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Oct 10, 2012How Far Has the State Gone Back for Failure to File Taxes?
The IRS has ten years to collect your money, but you’ve only got three years to claim your refund In a sentence, here are the important statutes of limitations to keep in mind when you file late taxes: the IRS has three years to give you a refund, three years to audit your return, and […]
adminSep 27, 2012Schedule M of Form 1040
Attach the Schedule M form to your 2009 or 2010 tax return to claim the Making Work Pay credit You need to fill out Schedule M if you want to claim the Making Work Pay credit for 2009 or 2010. The Making Work Pay credit was a special provision of the American Recovery and Reinvestment […]
adminSep 20, 2012Deducting State Sales Tax
The state sales tax deduction was extended in 2010, but may not be available for 2012 One of the many deductions built into our tax code is the ability to deduct state and local income taxes. Some states, however, don’t have an income tax. They fill their coffers with a large sales tax instead. To […]
adminSep 19, 2012The Federal Tax Extension Deadline Is October 15
If you requested an extension on your 2011 income taxes, be sure to file your return before the October 15 deadline Six months seems like a long time. That’s the trap lots of people fall into when they request a tax extension in April and then promptly forget about taxes until the October deadline when […]
adminSep 17, 2012How to Pay Estimated Tax
The self-employed must make estimated tax payments to the IRS at least four times a year If you’re an employee who earns all of his income in wages or salary, and gets a paycheck with taxes withheld, you can stop reading right now. Tax payments are already made on your behalf and you don’t need […]
adminSep 5, 2012Are Campaign Donations Tax Deductible?
Political contributions may help get your candidate elected, but they won’t get you a tax deduction 2012 is an election year – in case all the negative ads spamming the airwaves haven’t already tipped you off. And election season, like almost everything else, raises some very important tax questions, not all of them about Mitt […]
adminAug 30, 2012Home Business Tax Deductions
Running a business from your home can net you several valuable tax deductions. The tax code makes several tax deductions available for people who run a home business. When taken advantage of, these deductions can significantly reduce the cost of running a business from your home. The one thing you have to be hyper conscious […]
adminMay 14, 2012Who Qualifies as a Dependent on Your Taxes?
Find out who you can claim as a qualifying child and as a qualifying relative For most taxpayers, claiming a dependent results in a fairly significant tax benefit, oftentimes a refund. But who exactly can you claim as a dependent? There are actually two different categories of dependent: qualifying child and qualifying relative. Both have […]
adminApr 9, 2012April 17, 2012 Is the Last Chance to Get a 2008 Tax Refund
Late tax filers have three years after the original return due date to file and get a refund The tax deadline is just a week away – April 17th, don’t forget! – and most people are scrambling to get their 2011 tax returns finished and filed with the IRS. But there’s another year you should […]
adminMar 29, 2012How to File City Taxes
Some cities bundle their income taxes with state tax returns, some require entirely separate forms, and some don’t charge an income tax at all. Everyone knows they have to file federal and – in most cases – state taxes when April rolls around. But what about city income taxes? Do you have to file those […]
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