The 2011 deadline for filing tax returns is just around the corner. For individuals who have yet to file taxes, it is important to make sure you do not miss this deadline to avoid potential negative consequences. For many filers, tax season is a stressful time of year, when gathering documentation and filing a tax return ... Read More
Filing Taxes
2010 Tax Filing Extension: Instructions & Forms to File IRS Extension
Most American taxpayers know that their tax returns must be filed by April 15th each year. There are occasional exceptions when the deadline for filing your tax return falls on a day other than the 15th, with 2011 being one such exception. This year, filers will have until April 18th to file their tax return without being ... Read More
Tax Credits, Benefits and Deductions for Disabled Taxpayers
If you are a taxpayer and have a disability or have a child or other dependent with a disability you may qualify for numerous tax deductions and credits when you file your income tax return. Here is a look at the different benefits and what you need to know. Increased Standard Deduction: If you are blind or partially blind ... Read More
Taxable Income: Income That Has to Be Reported on Your Tax Return
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
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
How the IRS Free File System Works: Who Can Use & Where to Find
You may be surprised to learn that everyone can file their federal tax returns for free, using either a software program or online fillable forms offered through the IRS Free File program. Whether or not you are eligible for the software depends on your income level, but even if you don't qualify for the free software, you can ... 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
What If You Didn’t File 2009 Taxes Going Into the 2010 Tax Season?
Few people really intend to skip paying their annual income taxes. Personal circumstances, whether chosen or unexpected, may have compelled someone to not file a tax return. To put this in context, let’s consider the following: What if you didn’t file on 2009’s or an earlier year’s taxes? What do you do now, going into the 2010 ... 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
Be Cognizant of the Hobby Loss Rule in this Economy
Since the recession began, a number of new businesses started to supplement or substitute incomes during situations of job loss. It is important for these small businesses and their owners to be cognizant of the hobby loss rule instituted by the IRS. Business or Pleasure? The hobby loss rule relates to business expenses used ... Read More
Guide to Keeping Financial Documents for Tax Purposes
Part of being a diligent taxpayer includes keeping proper documentation. One rule to good organization is keeping up with your tax related documents as soon as you are done with them. There are some documents that need to be kept for years and other that can be tossed away as soon as you have finished using them. Acting ... Read More
Top 5 Democrats Who Have Had Back Tax Trouble
With the Bush tax cuts set to expire and a Democratic led congress at work, America could potentially see a tax increase of $115 billion for the next year- a scenario of minute desirability to anyone, especially when juxtaposed with the present economic climate. From higher income taxes and individual state taxes, to halved ... Read More
