Have you received income from a side job, part time job, internet business or consulting gig this year? Are you wondering whether or not the income you've earned outside of your job needs to be reported on your 2010 income taxes? Don't assume that just because you do not get a 1099 in the mail you do not have to report the ... Read More
Education Tax Credits: Credits to Offset the Cost of Higher Education
The costs of higher education can be staggering. Thankfully, there are two tax credits available to help families offset the cost of higher education for either your own educational needs or that of your dependents. Tax credits reduce the amount of income tax you are required to pay, which is typically better than a tax ... Read More
Apps to Help You With Your Taxes This Year
It's tax season once again and app users can find numerous apps to help with tax filing this year. Whether you use an iPhone, an Android or a Blackberry, you will find apps available for all devices. Here is a peek at what these apps can do for you. Snap Tax by TurboTax Available for both the iPhone and Android users this app ... Read More
TurboTax Review: TurboTax 2011 Edition for 2010 Taxes
Each year millions of taxpayers gather documents needed to file their annual tax return. Many of these taxpayers will hand these documents over to an accountant or other tax preparers to ensure their taxes are filed in time for the April deadline. This makes a lot of sense as many taxpayers are overwhelmed with the entire ... Read More
2010 Average Refund $3K: Tips For Spending Your Refund
American taxpayers received a staggering $328 billion from the IRS last year in the form of annual tax refunds. At first glance this appears to be a huge number, however when you break it down by individual, the average refund in 2010 was approximately $3,000. During a time when the economy is sluggish, taxpayers who qualify ... Read More
Jennifer Lopez’s Booty Targeted Again
Jennifer Lopez is hitting the headlines again- but this time her booty is not the subject, er, well maybe it is. Just a different booty - J. Lo's fortune and her complications with the IRS. A recent report by Radaronline.com reveals that our beloved triple threat Jennifer Lopez and former beau Ojani Noa are under IRS ... Read More
Tax Filing Deadline for 2010 Taxes is April 18th, 2011
If you like to wait until the last minute to file your tax return, you are in for some good news. This year you will have an extra three days to procrastinate. The IRS has made it official that taxpayers do not have to prepare and file their tax returns for 2010 until April 18th (be aware that some states are still April 15th, ... Read More
Why an IRS Payment Plan is Not Always Best If You Owe Taxes
The option to use an IRS Installment Agreement helps many people pay taxes they owe when they don't have enough cash available to pay the owed taxes all at once. There are many disadvantages and advantages to using an installment agreement to pay the IRS. How an IRS Payment Plan Works An IRS Installment Agreement or an IRS ... Read More
Batman/IceMan Busted: Val Kilmer Owes Over $500K to the IRS
Val Kilmer, star of Willow, Top Gun, and Batman, is being investigated by the IRS for delinquent taxes, according to The Detroit News. Kilmer, who owes the IRS some $530,000 in federal taxes, has a 6,000 acre ranch in New Mexico for sale, with the asking price a mere $18.5 million. The tax lien was filed in November by the ... Read More
Tax Implications of the Health Care Law You Should Know About
Health care reform, despite the term, includes more than just a reform in how health care is managed in the United States. Health care reform includes new taxes, increases to existing taxes, expands IRS authority, and tax breaks for businesses and individuals who qualify. The health care reform bill comes in two different ... Read More
The Abusive Offshore Tax Avoidance Scheme
The IRS is not only concerned with abusive tax avoidance and tax fraud schemes that are prevalent within the country but also those that occur offshore. It appears there is an increasing number of offshore tax avoidance schemes that are being perpetrated with the intention of avoiding taxation on income that should be taxed by ... Read More
Texas Pursues Amazon for Sales Taxes
The state of Texas has a two year budget deficit estimated at $21 billion. As they look for ways to recover from the shortfall, they begun hunting Amazon for sales taxes they say they owe. Texas sent Amazon a bill for $269 million to cover sales taxes it says the company owes from online sales made between 2005 and 2009 to Texas ... Read More
