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3 Income Tax Extension Myths You Shouldn’t Believe

April 15th, 2014 by Rebecca Lake

tax extensionIf you are going to miss the April 15th tax deadline you still have time to complete your return if you requested an extension or request one by April 15th. Taxpayers who qualify can get an additional six months to file, which can be helpful if you’re still trying to get your paperwork together. While the extra time can provide some temporary relief, it can also lead to confusion if you’re not sure how the process works. Here’s a look at some of the most common misconceptions you need to be aware of if you filed an income tax extension. Read more »

Worst Ways to Spend Your Tax Refund

April 14th, 2014 by Rebecca Lake

tax refundIf you’re looking forward to getting a fat tax refund check this year, you need to think carefully about how you plan to spend it. While there are plenty of smart things you could do with the extra cash, like paying down debt or making some much-needed home improvements, it’s all too easy to let the money slip through your fingers. If you’re looking to make the most of your refund this tax season, here are some things you won’t want to do.

1. Use It to Finance Debt

If you’re thinking about using your tax money as a down payment for a new car, furniture or another large purchase, you might want to think again. Read more »

5 Weird and Ridiculous Tax Laws

April 4th, 2014 by Rebecca Lake

weird tax lawsAt more than 73,000 pages long the federal tax code hardly makes for light reading. For the average person, trying to navigate the ins and outs of tax law can feel a little like trying to find the proverbial needle in the haystack. Understanding the rules can go a long way towards minimizing your tax liability but only if you know what you can claim. Deductions and credits for things like charitable donations or child care costs are fairly common but the IRS also allows exceptions for more offbeat expenses. Here’s a list of some strange but true tax laws that are currently on the books. Read more »

Obama Proposes Expansion of Earned Income Tax Credit

March 26th, 2014 by Rebecca Lake

tax-credit-earned-incomeThe Earned Income Tax Credit is designed to help low to moderate-income workers hang on to a little more of their hard-earned cash at tax time. Depending on your situation, claiming the credit could help to reduce your tax liability or give your refund a major boost. According to the IRS, over 27 million people took advantage of the Earned Income Credit in 2013, yielding approximately $63 billion in tax benefits.

Earlier this month, the President sent his 2015 budget plan to Congress for approval. Read more »

IRS Updates Dirty Dozen Tax Scams for 2014

March 18th, 2014 by Rebecca Lake

dirty dozen tax scams 2014Tax season is in full swing and that means it’s prime time for criminals looking to take advantage of unsuspecting victims. Fraudulent tax schemes can take many different forms, oftentimes leaving taxpayers unaware that they’ve been duped until it’s too late. Every year, the Internal Revenue Service compiles its “Dirty Dozen” list, detailing the worst tax scams for consumers. If you haven’t filed your taxes yet, here’s what you need to be on the look out for.

Identity Theft

For the third year in a row, identity theft leading to tax fraud tops the Dirty Dozen list. Thieves gain access to your personal information, including your name and Social Security number, and then use it to file a fraudulent tax refund in order to claim a refund. Read more »

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