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.
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.
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.
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:
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.
2 minutes read
If you are thinking about arguing with the IRS then you should think again. The Internal Revenue Service can penalize you if they believe your argument is frivolous.
2 minutes read
Nearly 1.1 Million taxpayers did not file a federal tax return for 2007. New York taxpayers account for 62,600 of the tax returns that have not been filed. These returns have an average refund amount of $706 and account for approximately $78,405,000. These individuals who did not file, must submit their income tax returns by April 18th 2011 or forfeit their refunds to the IRS.
1 minute read
Taxpayers that make donations to charitable organizations can claim a deduction(s) for the donation(s) if the return is itemized for the tax year in which the donation(s) was made. Last year is an exception to this rule. After the devastation caused by the earthquake in Haiti there was a brief period between January 12th 2010 and March 1st 2010, that the Internal Revenue Service would allow donations made to charitable organizations assisting in Haiti’s aide to be deducted on the 2009 tax...
2 minutes read
Over the past several years that the residential energy credits have existed there have been significant changes. For starters the credit was eliminated for residential purposes other than solar for tax year 2008. However the credit came back in 2009 through the American Recovery and Reinvestment Act that extended it’s use into tax year 2010 as well.