For the year of 2011, we all worked to earn our wages, and we all worked just as hard to get our tax return filed for the April 17th deadline, so what should you do now? Since the IRS has the right to audit your tax return several years after it is filed, you should keep your W-2, 1090s and all of your financial documents for a ... Read More
What If I Missed the April 17th 2012 Tax Deadline for 2011 Taxes?
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 wait ... Read More
10 Fun & Interesting Tax Facts
The history of income tax in the United States is an interesting one; with many changes along the way to how income is taxed and even changes to what is considered income. Benjamin Franklin said it best in a letter to Jean-Baptiste Leroy in 1789: “Our new Constitution is now established, and has an appearance that promises ... Read More
What If I Made an Error on 2011 Tax Return? 1040X Tax Form Information
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 your return by filing an IRS ... Read More
Claiming Children & Relatives as Dependents on Your Tax Return
Tax season is swiftly approaching and as you gather together all of your tax forms and receipts, you may be wondering how to claim a dependent on your tax return. While the process of claiming a dependent on your income tax return can be confusing, if you follow a few basic rules, it can actually be quite simple. Why Claim a ... Read More
SEP IRA: Tax Benefits, Distribution Rules & Contribution Limits
Saving money for retirement is a smart choice for people that want to plan for their future. There is no one size fits all retirement plan, but there is an option available for just about everyone to save for their future retirement. The SEP IRA is available for those that are self-employed or own a small business. This plan is ... Read More
Choosing a Filing Status: Should You File Separately or Jointly?
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 separately. ... Read More
The IRS Makes Changes Again to Help Taxpayers Who Are Struggling
The IRS created its Fresh Start Program last year in February with a goal of providing relief to struggling taxpayers during these tough economic times. The IRS wants to help taxpayers facing financial difficulties get a "fresh start" or get back on their feet. Last year, we reported on the Fresh Start IRS program with the IRS ... Read More
Common Retirement Tax Questions After Losing a Job
Losing your job is a stressful time, but don't bury your head in the sand. You need to get moving, not only to find another job but to make sure your family is provided for and your obligations are paid. You may be tempted to draw on your retirement savings, but that can have severe tax consequences as well as reducing the ... Read More
IRS Audits On the Rise for Wealthy, Small Corporations and Non-Profits
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 ... Read More
How to Protect Yourself from Identity Theft This Tax Season
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 a tax refund, which can result in ... Read More
Roth IRA vs. 401(k): How to Decide Which Retirement Account
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 to pay out the ... Read More
