As we round the corner and head toward the end of 2011, many of us are beginning to think about our year-end taxes – whether we will end up owing money come tax season and, if so, how much? Although the 2011 federal income tax brackets haven’t changed very much, now is a good time [...]

The Internal Revenue Service (IRS) has announced that large estates of those who passed away in 2010 will be given until early 2012 to file required returns and pay estate taxes. Additionally, the IRS is offering penalty relief to beneficiaries on 2010 income tax returns. With this decision, large estates, those with a value of [...]

One million dollars! Its a sexy number. $1,000,000. It’s nice to look at. It’s fun to say. America is gearing up to crown its latest member to the esteemed millionaire club on the Wednesday night season finale of America’s Got Talent. That is, if we are to believe what the promotions are telling us. But [...]

If you experienced damages and losses as a result of Hurricane Irene, you may be able to take tax deductions at tax time to help offset the expense. In general, people can claim casualty losses, like damages or losses from hurricanes, floods, fire, earthquakes or volcanoes on their federal income tax returns – provided they [...]

Preparing and filing your tax return can be daunting, especially when trying to determine which deductions you qualify for and choosing between taking the standard deduction and itemizing. It is a difficult decision to make, but ultimately you will want to go the route that will result in you having the lowest possible tax liability. [...]

For as long as there have been taxes, there have been people who try to avoid paying them, which is certainly the case in California. However, the Franchise Tax Board (FTB) has been steadily improving its technology and reporting capabilities, so it is getting easier than ever for them to locate taxpayers who avoid or [...]

Rapper and actor Ja Rule was sentenced to 28 months in prison on Monday in a New Jersey courtroom for failing to file federal income tax returns. The 35-year-old, Queens-born performer, whose real name is Jeffrey Atkins, is already serving a state prison sentence in New York for a gun possession conviction. Magistrate Judge Patty [...]

A new California tax collection requirement mandates that large out-of-state retailers, such as Amazon.com and Overstock.com, collect sales taxes on all online purchases made by customers in the state of California. The new legislation was signed by Gov. Jerry Brown on Wednesday and went into effect on Friday, July 1, 2011, coinciding with a nominal 1% decrease in state sales tax.

The IRS has announced that interest rates for the third quarter of 2011 will remain unchanged from the second quarter’s rates. According to the IRS website, interest rates will be as follows: four (4) percent for overpayments [three (3) percent in the case of a corporation]; four (4) percent for underpayments; six (6) percent for [...]

Businesses which dispense medical marijuana may soon have the same options as other small businesses in regards to business expense deductions. This is due to the recent introduction of bills which would protect access to medicinal marijuana through banking and tax laws. As reported by AccountingToday.com: “The bills were authored by Rep. Pete Stark, D-Calif., [...]