Did you miss the April 17, 2012 tax filing deadline for 2011 taxes? There are consequences for not filing your taxes by the IRS deadline which vary depending upon your situation. In most situations the consequences can be minimized if you take action immediately rather than trying to hide from the situation. The longer you [...]

Did you file your tax return only to realize later that you made a mistake? Are you panicking now not knowing what to do and wondering what kind of consequences you could be facing? Relax, and take a deep breath. This happens more often than you might think and in most cases you can correct [...]

As April 17th approaches, some taxpayers may still be scrambling to get their paperwork in order. Rushing to complete your taxes can lead to errors on your return or cause you to overlook valuable credits and deductions which can mean less money in your pocket. If you’ve waited until the last minute to begin preparing your return, [...]

If you use an online marketplace – such as Amazon, eBay or Etsy – to run your small business, the IRS may be taking a closer look at your income. Beginning this year, the IRS is requiring third-party payment processors, including PayPal, to issue a 1099-K form to online sellers who meet certain requirements. The [...]

If you’re married, choosing whether to file a joint or separate tax return is contingent primarily on your specific circumstances. You may want to file a joint return for the sake of convenience, but doing so may not be the best option. Fiscally smart couples weigh the pros and cons of filing jointly versus filing [...]

Tax Day 2012 is April 17th, but don’t let those extra two days to file lull you into a sense of complacency. The time to be preparing your taxes is now. Procrastination leads to last-minute rushing, and rushing leads to mistakes on your tax form. Whether you prepare your taxes by hand, use tax software [...]

Some people are not required to file an IRS tax return because the total wages that they’re earned fall below a certain amount. However, these same people may be owed an IRS refund. Additionally, the IRS receives undeliverable tax refund checks back each year, totaling in the millions of dollars. If the IRS owes you [...]

If you work overseas but have US citizenship, you may have questioned whether or not you need to pay US federal taxes and file an income tax return. The answer: Yes. If you are a US citizen who is working overseas, you will still need to file a federal tax return and pay taxes just [...]

The risks for IRS audits have been increasing steadily across all income levels, although the wealthiest Americans face the greatest risk increase for an income tax audit according to data released by the IRS.  Another interesting trend seen in the data is that non-profits and small corporations are being audited more and more frequently over the last [...]

There are many ways through which the elderly can reduce their income taxes. Approximately 13% of the U.S. population is over the age of 65, and a large percentage of seniors are on fixed incomes. Reducing tax liability is necessary for many individuals, as senior income doesn’t usually increase when living expenses increase. Here are [...]