Maximize deductions, stay tax compliant, and file with confidence. This section covers personal and business tax tips, IRS changes, and strategies to lower your taxable income and keep more of what you earn.
If you haven’t filed your 2011 taxes yet, today’s the day. Your completed return and any taxes due must be postmarked or e-filed by midnight tonight to be considered on time by the Internal Revenue Service. This year’s April 17th due date comes later than normal due to a holiday that was observed in Washington … Read more
Many people get excited around tax time. Who doesn’t want a few extra hundred or thousand dollars in their pocket? The more, the merrier. Do you really understand how tax refunds work? You may have read – or have been told – that getting a tax refund isn’t necessarily a good thing. Having Uncle Sam … Read more
With anything regarding your finances, it’s always prudent to be on guard against crooks who want to trick you out of your hard-earned money – and that includes during tax time. The Internal Revenue Service sent out a warning this tax season about a particular tax scam that often targets seniors, those who have little … Read more
The Internal Revenue Service put out a reminder that the agency is hanging on to $153.3 million in undeliverable tax refund checks – owed to just over 99,000 taxpayers. The undeliverable tax refunds averaging $1,547 could not be delivered to their recipients because of mailing address errors, the IRS said in a statement released on … Read more
Just a heads up if you haven’t already filed your income tax return – today is the last day to get your taxes paid on time. Your mailed return must be postmarked or your e-filed return (with payment) must be electronically delivered by midnight to be considered on time by the IRS. Failure to pay … Read more
Unfortunately, tax season is when many Americans find out that their identifying information was fraudulently used by a crook. An unexpected message from the Internal Revenue Service could be a warning sign that your Social Security number is being misused by an identity thief, warns the Federal Trade Commission. Consumers should always be alert to … Read more
Have you ever though about exactly how many days out of the year you have to work in order to pay your tax bill? Well, the Tax Foundation in Washington figures that for this tax year, you’ll work over a hundred days to pay your taxes – about 28% of your income. Using government figures … Read more
The Internal revenue Service made an announcement today that there are processing issues that may cause a delay in some taxpayers receiving their refunds. The delay is primarily affecting a small percentage of taxpayers who bought a home in 2008 and qualified for the First Time Homebuyer Credit, the IRS said. The credit was actually … Read more
Savvy taxpayers often put a lot of thought into ways to legally reduce their tax bill. But taxpayers thinking about arguing to the Internal Revenue Service about whether they are truly obligated to pay their fair share of taxes should think again. The IRS released a public announcement advising individuals and groups to avoid wasting … Read more
Many taxpayers can easily do their own tax returns, and tax software can help make preparing your tax return go even more smoothly. Have you heard of Free-File? Free-File is available for low and moderate-income taxpayers through cooperation with the Internal Revenue Service and a large number of tax software providers. Free-File programs are available … Read more
