Taxes are complicated and seem to get more so every year. For select groups such as our brave men and women in the military, they can be even more complicated.
Unfortunately, there are many reasons this could happen, and even worse, it happens to many taxpayers each year, causing surprise, confusion and frustration.
Amending a tax return can be very complex. There are many considerations, from determining what is incorrect and what the correct information should be, to knowing what forms to attach, to making sure the state return is amended correctly and timely.
While April 15 is commonly accepted at "tax day," for many taxpayers and especially small business owners, freelancers and self-employed professionals, there are other important "tax days" to keep in mind.
Filing a tax return extension can remove the failure-to-file penalty, which is the larger penalty on a monthly basis, but it will not remove the failure-to-pay penalty.
Haven't filed your taxes yet? Check out these tips to ensure you and your spouse receive the maximum benefits on your returns, even in the last minute rush to pay good 'ol Uncle Sam.
What does a change in location mean when those who are serving for the red, white and blue go to file their state income taxes?
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.
Each year about half the country gets to experience a "sudden wealth" event in the form of a tax refund. While not necessarily a financial windfall for most, this annual occurrence can create some awfully strange and counterproductive behavior.
By now you've heard me say that 75 percent of all taxpayers receive a refund (according to public IRS data it's even higher this year), so what happens if you are in the other 25 percent and owe?
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.
Our favorite: donate your clutter, get a deduction.
As if taxes aren't complicated enough, it can get worse during a divorce or separation. There are certain things that individuals going through the divorce process -- or who are recently divorced -- should keep in mind when preparing their taxes.
Life changes are applicable to just about every taxpayer, and that's where you should look to get the most out of your tax return.
Even for tax filers who file in those last few days, April 1-15, those tax returns may be impacted by IRS layoffs due to sequestration as they would likely be processed after April 15. Don't take chances with your tax return. File your taxes now. Get it done. Get that big refund, and go enjoy it.
If you still need extra motivation to start or finish the process of filing, here are the top five reasons to file your taxes right now.
During what is typically a quiet time in the tax season cycle, there are many new dynamics and nuances coming into play with the tax law changes, resulting in much confusion.
ID theft is scary and time consuming, and it can end up costing you a lot of money. But the good thing is that there are ways to protect yourself if you know what to do and what to look for. So take an easy step and start by getting your income taxes filed as soon as you can and lock the bad guys out.
A more productive conversation, however, will be future-oriented, focused on the investments needed to create and sustain a city's vision for its future. And, a recognition that sometimes you really do get what you pay for.
With late-breaking fiscal cliff tax legislation this year, the many tax law changes, delays in the start of tax season and important forms, just about everything needed to get your taxes done is working well right now, but that all could change after March 1.
Unless your income and filing status remain the same year after year, your tax situation is always changing. The question, "should I file my own taxes or hire a pro?" is a dilemma that should be revisited every year.
The signing of the American Taxpayer Relief Act of 2012 extended many expiring tax deductions and credits through 2013. With these changes come updates to the forms you use at tax time. What can you expect to see this tax season?
Taxes are inherently complicated. But when you throw a dependent (in your case, a kid) into the mix, things get even more complicated. The good news is that the government recognizes that children are a big responsibility.
Aside from the parties, the ads and shouting at the TV for three hours, what does this mean to you, the taxpayer? Let's look at some of the tax consequences of the activities around the Super Bowl.
These tax benefits embody all that is tax burden management. Neither is a big benefit, nor does either one affect "millions of taxpayers." However, if they impact you and you know about them, you will have more money in your pocket after you take advantage of them.
