If you got a lot of cash, this may be your year to kick the bucket. 2010 is a year in which Congress has permitted the estate tax to slip which means heirs to a fortune will be receiving their inheritance without having to pay the government. This is the first time in nearly 100 years that the estate tax has lapsed. When owner ... Read More
Tax Tips
Understanding Your Rights to an IRS Appeal
It is a common misconception that when it comes to the IRS, you have little or no rights concerning tax issues. With thousands of tax codes to contend with, it is not unusual for taxpayers to feel overwhelmed and intimidated by the entire tax process. While it is true that the IRS is a powerful and sometimes unforgiving ... Read More
What to Know About Receiving an IRS Notice
If you have received a notice from the IRS the first and most important thing is to not panic. Most notices are minor and should not be of long-lasting concern and many do not even require any action on your part. Here is some information that will help guide you through the process and put your mind at ease. First, read the ... Read More
How to Spot a Tax Scam and What to Do Next
In a perfect world we could be rest assured that any person, company, or offer we came across was legitimate. Unfortunately, since this is not the reality of the world in which we live, consumers across the nation must always be on the lookout for scams perpetrated by con artists. Criminals looking to make a quick buck have been ... Read More
What Happens After I File My Tax Return?
So, you have filed your tax return – good for you! While this is something that you need to do every year in a timely manner, just because you have filed your return does not mean that you can forget about taxes for the next 12 months. Instead, concentrate on what you need to know about what happens after you file your return. ... Read More
Tax Credits to Keep in Mind for 2010 Taxes
While it may be too late to take advantage of tax credits for 2009, now is the best time to look forward to next year. If you know which tax credits are available for 2010, there is a much better chance that you will find a way to benefit from them. Here is a list of tax credits to keep in mind for 2010: Child Care Credit. ... Read More
Start Now: Get Organized for Tax Filing in 2010
If you are like many Americans, you wait until April to start worrying about filing your taxes each year. By then, it becomes a mad dash to find all the paperwork you need to file by the April 15th tax deadline. This year – why not start now and get yourself organized for your 2010 tax filing? With just a few adjustments to how ... Read More
Should You Borrow From a 401K to Pay Taxes You Owe?
Taking money out of a 401K for something other than your retirement isn't easy, but there are some situations that allow you to access the funds. If you leave a job where you had a 401K plan, you can roll it into an IRA, which gives you different options for accessing the money – but if you're still with the employer you have ... Read More
How a Short Sale Could Lead to a Large Tax Bill
Homeowners who are in the unfortunate position of being “upside down on their mortgage”, a situation that simply means they owe more than the property is worth, might be hard-pressed to think of something that can be worse. This is exactly why homeowners need to be cognizant of all the facts before they make any financial ... Read More
File Late Tax Returns to Take Control of Your Back Taxes
The easiest way to get out of trouble with the IRS over back taxes is to file your tax returns. If you've missed a year or more for filing tax returns, you may be wondering what sort of options are available to you. You can protect yourself with the following steps: Look For and Gather Tax Paperwork Get a copy of the tax ... Read More
Are You Owed a Tax Refund from an Unfiled 2006 Return?
The IRS has announced that there are more than $1.3 billion in unclaimed tax refunds waiting nearly 1.4 million people who didn't file their federal income tax return in 2006. If you did not file a tax return in 2006 (maybe because you were below required income limits) it may be in your best interest to file a 2006 return. If ... Read More
When to File a Late Tax Return or Request a Tax Extension
April 15th is the normal deadline to get your income taxes filed with the IRS. You can always request an automatic 6-month extension, which gives you until October 15th to file your taxes using form 4868. Be aware, that if you elect to to extend your filing deadline, it is not an extension to pay. In fact, if you push off your ... Read More