Every year, taxpayers find themselves in a situation where they simply can’t pay the amount they owe on April 15. If that happens to you, consider each of the following tips to make sure you don’t accidentally put yourself in an even worse position.
The Massachusetts Department of Revenue announced today that it is extending the personal income state… Full story
Don’t think you can escape penalties by not filing. If you don’t file, you’ll owe a 5% per month penalty for not filing. For any month that the failure-to-file penalty and the failure-to-pay penalty both apply, the 5% failure-to-file penalty is reduced by the failure-to-pay penalty.
If you really need extra time to prepare your tax return, you can file an extension with TurboTax by April 15 to request an extension until October 15 to avoid nasty 5%-per-month penalties for late filing and late payment.
The tax deadline is just a day away, but you still have time to go online and file your taxes. The IRS reports that more than half of taxpayers have already filed their returns and more taxpayers filed from their home computers this year, up 6% from last year. If you’re in the 20 to 25% who waited until the last minute to prepare your taxes, here are some steps to help you file your taxes by the tax deadline and get a bigger tax refund.
No one likes to feel like they’re missing out. Especially when it comes to opportunities to pay fewer taxes. As this year’s tax deadline approaches, let’s take a look at some of the most commonly missed tax deductions. Full story
The tax deadline is almost here but its not too late to file your taxes and possibly… Full story
The best last minute tax moves are done before the calendar flips into the new year, but depending on your financial situation, you might be able to squeeze in one more tax deduction if you waited to file your taxes. Full story
It’s important to know who qualifies for a dependency exemption, because for each exemption you can claim a $3,900 deduction on your 2013 tax return ($3,950 for 2014). Here are some rules that will help you figure out who qualifies and who doesn’t. Full story
Updated 4/11/14 (12:05 pm PST) The article below has been updated with the latest recent… Full story
The IRS officially opened for the 2014 tax season today and a common question asked… Full story
The IRS announced today that it will begin processing tax returns on 1/31/14. The good news for you? TurboTax is open for business and will begin accepting tax returns on January 2, 2014! Full story
Got family? Then you might have tax deductions as well. For each dependent you can claim, you can deduct $3,900 from your federal taxable income, which is likely to reduce your taxes. Full story
Bonuses can change your tax situation depending how large the bonus and what methods employers use to tax the income. Find out how bonuses(supplemental income) are taxed. Full story