If you think that you can get away with reporting income on your tax return in a manner that is different from what your bank deposits show – think again. The IRS and the banking industry are on the same team, and in an attempt to deter tax crimes, the IRS requires banks to report all large cash transactions. Additionally, the ... Read More
Filing Taxes
Back to School Tips: Tax Deductions for Teachers
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
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
Filed Taxes FAQs: Where is My Refund, Made a Mistake, Moved & More
So the tax deadline has come and gone and your taxes are filed for yet another year. Now you may be wondering how long before I will get my tax refund? What do I need to keep for tax record purposes and for how long? What happens if I realize I made a mistake on my return? I just moved, what do I do? These are all very common ... 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
What If I Didn’t File My Taxes or Request an Extension to File?
The April 18th tax deadline has passed and you failed to file your tax return or request an extension. Whatever the cause for not filing your return, you must make a decision regarding your next course of action and quickly to remedy the situation. Do not convince yourself that the IRS will simply overlook the matter, in fact ... Read More
Standard Deduction 2010: How IRS Standard Deduction Works & Amounts
Earned income is subject to federal taxes. To legally reduce the tax liability owed on earned income, taxpayers can claim deductions and tax credits when filing their annual tax return. There are several tax deductions which lower the amount of income subject to tax, with taxpayers having a choice between claiming the standard ... Read More
Make Contributions to IRA Until April 18th to Reduce 2010 Taxes
Most people can deduct some or all of their IRA contributions, which means there is often some scrambling right before the tax deadline as people make their IRA contributions! For the tax year 2010, people get an extra weekend to contribute to an Individual Retirement Account (IRA) and still deduct the contribution on the tax ... Read More
Federal Energy Tax Credits: IRS Tax Credits for Energy Efficiency
Did you make energy efficient home improvements in your home during 2010 or purchase an energy efficient vehicle? If you did, do you know that you may qualify for a credit on your 2010 income tax return. If you purchased and installed certain energy efficient items in your home last year or bought a hybrid vehicle you will want ... Read More
Child Care Tax Credit 2010: Qualifications for Dependent Care Credit
Did you pay someone to watch your child, spouse or other dependent during the 2010 tax year? If you did, you may be eligible for the Child and Dependent Care Tax Credit. Paying for child care or dependent care is costly so this is definitely one credit you won’t want to miss. Of course, in order to claim the credit you must meet ... Read More
