A sad aspect of America's educational system is that, despite the fact that schools are often helped out financially by fundraisers and parent donations, their budgets remain small, requiring teachers and other school staff to frequently buy supplies and equipment in order to properly educate their students. The good news, ... Read More
Tax Issues for Same-Sex Couples to Be Aware Of
As if tax season isn't complicated enough, it can be a complete nightmare for same-sex couples. Same-sex couples face numerous challenges when it comes to filing income tax returns. While it is important for everyone to keep good records for tax time, it is even more critical for same-sex couples to do so. Extra time and ... Read More
Will 401k Contributions & Distributions Impact the Total Tax Bill?
Saving money today for tomorrow's expenses is the best way to ensure long-term financial security. With the future of the nation's supplemental retirement income program up in the air, consumers are urged to save as much money as possible during their working years in order to grow retirement funds. One of the most popular ... Read More
Taxes & Alimony: IRS Requirements for Reporting Alimony Payments
Alimony payments, sometimes referred to as “spousal maintenance,” are tax-deductible for the alimony payer and taxable income for the alimony recipient. The IRS has requirements for reporting alimony and charges penalties against those who do not report it correctly. Here is what you should know about taxes and alimony: What ... Read More
Capital Gains Rates For Long Term/Short Term 2010, 2011, 2012, 2013+
It's important for all taxpayers to understand what information must be reported to the IRS for tax purposes. This includes any gain or loss from the sale of capital assets. A capital asset is considered anything owned by an individual for investment or personal purposes. As a general rule, capital assets include property and ... Read More
IRS Interest Rates Q3 2011: Rates for Overpayments & Underpayments
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) ... Read More
Unemployment Taxes: Tax Breaks & Considerations for the Unemployed
Being unemployed is challenging enough, taxes are probably the last thing on your mind when you're out of work. If you receive unemployment pay, you will have to pay taxes on the money you receive as income. In some situations, though, federal tax laws can help reduce some of the financial difficulties of unemployment with tax ... Read More
Understanding the Child Tax Rate for Your Children’s Investment Income
Investment income is subject to federal taxes. This includes income earned for investments in a child's name. It is important for parents of children who have investment income to understand how this income should be reported when filing your annual tax return. There are several factors which must be considered which determine ... Read More
Roni Deutch "Tax Lady" Shut Down After Complaints
Months after being sued by California Attorney General for $34 million, Roni Deutch has closed her law firm and surrendered her license. The "Tax Lady" has made it into the news many times since last August when the court prohibited Deutch from destroying evidence and she proceeded to shred millions of pages of documents at her ... Read More
IRS Form 8300: Q&A on Reporting Cash Payments Over $10K
Individuals who have received over $10,000 in cash payments must understand how to report this income and which forms are necessary. To ensure that you are reporting and filing your income correctly, consider the following filing requirements as described by the IRS: What is Form 8300 and who must use it? Form 8300 is used ... Read More
Why and How to Avoid a Tax Refund
When you filed your tax return this year were you entitled to a refund? If so, was it a substantial one? Approximately 65-70% of all people who file a tax return are due a refund. The average refund for individuals from the IRS was $3,036 for the 2010 filing season! Why is that? Many people think of their tax refund check every ... Read More
Injured Spouse Relief: Qualifications & How to Apply
Did you file a tax return only to have your refund applied toward liability that your spouse owed? Or, you know your refund will be subject to your spouse’s liability, do you know what your rights are? If either of these scenarios relate to you, you are considered and injured spouse and you can do something to get your portion ... Read More