Toward the end of June, the IRS announced a rare mid-year change in the standard mileage deduction rates. Rising gas prices played a role in this decision to increase the rates for Business, Medical, and Moving. Since gas is only...
Tax audits are not as scary as you think, however, occasionally they happen. Everything you’ve heard is wrong–turns out receiving an IRS letter also known as “correspondence audit,” is not the end of the world.
As the tax filing deadline is approaching (April 18th, 2011), many people are realizing that they need more time to get their filing together. It’s possible to get an extension to October 17, 2011, but you need to do it correctly. Fortunately, you can fill out this form electronically with ease using TurboTax.
If you happen to be a procrastinator, along with an estimated 27 percent of taxpayers are who wait till the last two weeks to file, here are some tips to help you meet the deadline…or file for an extension.
As a result of the late-breaking tax legislation signed into law at the end of December, the IRS has announced that taxpayers who itemize deductions and those claiming the Higher Education Tuition and Fees deduction or the Educator Expense Deduction will need to wait to file their 2010 tax return until at least mid-February.