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If you have an adventurous, thrill-seeking personality, your life may never be complete until you’ve solicited an income tax audit from the Internal Revenue Service. The good news is that audits have been more frequent in past years, so the chance of being audited has increased. You may not want to leave this up to ... Continue reading this article…
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Last year, I began working with a tax accountant. We reviewed how I filed my income tax returns for 2007 and 2008 and determined that filing differently would have saved me about $15,000 overall. In November, I filed amended income tax returns (1040X) for 2007 and 2008. I received a refund for my 2007 return ... Continue reading this article…
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Earlier this Fall, the IRS was offering an amnesty program for offshore tax cheats to come forward and admit their wrongdoing, thereby getting a more lenient punishment. Nearly 15,000 Americans who knew they were cheating came forward and admitted their bad behavior. From Reuters: While IRS officials were still analyzing the amount of offshore assets declared in ... Continue reading this article…
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Every so often I come across a news story that’s more enjoyable to read when I add a vindictive “ha ha ha ha ha” after each sentence. For example: Rich Americans who have evaded taxes by hiding foreign holdings have about a week to turn themselves in to an Internal Revenue Service amnesty program or gamble ... Continue reading this article…
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For those of you who have filed or are planning to file an amended income tax return (form 1040X) to receive the (up to) $8,000 first time homebuyer tax credit this year rather than waiting for next year, there is some good news. Although the IRS is more than likely overwhelmed, the refunds are currently taking ... Continue reading this article…
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In February, I wrote that the United States was suing Swiss bank UBS in order to get the offshore institution to release the names of the wealthiest 19,000 of the 52,000 American bank account owners. These depositors have managed to evade paying United States income taxes on the interest earned within these foreign accounts. The New ... Continue reading this article…
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The Internal Revenue Service is recognizing the increasing costs of transportation and has revised the rate that taxpayers can use for deducting business-related travel expenses. For miles driven between July 1 and December 31, 2008, the new rate is 58.5 cents per mile, up 8 cents from the rate used for the first half ... Continue reading this article…
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Over the weekend, I received a notification from the IRS about the economic stimulus. The notice isn’t personalized; it contains only general information about the new law. The text of the letter is straightforward. Rather than get into the details, particularly the facts that the law authorizes a new credit to 2008 ... Continue reading this article…
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The IRS has posted a schedule indicating when tax payers, if eligible, will receive their tax payments. Keep in mind that these are estimates and the IRS could very well not meet this schedule. The schedule is based on the final two digits of your Social Security number. If you file jointly, use ... Continue reading this article…
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“The check is almost in the mail.” Shortly, the IRS will send letters to everyone who filed a tax return for 2006 to let them know about the economic stimulus rebate checks. The actual checks won’t be in the mail until at least May. On one hand, it’s good to get information into ... Continue reading this article…
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When you work for a company that manages its payroll properly, federal and state taxes are withheld every pay period. The companies estimate your total tax bill based on your annual salary and divide that amount by the number of pay periods within the year. They get some help from the W-4 form ... Continue reading this article…
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I’m glad everyone is excited about receiving checks from the government in June or July, but there seems to be a misunderstanding amongst people I talk to. While President Bush and a contingent of the legistlative branch have agreed on the propsed details, the bill still has to pass the House and the Senate. ... Continue reading this article…
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In a recent article with tips for last-minute savings on the tax bill, CNN Money suggests qualifying for a deduction by giving to charity. Donations given to a tax-exempt organization can be deducted from your income when filing your taxes. There’s a catch, though. If your total deductions including the charitable contribution ... Continue reading this article…
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If you are involved in a lawsuit and awarded damages, the IRS may require you to pay taxes on the funds you receive. It depends on whether the money can be considered income. If the damages are awarded to compensate you for financial losses, the money theoretically makes you whole. Therefore, no taxes are ... Continue reading this article…
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