Taxes Archive

It’s tax season once again and millions of Americans are diligently collecting forms from their employers, gathering receipts, and preparing their taxes. A lot of people happily receive a refund check in the mail during …

The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning U.S. taxpayers of a major IRS-related scam circulating. Scammers are calling taxpayers and posing as Internal Revenue Service representatives in an attempt to defraud them. …

If for some particular reason you are not completely thrilled with a U.K. tax credit decision, then it’s possible that you may be entitled to appeal against it. According to HM Revenue & Customs you …

An IRS tax audit is the reexamination of tax return by the IRS to look for errors made by the taxpayer in the preparation of the return. An audit can be as simple as correcting …

While Americans fret over the “fiscal cliff,” the French are taking action to avoid taxes. They are fleeing the country…well the rich ones at least. The move has sent the likes of wealthy French citizens, …

All citizens are expected and are encouraged to arrange their financial affairs to reduce the amount they owe the government in taxes. This is called tax avoidance and it is different from tax evasion because …

One of the tools that the government has used to promote certain social agendas over the years is the use of tax credits. One of the tax credits that has been beneficial to the college-bound …

LEST YOU FORGET 1. Tax payments are due to Internal Revenue Service (IRS) by April 15 of the year at the latest. 2. Payment due date is not affected by postponement of filing date. 3. …

In economics, the Laffer Curve is a graphical representation of the theoretical relationship between the level of taxation and the level of revenue from that taxation. In short, it predicts that as tax levels are …

P { margin-bottom: 0.08in; } There are several ways education loans qualify for tax relief. Payments toward qualified student debt are eligible for income tax credits or deduction with certain restrictions. For example, each tax …

In order to deduct car expenses on your tax return you must have business use. Traveling from one workplace to another while in the area of your tax home is valid business use. (“Tax home” …

Paying your taxes is an obligation that you cannot ignore. There are times when a taxpayer, due to some reasons, will start to default on their tax payment obligations which will bring the law into …

Certain deductions are a red flag to the IRS and may precipitate an audit. If you have kept careful records, you should have no problems. If your records are incomplete, the IRS may disallow some …

Be careful: It’s not always so easy to get an extension. There are many misconceptions in regards to extensions for filing your federal and/or state tax returns by the deadline. These are the most important …

The flat tax has been talked about a lot in the American tax debate. Its proponents say it is simple, fair, and good for economic growth.  Its opponents, however, call it unfair to the poor. …

Due to the recent recession and its aftermath, states and their policymakers continue to confront major decisions about how to pay for crucial services now and in the future. To make the right decision, it …

Who does not want a bigger tax refund? Different strategies can help people increase the amount of money that they get for their refund. You should take advantage of every measure possible to maximize this …

Tax season is quickly approaching. Every year taxpayers search for receipts and deductions to maximize their refund. The most common mistake on tax returns is a taxpayers filing status. When filing personal income taxes there …

Waiting for a tax refund can be such a rewarding feeling for any individual. However, there are times when you will experience delays which can be quite disheartening. Are you experiencing a tax refund delay …

The standard deduction is a dollar amount specified by the Internal Revenue Service (IRS) that most taxpayers are allowed to subtract from their Adjusted Gross Income (AGI). The amount of the deduction allowed is based …

You may be able to claim an elderly single parent as a dependent on your tax return. Furthermore, if you are single and your parent qualifies as your dependent, you may also be eligible to …

One provision of the American Recovery and Reinvestment Act of 2008 included a temporary revision of the Hope Credit for education expenses. The revised credit was named the American Opportunity Credit (AOC) and was applicable …

Filing your taxes doesn’t have to be a dreadful experience. With today’s abundance of online tax-filing services, finding new and “hidden” deductions is becoming easier and easier. Whether you’re filing online or filing by hand, …

In almost any argument or debate for or against taxation, the subject of a flat tax often comes up. Simply put, a flat tax would tax citizens at equal rates, regardless of personal income. Currently …

Selling a home can have a huge impact on one’s federal taxes returns. While selling a home can be an exciting moment, it takes a lot of effort. When selling a home there are so …

The IRS says: “The recovery rebate credit is a one-time benefit for people who didn’t receive the full economic stimulus payment last year and whose circumstances may have changed, making them eligible now for some …

Imagine that you were a ruler of a government proposing a tax code. If you wanted to raise the most tax revenue, what would you do? Would you set the tax rate as high as …

Tax Extension Form April 15 creeps up, but life has sent you in another direction. You will want a tax extension form. One way the I.R.S. has been customer friendly is the availability of the …

Eligible medical expenses which may be included among itemized deductions are the costs of equipment, supplies, and diagnostic devices, as well as payments for legal medical services performed by licensed medical practitioners. Medically prescribed drugs …

A bonus is a payment you make over and above your salary that you are set to receive. Most bonus programs are created by companies that often reward managers, employees and executives based on the …