With Memorial Day (Monday, May 27, 2013) coming up, a lot of Americans are looking forward to a three day weekend. But don’t wait until Friday to take care of any issue lingering with the Internal Revenue Service (IRS). IRS employees will be enjoying an additional day of “vacation” on Friday, May 24, 2013. This four day vacation is the …
Social Security Benefits – Are They Subject to Tax?
You, like many other Social Security recipients may be wondering whether your 2011 benefits are taxable. All Social Security recipients should receive a Form SSA-1099 from the Social Security Administration which shows the total amount of their benefits. You can use this information in addition to the following to determine if your benefits are taxable: Did you receive other income? …
Tax Tips For 2012
With football season winding down, another season is just starting – Tax Season. Although watching the college bowl games and NFL playoffs is clearly much more exciting than watching the IRS’s youtube video above, you can stay on top of your “tax game” by following these tips: 1. GATHER YOUR DOCUMENTS you’ll need when filing your taxes: receipts, canceled checks …
Tax Lady Roni Deutch Gets Slapped with a Large Tax Lien and Forced to Close Firm
You’ve seen them – the loud, obnoxious commercials by “Tax Resolution” companies, promising to settle your IRS tax debt for pennies on the dollar. These “assembly-line” Tax Law Firms prove true the old adage, “You get what you pay for.” Unfortunately, you are likely to pay more and get less than you bargained for. Ronnie Deutch, the infamous “Tax Lady” …
Lebron James Haters Quit Hating and Accept the Heat…As a Glorious State Income Tax Haven
On July 8, 2010, much to the chagrin of Cleveland Cavaliers owner Dan Gilbert, the city of Cleveland, and millions of NBA fans, free agent Lebron James announced his decision to play for the Miami Heat. The controversial move became a media obsession with James agreeing to a less lucrative contract to boost Miami’s ability to sign other key free …
Discharging Tax Debt through Bankruptcy
After the “fallout” from 2008, we all probably know someone who has filed Bankruptcy – Many of whom wiped out a majority of their debt, including some or all of their IRS tax liability. Unfortunately, you may have a hard time keeping up with “the Joneses” down the street who are still bragging about kicking the IRS to the curb …
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 …