Tax Tips & News | Tax Tips (9)

MTA Tax Refund Claims Deadline; November 2nd

3 minutes read

File A Protective Claim For MTA Tax Refund

By: Jeffrey R. D’Amico, J.D., LL.M

Time is running out for taxpayers who paid New York’s metropolitan commuter transportation mobility tax (MCTMT or MTA tax) when it was first imposed in 2009 to file protective refund claims in the wake of the tax’s being declared unconstitutional.

On Aug. 22, 2012, the New York Supreme Court held that the MCTMT “was unconstitutionally passed by the New York State Legislature” (Mangano v. Silver, No. 14444/10...

5 Reasons To Call Your Tax Pro Today!

5 minutes read

Start Your Tax Planning Now

Kelly Phillips Erb–better known as the Taxgirl (@taxgirl) lists 5 reasons why you should contact a tax professional today:

When To File An Amended Tax Return

4 minutes read

When Should I Amend?

By Jason Alderman

Not every interaction with the IRS must necessarily induce flop sweat.

Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks...

Your Portfolio And Upcoming Tax Law Changes

13 minutes read

Make Changes or Stand Pat?

By Christine Benz | Morningstar – Sun, Jul 29, 2012 7:00 AM EDT

A slew of Bush-era tax laws are set to expire at the end of 2012, affecting the tax rates on everything from dividends to capital gains to ordinary income and estates. But a lot remains unsettled, too, particularly given that we’re in the midst of an election year and the direction of tax rates remains a key bone of contention.

Posting in the Portfolio Design/Management forum of Morningstar.com’s...

Taxpayer Identity Theft Explodes

6 minutes read

ID Theft On The Rise

By Amy Feldman

How To Get Your Delayed Refund

0 minute read

Software problems, fraud, deficits & understaffing have all contributed to refund delays at the IRS. CBS’s Asa Aarons offers some help to those that are still waiting for their refunds:

Tax Implications Of The Affordable Care Act

5 minutes read

Health Care & Taxes

The Supreme Court recently ruled that the Patient Protection & Affordable Care Act (PPACA) is constitutional. So what does this mean for taxpayers? A lot. Almost every taxpayer–whether they currently have or do not have insurance–will be affected; assuming of course that the PPACA remains the law of the land. Below is a list that will impact taxpayers the most:

IRS: Deductible Moving Expenses

0 minute read

The following video from the IRS explains what qualifies as deductible moving expenses:

What To Expect If You Filed Your Taxes Late

6 minutes read

What Happens If I Filed Late?

This year, your federal income tax return was due on Tuesday, April 17. That’s because the usual deadline, April 15, fell on a Sunday, and a federal holiday, Emancipation Day, fell on April 16. If you didn’t file your return on time despite the extra two days, here’s what to expect.

Who Pays Tax On Joint Bank Accounts?

4 minutes read

Who's Responsible For Tax?

This question seems simple but is important. After all, if you’re a U.S. citizen or permanent resident, you must report your worldwide income to the IRS even if you’re paying tax on it somewhere else. See Expats Lobby For Tax on Residence, Not Worldwide Income. Moreover, you must file an FBAR every year disclosing your bank accounts if their aggregate value exceeds $10,000 at any time during the year…The penalties for either failure are big, potentially even...

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Tax Tips & News: Tax Tips (9)

MTA Tax Refund Claims Deadline; November 2nd

5 Reasons To Call Your Tax Pro Today!

When To File An Amended Tax Return

Your Portfolio And Upcoming Tax Law Changes

Taxpayer Identity Theft Explodes

How To Get Your Delayed Refund

Tax Implications Of The Affordable Care Act

IRS: Deductible Moving Expenses

What To Expect If You Filed Your Taxes Late

Who Pays Tax On Joint Bank Accounts?