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.
Because half of all donations typically are made between Thanksgiving and New Year's, this is a good time to highlight precautions you can take to ensure your gift has the biggest possible impact, both on the people you want to help and on your own bottom line.
While you are donating to charities in great need, be sure to observe the charitable donation tax rules, maximize that tax deduction and do something nice for yourself -- like getting a bigger tax refund for your good deed efforts.
We all know the story of the first Thanksgiving. But what if the Pilgrims had to concern themselves with filing a federal income tax return as we do today? What would they be able to claim as deductible expenses?
If and when the American body politic starts bleeding to death from Romney's tax cuts, all we have to do is to take it to the nearest emergency room, which is legally bound to treat all comers without regard for their ability to pay. That's why I'm for Mitt.
Romney's idea of limiting tax deductions should be taken seriously. Romney is on the right track here. The only problem -- and it's a big one -- is that the math on his tax plan overall still doesn't add up.
Although it's tempting to let such mistakes slide, chances are the IRS will discover the error eventually, and when they do you could be liable for interest and penalties going back to the due date of the original tax return.