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Taxes

Making Work Pay Credit Extension

by Luke Landes

The 2009 economic stimulus came to the middle class in the form of the Making Work Pay credit, which provided a $400 credit for single taxpayers or a $800 credit for married taxpayers filing jointly across two years. The credit was embedded in W-2 paychecks, hardly noticeable to many. The credit was also designed to […]

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Patriotic Millionaires for Fiscal Strength

by Luke Landes

A group of millionaires — the definition of which is any individual with an annual income of over $1,000,000, not a net worth of $1,000,000 — has assembled to let the government know that they’d like the tax cuts for that income level expire, in patriotic duty to the fiscal solvency of the United States. […]

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S-Corporation Designation

by Luke Landes

Last year, I mentioned my accountant saved me $15,000 by re-classifying my self-employment income from a limited liability corporation (LLC) to an S-corporation. I glossed over the process; in fact, getting to the $15,000 in tax savings was a bit more complicated than simply filing as an S-corporation. I could likely have saved even more […]

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Where Your Federal Tax Money Goes

by Luke Landes

Thanks to an organization called Third Way, American taxpayers can get a good, detailed look at how much of a typical tax bill is destined for any particular government program. Third Way is a progressive think-tank, and they studied the federal budget to provide an itemized tax receipt for the typical taxpayer. Here is their […]

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I’m Tired of This IRS Installment Agreement

by Smithee

Now that I’ve finally gotten my credit card balances down to zero, I’ve been trying to figure out the best use of the extra money I’ll have in my checking account. Options include: make extra car payments, put it in a savings account, put it in a mutual fund, make extra house payments, make impulse […]

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How to Avoid Estate Taxes: It’s Easy This Year

by Luke Landes

In most years, only 0.3 percent of those who pass their estates to heirs upon their death end up leaving those heirs with a tax bill. Thanks to exceptions, credits, and thresholds, even the very wealthy can avoid the estate tax. This year is a special year, however. As of today and unless the law […]

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Contact a Taxpayer Advocate to Help Resolve Tax Issues

by Luke Landes

A year ago, the first-time home buyer credit was still rather new, and the IRS began allowing taxpayers to amend their 2008 tax returns to receive the credit early. At that time, if documentation was in order, it took about six weeks to receive a check for the $8,000 credit. That didn’t last long. Within […]

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Would You Rather Receive a Refund or Owe More Taxes?

by Luke Landes

If you haven’t noticed, it’s tax time. I have noticed, not only because of the relentless emails I receive reminding me of this grand celebration, but also due to people I interact with. As those I know complete their tax returns, I observe the joyfulness they exude as they realize they’ll be receiving a refund […]

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The American Opportunity Tax Credit

by Luke Landes

Last week I offered some last-minute tax filing tips, and the IRS deadline is looming. I’m happy to tackle tax questions, and Consumerism Commentary reader Eric has one. Eric was a full-time student through May 2009, and he, like many former students, is dealing with the cost of a college education. Eric is looking for […]

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How to Check the Status of Your Tax Refund: Federal and State

by Luke Landes

I am still waiting for the second tax refund the IRS owes me after I filed an amended tax return for 2008. Additionally, the State of New Jersey decided to count my business income twice after I filed an amended tax return, so that refund has been delayed as well. The first tax refunds after […]

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