Selecting a tax preparer is a very important decision that you should be happy with. After all, for most Americans the annual income tax return is the single largest financial transaction they have each and every year.
The IRS announced that it will delay accepting all 2012 tax returns by eight days, pushing the acceptance of both e-file and paper tax returns to January 30. But the filing deadline of April 15 remains unchanged.
Despite opinions on whether the bill is good or bad, the American Tax Relief Act of 2012 truly is a very good thing for most taxpayers. Here's why, if we look at the bill from a taxpayer's perspective.
As the current tax year closes and the next tax season approaches, I thought it would be helpful and informative to highlight some past tax statistics and details related to tax filings in general and even some guidance on how you can make the most of this information.
The Temporary Payroll Tax Holiday, a two percent reduction in employee Social Security tax withholding, expired Dec. 31, 2012. Beginning Jan. 2013, the average taxpayer will see as much as a $1,000 decrease in take-home pay.
The combination of expiring tax laws and tax policy changes, possible renewed retroactive provisions and last-minute legislative action calls for taxpayers to be extra careful when managing their taxes in order to ensure that there is no money left on the table.
Though Washington is fixated this month on the so-called "fiscal cliff," that manufactured face-off is a bit of a side-show. Far more disturbing is a deeper array of fundamental structural problems of federal governance, of which "Taxmageddon" is just a surface manifestation.
The Mayan calendar "end of times" prediction scheduled for Dec. 23, 2012, might not be all bad when compared and contrasted with some of the other predictions associated with Taxmageddon and the fiscal cliff on the horizon.