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
Filing Taxes
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
Last-Minute Tax Filing Tips Prior to 2011 Tax Deadline
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 ... Read More
IRS Form 1099-K: What Online Sellers Need to Know
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 following are ... 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
6 Most Common Tax Filing Mistakes to Avoid
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 or hire a licensed ... Read More
Where is My Tax Refund? How to Check Status of an IRS Refund
Some people are not required to file an IRS tax return because their income falls 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 money, here's how to claim it ... 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
Tax Credits, Deductions & Advice for Seniors Filing Taxes
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 ... 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
How to Choose a Tax Preparer to Help With Your 2011 Tax Filing
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 following factors ... Read More
IRS e-file for 2011 Income Tax Filing Now Available
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 filing a paperless tax ... Read More
