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Articles posted in the taxes category

Tax Returns Get User-Friendly This Year
January 14, 2009 by Chase
In light of the messy economic situation and the hardships our government is expecting Americans to endure in the coming months, the IRS has loosened its generally tight grip on the way it does business. Taxpayers should expect a little more leeway when it comes to paying their taxes, among other accommodations. Read and rejoice:   The IRS will offer added flexibility for those who need to miss payments If you’ve lost your job or are dealing with ...
Tax Questions to Ask If You’re Unemployed
January 12, 2009 by James
Those who weren’t working in 2008 should check out CNN Money’s “Tax Tips for the Unemployed,” a brief FAQ intended to help the aforementioned as we head into tax season. The six-part write up does a lot to answer any questions and concerns you may have about your taxable finances. CNN Money staff writer Jessica Dickler answers the following: Do I still have to pay tax if I was out of work in 2008? Do I have to pay ...
Bigger ’09 Paychecks Under Obama’s ‘Make Work Pay’ Tax Plan
December 31, 2008 by Alexis
Americans making less than $75,000 annually should expect to see a slightly larger paycheck every two weeks when Barack Obama takes the presidential office on January 20. While he was once believed to be re-thinking the plan he touted during the election, the President-elect is in fact expected to implement a reduced tax plan. The plan would take effect almost immediately, which could increase individual earnings by $83-$166 per paycheck during the first quarter of the year. It’s Obama’s ...
New York Enacts Digital Retail Tax - Is Your State Next?
December 17, 2008 by Alexis
In New York this week, Governor David Patterson announced the state would begin charging a digital retail tax for online purchases. The tax will go into action along with similar plans from Paterson to raise taxes on movie tickets, soft drinks, sweets and snacks, and luxury clothing items among other items. Altogether, Paterson hopes to implement 88 new fees and taxes on what he’s deemed superfluous items and purchases. The move to join the 17 other states and the District ...
If Time Isn’t On Your Side
April 10, 2008 by Rachel
By my calendar, there are only 5 days left until the tax deadline.  If you are completing it yourself, you might still be able to make it.  If you are turning your information over to professionals, it's probably too late.  Not to worry.  Your situation isn't beyond repair!  You can fulfill your 2007 tax obligations to the IRS just like everyone else.  You just might need a little more time to do it... Tax return filing extensions are available to just ...
6 Strategies for Avoiding An IRS Audit
March 25, 2008 by Rachel
Each year, at least $300 million owed to the IRS goes uncollected.  In order to reduce the gap between the taxes that are owed and the money the government actually sees, the IRS conducts audits (or examinations).  Proportionally, the number of individual tax returns audited each year is not that high.  Thanks to reputation (and some TV shows), however, the idea of an IRS audit seems paralyzing.   No one knows for sure how returns are targeted for auditing.  Consequently, there ...
Will This Be Separate Checks?
March 10, 2008 by Rachel
If you are getting a tax refund, you need to do everything possible to use it wisely.  Believe it or not, how you receive the refund may be a key to where and when it will, ultimately, be spent.  One of the best ways to keep more of your refund is to "split the check".   It's not the only option, though.  Before you sign, seal and send your completed tax return, investigate all the options available for receiving your ...
Do I Have To File A Tax Return?
March 3, 2008 by Rachel
If you find yourself asking this question, you are not alone.  In strictly technical terms, U.S. income tax is "voluntary".  That does not, however, mean that it's NOT mandatory!  It allows taxpayers some flexibility in structuring their finances to limit tax liability.  Make no mistake, though.  Having options about how much tax you owe doesn't in any way mean that you have the option about whether or not to file.  Everyone should file a return every year.  Paying ...
Getting Professional Help: Answer These 9 Questions Before Choosing a Tax Preparer
February 18, 2008 by Rachel
By all accounts, the U.S. Tax Code  is long, extremely detailed and confusing.  It's no wonder that millions of taxpayers employ professionals when "tax time" rolls around each year.   Even when professionals are used, individual taxpayers are held liable for any and all information contained in their personal returns.  Before paying anyone, getting the answers to these 9 questions will help all taxpayers get the professional tax help that is best for them. 1. What designation(s) does the tax ...
Tax Documentation: What are you waiting for?
February 7, 2008 by Rachel
It seems like 2 months is a long time but the tax deadline will be here before we are ready! By now, tax documentation from a variety of sources should be filling mailboxes across the country.  Some taxpayers may already have all the information they need to get busy filling out the returns.  Especially for taxpayers that are expecting refunds, now is a great time to get everything filed and get that money on its way back to you!  Before ...
While we are waiting…
January 31, 2008 by Rachel
As January comes to a close, there is still no definite word about if or when the proposed tax rebate checks might be on the way to mailboxes and bank accounts across the country.  While we are waiting, it would make sense to focus our time and attention on something that we can actually control.  Specifically, this is a great time to think about creating and using a budget.  After all, February is a short month so the money ...
Wait Until The Check Is Actually In The Mail
January 28, 2008 by Rachel
Based on news reports from Washington, D.C., there is reason to think that millions of Americans will receive tax "rebates" before the end of this year.  The 2008 Economic Stimulus Plan will send $600 - $1200 to approximately 117 million American families.  Regardless of the final details of the legislation, this money is intended to boost the diminishing U.S. economy.  If it does its job, it will keep America from falling into a recession this year.  In spite of the potential ...