax professionals and know what is on their tax return. Although scammers are most active during filing season, they operate year-round, and taxpayers should always be…

When a taxpayer can’t pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal is a compromise that’s in the best interest…

Small businesses play an important role in the nation’s economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these important webpages Small Business and Self-Employed Tax Center: Resources for small businesses with assets under $10 million and for taxpayers…