5 minutes read
Every year, taxpayers forfeit more than one billion dollars of their money to the government. Missed tax credits and deductions, choosing the wrong filing status, not filing at all and other errors all keep taxpayers from getting all they are due in tax refunds.
5 minutes read
With all the uncertainty the still remains regarding the tax code for 2011, there is still some steps you can take to help save or off-set some taxes. Here are 5 tips from small business advocate Barbara Weltman to help you out before the apple drops on 2011:
3 minutes read
This past June, New York became the 6th state to legalize same sex marriage. Regardless of ones individual beliefs concerning same-sex marriage, this much is clear: Tax laws–which are already complex & confusing–are that much more baffling for same-sex couples. This is mainly due to the fact that the Federal Government does not recognize same-sex unions. Same-sex couples must file separate federal returns, however they can file jointly in New York State and some other states that recognize...
1 minute read
Current law allows a person to give someone up to $13,000 per year without having to file a Gift Tax return, Form 709. There is usually no tax due, the giver pays any tax, at the time but the form allows the IRS to keep track of gifts made in a person’s lifetime. Upon a persons death all reportable gifts will be used in the calculation of the Estate Tax, Form 706. Under current Federal law a person is allowed a $5,000,000 estate, tax free and the gifts reported on Form 709 will count towards...
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.
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.
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.
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.
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...
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: