Whether or not you will owe tax on Social Security benefits will vary based on your situation. Generally speaking, if your Social Security benefits were your ONLY source of income, you MAY NOT be subject to Federal income tax and MAY NOT have to file a tax return. Taxpayers whom receive Social Security benefits in 2014 should receive a Form SSA-1099. This form shows the Social …
Capital Gain Rates in 2011
Many taxpayers lose out on advantageous tax breaks because they are unaware that many things they own qualify for lower capital gain tax rates. Almost everything you own and use for personal or investment purposes is considered a “capital asset.” Some examples of things you may own that are capital assets are: 1. stocks and bonds held as investments; 2. …
Missed the 2010 Tax Return Filing Deadline?
If you missed the April 18th deadline to file your 2010 Tax Return, it’s not too late. While you consider whether it’s worth the hassle to file your late return, here’s some things to keep in mind: PENALTIES AND INTEREST. For every day your tax return is late, filing penalties, payment penalties, and interest will incur on any tax you …
Happy Tax Day – April 18, 2011
Despite being a few days late this year, Tax Day is here! For you procrastinators, don’t freak out quite yet. You still have until midnight tonight to electronically file (e-file) your return. Alternatively, your return must be postmarked today. The IRS now has FREE e-file for all taxpayers (including all forms and schedules). Beware of the companies like Turbo Tax …
Audit Gamble – IRS Steps it up Against Tax Cheats
Knowing the chances of the IRS auditing your Income Tax Return is relatively slim, are you willing to take that gamble and “modify” the figures on your return to maximize your refund or minimize the taxes owed? If so, you are definitely not alone! But before you turn in that return, you might want to consider this – even the …
Florida Hooters Closed For Tax Liens – Tax Auction This Saturday (4/16/2011)
The Notice of a Tax Auction Posted on the Gainesville Hooter’s Entrance
Liberty Tax Service Alleged “Crack for Tax” Scandal
Last week I spoke about the raid and bust of On Time Tax Consultants for allegedly scamming low income taxpayers. Unfortunately, On Time Tax Consultants are not the only local tax preparation service targeting lower income individuals in our community. Liberty Tax Service, located at 3320 Southwest 35th Boulevard, Gainesville, Florida, has also been under investigation for preying on low …
Free Tax Return Help!
Need Help Filing Your Return, but Can’t Afford a Tax Prep Service? You May Qualify for FREE Tax Prep Assistance! If you need help filing your income tax returns, but think you cannot afford a tax preparer service, beware! Some tax preparation providers may offer you a lower fee or offer to take a percentage of your return amount – …
Alleged Tax Scammers Target Lower Income Taxpayers
The IRS is cracking down on Tax Fraud by Return Preparers. While most tax return preparation providers are competent to handle most of your tax return needs, there are still those lurking amongst us whom are con artists filing fraudulent tax returns and stealing their client’s money. Don’t believe it can happen to you? Think again! On March 24, 2011—just …
Tax Q & A – 2010 Filing Deadline
QUESTION: Did the IRS really change the filing deadline from April 15th to April 18th? ANSWER: Yes! Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact …