A few years ago, after preparing my taxes, I realized I left off some income I earned that year. As a sole proprietor of a personal finance blog, I would receive several 1099-MISC forms each year from various vendors. A...
The Internal Revenue Service (IRS) allows you to claim your elderly parent as a dependent on a tax return as long as no one else does. If you choose to claim an exemption for your parent, you must also ensure that you are not an eligible dependent to another taxpayer. This restriction is effective even if the taxpayer who can claim you as a dependent chooses not to.
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.
In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In fact, only 1% of all taxpayers even experience an audit. Of those, about 20% ever result in a face-to-face encounter with the IRS. Most inquires, fortunately, are resolved through correspondence. Take a look below at our guide to tax audits.
Even though the tax day is still on it’s way, it is never too early to begin planning out your summer vacation! Easy if you are a kid, that is. Summer child care can get expensive. Fortunately, Uncle Sam is there to help, through flexible spending accounts and dependent care credits.
Tax complaints are never higher than during the month of April. But while there are many valid reasons to dislike owing Uncle Sam cash, it truly could be worse. There are options if you owe on your Federal taxes.
In most conversations, when we talk about taxes, we’re pretty focused on the Federal Rates, most of us painfully aware of how much of that next dollar earned will be shared with Uncle Sam. What about state taxes?
Tax rebates are issued when people pay more taxes than they owe. They may have overpaid based on the amount withheld from their paycheck or from conservative estimated tax payments. Taxpayers have an option of receiving a paper check or direct deposit for their tax rebate.