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.
Most recent by Ginita Wall, CPA, CFP®
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.
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
With the tax deadline around the corner we thought it would be fun to look at crazy tax myths on April Fool’s Day. Ginita Wall shares 5 tax myths that you should be aware of. Full story
Though medical expenses cost a bundle, medical insurance premiums, co-pays and uncovered medical expenses are deductible as itemized deductions on your tax return, and that can help defray the costs. In the past you could deduct only those medical expenses that exceed 7.5% of your adjusted gross income; beginning in 2013, that threshold has been raised to 10%. Full story
Ah, the joys of being self-employed, going to work in your home office in your pajamas, with nary a boss or employee to deal with. Some self-employeds fit that image, while other small business owners have formal offices and employees and infrastructure. But whichever business model is yours, TurboTax can help you file your taxes. Here are seven tax tips to help you cope as the tax deadline approaches. Full story
Daylight savings time is almost here, which robs us of an hour as we spring forward this Sunday. That is, unless you live in one of the few areas where daylight savings time is not observed, such as most of Arizona, Hawaii, and most of the US territories. That gives us one less hour to file our taxes, so if you haven’t filed yet, time to get in gear and file your taxes.
The cost of education keeps going up, with no end in sight. If you are caught in that vortex, you’ll be happy to know that there are education tax deductions and credits that can help offset the costs of education. Full story
It’s tax time once more, and many folks are already preparing excuses to delay filing their annual tax return, but there are some good reasons to file your tax return sooner rather than later – here they are. Full story
In my prior blog post on “12 Ways to Save on Taxes Through Life’s Transitions”, I gave you 12 tips on education, working and family life. This blog post continues with 11 more tax tips to help you save through life’s major events.