Everyone is concerned about identity theft, and tax time can be of particular concern. Identity theft begins when someone gains access to your personal information – most often a Social Security number – and uses it for his or her own gain. The information may be used to get a job or to file for [...]

Making decisions concerning your retirement account is not always an easy task because what works for one person may not be the best choice for the next. When it comes to choosing between a Roth IRA and a 401(k) account for your retirement savings, the primary concerns involved in the decision are when you expect [...]

That’s right, we’re giving away copies of TurboTax Deluxe Edition 2011 (valued at $69.95) to two lucky Facebook fans! How to Enter Entering is simple. All you have to do is go to the BTH Tax Blog Facebook page and click the “Like” button by February 29th. Contest Rules Anyone can enter between the dates [...]

This tax season, you may want to do what millions of people do and hire a tax preparer to help you file your income tax return. To choose the best professional to help you with your specific tax needs, there are several criteria that you should consider. When making this important decision, be sure to take [...]

The 2011 fiscal year tax season will mark more than two decades of the extremely popular and highly successful IRS e-file program. This year, there are more options than ever for the average American to settle up with the IRS in a fast, free, safe and secure manner by using IRS e-file. Since e-filing means [...]

If you are a small business owner who pays independent contractors, service providers and other individuals for freelance or contract work, you are required to issue IRS Form 1099. These forms are sent to any individuals who you’ve made payments to in order to be used in their own tax filing. The information on Form [...]

The tax deadline to file your 2011 tax return is April 17, 2012. If you are unable to file your return by the due date, in most cases you will want to file for an automatic tax extension. Here is a look at all that you need to know about filing for a tax extension, [...]

There is generally some confusion as to how bonus income is taxed. Many people mistakenly believe that the bonus they receive from their employer during the holiday season is taxed at a higher rate than regular income. Others believe that a year-end bonus could bump them into a higher tax bracket, resulting in their being [...]

If you’ve been doing your research on tax credits and deductions, some of the sources that you’ve come across might mention that you’ll want to watch out for the AMT when using them. The alternative minimum tax (AMT) system is intended for higher-income taxpayers, but over time has come to affect middle-class families as well, [...]

The 2012 IRS mileage rates vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage rates are determined through analysis of fuel prices, average [...]