Time’s Running Out If you received an extension of time to file your taxes this year, hopefully you made good use of it – because the due date is fast approaching. Monday, October 16, is the filing deadline.
Did you squander your extension time? If so, you’re probably out of luck. The IRS generally only
Taxes
Every year, you do your part to fund America’s government by paying your taxes – but have you ever felt compelled to pay a little extra to the government? After all, our national debt has topped $20 trillion, or almost $62,000 per U.S. citizen.
Donations to the government are not as rare as you may
With summer ending, the end of the year will be around before you have time to figure out whether it is better to finally take down the Christmas lights or, at this point, just leave them up. That makes it a good time to look ahead on your taxes, as well as a few other
If you have been the victim of a disaster such as a fire, tornado, or the recent Hurricanes Harvey or Irma, you know that the last thing on your mind is how it will affect your taxes. Unfortunately, if you forget to take timely action on your taxes, your misery could be compounded. Depending on
Are you planning on joining the gig economy and becoming self-employed? Are you embarking on retirement after years with a traditional employer? We wish you the best, and, along with the IRS, we remind you to pay your quarterly income taxes.
Without an employer to submit payments regularly out of your paycheck, you are now
“I love paying my property taxes! I wish I could pay even more!” — said no one, ever.
Property taxes are one of the necessary but unpleasant side effects of home ownership. Personal Finance Expert and Author Jordan Goodman (aka America’s Money Answers Man) notes that new homeowners often underestimate the amount of property taxes,
Few things are more frightening than opening your mailbox and finding a letter from the Internal Revenue Service. You may wrack your brain wondering what you’ve done to receive an IRS notice. But there’s no need to pretend it didn’t arrive, or go on the lam.
Relax. The IRS sends out millions of letters each
In a recent survey, more people than not believe that President Trump will lower business taxes, but the same wasn’t true for their own personal taxes. On other critical issues in the news, Americans are torn, but not Trump voters.
As our government acts on repealing ObamaCare, with restructuring our antiquated tax system on deck,
You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make
You’ve received a letter from the IRS regarding an audit. What is your plan? Assuming the fetal position? Heavy drinking? Fleeing the country? Spontaneous combustion? None of these actions is necessary. Simply stay calm and assess the situation objectively.
The letter you receive may be one of three types:
Adjustment Letter – This notifies you
It all looks so obvious in hindsight. Make a $500 deposit and your money will grow 18% in 10 days. You can receive a $1,500 loan by MoneyGram if you pay $170 for fees and insurance. A driveway sealer happens to be driving by and offers to coat your driveway for a low price. You
It can be difficult to tell myth from fact when it comes to tax refunds. The IRS would like to help you by clarifying some tax return myths, and we are happy to help the IRS achieve their goal.
Let’s start by clearing up the 5 top myths about tax returns as listed by the
Did you end up owing a boatload of money to the IRS at tax time without having the money to pay for it, or did you receive a large refund? While the former is a lot more unpleasant than the latter, they are both symptoms of bad tax planning. A big refund feels good until
For two years in a row, Americans are going to get a little extra time to file their taxes, thanks to a holiday that may be completely unknown to you. In 2017, the tax-filing deadline will be April 18 thanks to Emancipation Day.
Emancipation Day is a legal holiday in the District of Columbia, held
Instead of enjoying a tax refund this year, you are surprised to find that you owe Uncle Sam. Even worse, you do not have the money to pay these surprise taxes. What can you do?
One thing you definitely do not want to do is ignore the tax bill. That will only make your situation
Examples of really bad ideas: Forgetting your spouse’s birthday or your anniversary, do-it-yourself brain surgery, and forgetting to file your federal tax return or pay your federal taxes. You may be short on the cash to pay your taxes, but there are better ways to address your tax problem than avoiding it entirely.
The IRS
Are you a procrastinator who waits until the very last moment to file your taxes? Thanks to Emancipation Day, the filing deadline is April 18, 2017, to file your taxes for the 2016 tax year. That gives you a few more days to consider last-minute ways to lower your taxes.
Start by reviewing your possible
You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.
“Death taxes” are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate
It is rumored that some of the wealthiest Americans manage to pay less in taxes than some of their employees. They achieve this by one of two methods: doing their own financial and tax planning or paying someone to do it for them. Simple, isn’t it?
The point is that the rich are able to
If you are preparing to sell your home, taxes are probably not the first thing on your mind — and they probably shouldn’t be. However, when tax time does roll around, you need to understand what effects your home sale will have on your taxes.
Generally, profits from the sale of your primary home are
Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the retirement savings tax credit. Note that
When people think of tax shelters, they sometimes think of Swiss bank accounts, shady overseas investments, or fraudulent or questionable activities by wealthy but unscrupulous businessmen. That is an unfair characterization.
The TurboTax website sums it up nicely – “A tax shelter is any legal strategy (that) you employ to reduce the amount of income
One of the biggest mistakes many investors make is not considering the effects of taxes on their returns. Local, state and federal taxes can take a big bite out of your investment earnings.
This makes it critical to formulate strategies for minimizing the impact of taxes on your investments. Here are six strategies that can
You probably know about potential IRA tax traps related to withdrawals, rollovers, and estate planning that can saddle you with penalties and surprise tax bills. Did you know that the type of investments you hold could also hand you a surprise tax bill and potentially ruin your IRA status?
The most common of the traps
Soon you will be filling out your federal tax forms, and unless you are lucky enough to live in seven states, you will be filling out state tax forms as well. Are you fortunate enough to live in one of these seven states, or are you on the other end of the spectrum, dealing with
For many people, tax refund day is like Christmas in the spring. As they prepare their tax returns over the next few weeks, millions of Americans will hold their breath in anticipation of how much their tax refund is going to be — and then run to the mailbox every day hoping to receive their
When you use your car for both personal and business reasons and you are not fully reimbursed through your employer for the business expenses, you can deduct those costs from your taxes. How do you go about claiming these deductions? Assuming that you itemize, you have two general paths:
Standard Mileage Method – The IRS
The Dirty Dozen — a 1967 war movie starring Lee Marvin, Charles Bronson, and Jim Brown, or a list of the top twelve tax scams as identified by the Internal Revenue Service? Would you believe that it’s both?
Each year, the IRS releases a list of the “Dirty Dozen” tax scams to watch out for
As much fun as it is to hold your tax refund check in your hands and rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the
Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes.
Dependents can save money on your taxes in two ways: through individual exemptions and the potential
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