Every year the rules are different and other considerations related to filing your tax return and paying the least you can or getting the biggest refund you can are changing and constantly new and confusing, so like most taxpayers, you probably have a lot of questions.
Now is a good time to get ready to do your taxes. YES -- work on your taxes during this quality down time. Following are a few things to consider as you stay warm during this cold snap or the next or just to get started.
About 110 million taxpayers got a tax refund last year -- that is about three out of four filers or 75 percent of all taxpayers. A tax refund is a refund of your money -- getting it sooner is always better than getting it later.
If you're planning to file an extension because you might owe taxes, you should know that an extension only extends the deadline for the forms to be filed. It is not an extension to pay your any taxes you owe.
Privately held accounting, tax prep, bookkeeping and payroll services companies (NAICS code 5412) posted an average annual net profit margin of 21.2 percent, based on financial statements filed during the 12-month period ended February 2013.
As many of us scurry to gather our receipts and recollect the donations we made in 2012, there is a chorus of folks who say that the predicted elimination of the deductibility of charitable donations will result in fewer people giving or people giving less. My response is that it will not.
Most taxpayers assume that those who get the most money back are homeowners, business owners, and non-profit organizations. But lo and behold, renters are a strong competitor! Most of them just don't know it yet.