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 …
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 …
Tax Relief or Grief? A Breakdown of Obama’s Tax Cuts
With just a few weeks remaining in 2010 (marking the expiration of the Bush-era tax cuts), President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. With tax season quickly approaching, a lot of Taxpayers are left wondering, what kind of “relief” can I expect from this Tax Act? In essence, the Tax …
Settle Your Tax Debt for Pennies on the Dollar – If It Sounds Too Good To Be True, It’s Probably a Scam!
FTC Shuts Down American Tax Relief Scam New York Times, FTC Says Company Promised Tax Relief but Failed to Deliver: Who wouldn’t like to settle with the IRS for pennies on the dollar? In recent years, some 20,000 people have turned to American Tax Relief of Beverly Hills, Calif., to do just that after seeing the company’s advertisements on television, …
Wesley Snipes is Headin’ to Prison for Tax Fraud – Despite Claiming he was Never a US Citizen
With the US Court of Appeals recent decision to affirm Wesley Snipes’ criminal tax conviction, it looks like Wesley Snipes may have to rely on the royalties from his cheesy “Total Gym” Infomercials to pay off his substantial legal fees and restitution incurred from his long battle with the IRS. I wonder if the Federal Prison has a Total Gym?? …
2009 Tax Planning – It’s not to late!
As 2009 is quickly coming to an end, many taxpayers are looking for opportunities to minimize the money they will owe the IRS. Considering the numerous taxpayer-friendly legislation implemented this year, I encourage you to assess your prospective tax situation (if you have not already done so) and consider some year-end tax planning. Here’s a review of the tax basics …