IRS eases liability rule for spouse’s tax debt
1 minute read
The Internal Revenue Service is making it easier for some “innocent spouses” to escape liability for their husband or wife’s tax debt.
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Ever wonder where your tax dollars go?
1 minute read
The White House has created an online tool that allows users to enter how much taxes they paid and get a printable receipt showing how each dollar was spent. Whether your happy about where your tax dollars are going or it makes you a little unsettled to know, curiosity may be too strong not to try it.
Tax Filing Deadline Extended But Beware
1 minute read
The IRS has extended the deadline to submit your 2010 income tax returns to Monday 4/18/11. New York State has also adopted the extended filing date and will accept 2010 tax returns as on time if electronically filed or mailed on or by Monday 4/18.
IRS Awards Whistleblower $4.5M
1 minute read
The IRS has implemented a rewards program for whistle-blowers that will get them a portion of the taxes administered from the case if they notify the IRS of a discrepancy.
IRS Correspondence Audits By Mail Increase
2 minutes read
Taxpayers are way more likely in recent years to receive an audit letter in the mail requesting documentation to verify income, deductions or credits claimed than they are to receive an in person examination.
Need More Time To Pay Your Taxes?
3 minutes read
If you owe federal taxes this year you may be wondering what to do if you do not have enough money to pay them when they are due. The good news is that you have the option to pay in installments. Here are the top 10 things the IRS wants you to know if you need more time to pay your taxes this year.
Will Your Donation To Japan’s Relief Efforts Be Tax Deductible?
1 minute read
Many people may be thinking of sending donations to assist in Japan’s relief efforts in the wake of the aftermath of the earthquake and tsunami recently effecting the region. If you are thinking about making a donation toward Japan’s relief efforts you may want to make sure that you are donating to a charity that will allow for a tax deduction. Donations made to charities in 2011 can be claimed on your next tax filing in 2012 as long as the charity is US based and qualified by the Internal...
Overlooked Tax Deductions
1 minute read
When you plan to come in to do your taxes make sure to bring all of your information and mention any purchases or payments made throughout the tax year that may help you save money on your income taxes. Some of the items to remember are:
Tax Refunds and Savings Bond Options
1 minute read
With large refund averages and an increase in the release of refunds the IRS has begun reminding taxpayers of their refund options. They offer several options for depositing your refund, including a Saving Bond Option.
Can’t Believe They Tried To Deduct That…
3 minutes read
We all know better then to try to write off these outlandish expenses but it’s fun to see what some people are willing to do in order to save money on their taxes. Here are some of the crazy things people have tried to claim on their taxes, unsuccessfully of course.