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Nearly every man who develops an idea works it up to the point where it looks impossible, and then he gets discouraged. That's not the place to become discouraged.
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Tag Archives: IRS
Family Finance: Claiming those who depend on you
Is your unemployed college graduate “occupying” your couch? Has your elderly parent moved in with you, or are you paying for an assisted living facility? If so, these issues likely have stirred up a host of emotional and financial issues in your home. They may also impact your taxes. Read More
Individual, capital gains rates unchanged for 2012
As Americans receive their first paychecks of the new year, there are some tax provisions they can count on. Individual tax rates will be the same for 2012 as they were in 2011, as will the 15 percent maximum tax rate on capital gains. Read More
Filing your taxes: There’s an app for that
For the taxpayer on the go trying to file a return quickly and easily, there’s an app for it. “We’re trying to anticipate and follow trends you see in the real world,” said Bob Meighan, a vice president at TurboTax. Read More
A taxpayer’s nightmare: the IRS audit
It’s a taxpayer’s worst nightmare: the letter in the mail from the Internal Revenue Service. “It creates a lot of anxiety,” said Bob Meighan, a vice president at TurboTax, the tax preparation software. Read More
Market’s down? Time to create a retirement plan
Many big investors look at the drop in the stock market as a buying opportunity. Small business owners should consider it an opportunity as well. Read More
IRS eases liability rule for spouse’s tax debt
The Internal Revenue Service is making it easier for some “innocent spouses” to escape responsibility for the tax debt of their husband or wife. Read More
Monday Cartoon
All rights reserved. Cartoon Copyright © by Bob Thaves & Tom Thaves and they are used here with permission. Used with the permission of Bob Thaves & Tom Thaves and the Washington Post Writers Group in conjunction with the Cartoonist Group. All rights reserved. Read More
Tax terms that mutual fund investors should know
Whew — another tax return finished. No more IRS-related headaches till next year. Well, maybe. Don’t let the relief you feel now cost you money as an investor. Read More
Believing tax myths can be a costly mistake
Filing your taxes can be confusing. Even though it’s an annual ritual, there’s so much bad information out there that you can easily be led astray. Add a few myths to your adjusted gross income, and you can find yourself facing an unexpected bill — or worse, shortchange your own refund. Read More
The Taxman Cometh
In recent years, Congress and the IRS have become increasingly focused on what they refer to as the Tax Gap, the difference between what the IRS believes should be paid to the government and what taxpayers actually pay. For 2008, the IRS estimated the Tax Gap at just more than $500 billion. Of that, the IRS believes that underreporting (in the form of unreported receipts and overstated expenses) constitutes more than 82 percent of the total Tax Gap.
As a result, the IRS has dramatically stepped up audit efforts and has allocated additional resources to fund them. It recently announced the hiring of . . . read more Read More
IRS to end release of taxpayer debt information
NEW YORK (AP) — The Internal Revenue Service said Thursday, August 5, it will end its policy of releasing information about back taxes and other debts taxpayers owe in the coming tax season.
The information, called debt indicators, has been included on acknowledgments . . . read more Read More
IRS issues rules for health tax credits
The Internal Revenue Service on Friday, May 21, released the guidelines that small companies can use to apply for tax credits to spur medical research.
The credit will cover up to 50 percent of the cost of qualifying biomedical research, up to a maximum credit of $5 million per business. The credit is only available to companies with fewer than 250 employees . . . read more Read More
What to do if you can’t pay your tax bill on time
The IRS will make you an offer, and it’s one you shouldn’t refuse.
If you owe taxes, but don’t have the money to pay the bill by tomorrow’s deadline, you’ll find some sympathy at the Internal Revenue Service.
“There’s a big issue this year with people who can’t pay,” said Martin Press, a tax lawyer with Gunster Attorneys in Fort Lauderdale, Fla.
One reason is that the unemployment spike and still struggling economy have resulted in more people pulling money out of . . . read more Read More
Taking standard deduction may mean paying more
To itemize or not to itemize?
Debating the answer to that question can stall the best intentions to get a tax return filed before the April 15.
Taxpayers have two choices: take the standard deduction or itemize deductions such as mortgage interest, charitable donations and job-related spending.
Internal Revenue Service statistics show that only about 35 percent of tax returns include itemized deductions. That means it’s likely many are missing out on tax savings they’d get if they claimed all . . . read more Read More
Tips for choosing a tax preparer
If you decide to hire a professional to help prepare your taxes, it’s important to remember that you are still ultimately responsible for what’s on your return.
Here are some tips to remember before you hire someone to assist with your taxes . . . read more Read More
