Capital Gain Rates in 2011

In Common Tax Questions, Florida Tax Issues, IRS Tax Help, Tax Planning by Sarah E. Martello

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?

In Common Tax Questions, IRS Tax Help, Tax Planning by Sarah E. Martello

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

In Florida Tax Issues, IRS Tax Help, Tax Planning by Sarah E. Martello

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 …

Free Tax Return Help!

In Florida Tax Issues, IRS Tax Help, Tax Planning by Sarah E. Martello

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 – …

Tax Q & A – I Currently Can’t Pay the IRS because of an Economic Hardship

In IRS Tax Help by Sarah E. Martello

QUESTION:  What happens if I owe the IRS money but after paying my living expenses/bills, I currently can’t afford to pay my tax liability? ANSWER:  Depending on your particular situation, there are several options.  If you are going through a financial hardship, the IRS may be willing to suspend collection activity to allow you the opportunity to get back on …

Tax Q & A – 2010 Filing Deadline

In IRS Tax Help, Tax Planning, Uncategorized by Sarah E. Martello

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 Day Countdown Q & A

In IRS Tax Help, Tax Planning by Sarah E. Martello

QUESTION: I Know My Tax Return is Due, but I Cannot Pay the Taxes…Should I Still File on Time? ANSWER: YES, YES, and YES! Even though you will not be able to pay the full amount of your taxes when you file your Income Tax Return, you should still file on time to prevent the 5% per month Late Filing …

Common IRS Letters and Notices

In IRS Tax Help by Sarah E. Martello

IRS Letter 525: General 30 Day Letter. This is a notice from the IRS informing you of potential mistakes concerning items on your tax return. These errors may be mathematical or clerical errors in preparing your tax return. This letter is accompanied by a report including the computations of their proposed adjustments. If you agree with the proposed adjustments, then …