Save on 2011 taxes – new tax guide

IRS.gov – Taxpayers might be able to benefit from more recovery tax changes and get ahead on their 2011 federal income tax return preparation by reviewing a newly updated comprehensive tax guide currently available at IRS.gov. Publication 17, Your Federal Income Tax, contains details on how to benefit from various tax-saving opportunities, such as the […]

After the tax return has been filed

IRS.gov – Now that the federal income tax filing deadline is in your rear-view mirror, what happens after you file? A lot of taxpayers have post tax-filing questions such as what records do I keep and more importantly, “Where’s my Refund?” The IRS has provided answers you can find here: Tax Refund Information You can […]

Filing an amended tax return – 9 facts

IRS.gov – An amended tax return generally allows you to file again to correct your filing status, your income, or to add income tax deductions or tax credits you may have missed. Here are nine facts the IRS wants you to know about amending your federal income tax return: 1. Use Form 1040X, Amended U.S. […]

Common tax return mistakes that delay your tax refund

IRS.gov – Errors on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these nine common mistakes so your tax refund is timely. 1. Incorrect or missing Social Security Numbers – When entering SSNs for anyone listed on your tax return, be […]

What gifts are taxable? 8 gift tax tips to help

IRS.gov – If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tax tips to help you determine if your gift is taxable. 1. Most gifts are not […]

IRA retirement contributions – 10 tax tips

IRS.gov – This year, you have a few extra days to make contributions to your traditional Individual Retirement Arrangements. That’s because Emancipation Day, a legal holiday in the District of Columbia, will be observed on Friday, April 15, 2011, which moves the due date for filing your tax return and making contributions to your 2010 […]

Tax Scams – Beware!

IRS.gov – The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines to […]

Charitable contributions – eight tax deduction tips

IRS.gov – Charitable contributions made to qualified organizations may help lower your tax bill via tax deductions. The IRS has provided the following eight tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, […]

Children investment income – income tax rules

IRS.gov – Parents need to be aware of the tax rules that affect their children’s investment income. Here are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate: 1) Investment Income – Children with investment income may have […]

Employee business expenses – tax deductions

IRS.gov – If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses on your income tax returns. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include: • […]

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