October 15, 2013
In spite of the temporary government shutdown and lapse in federal appropriations, taxpayers who requested a six-month extension to file their individual income tax returns are reminded that today’s October 15th deadline remains in effect.
April 24, 2013
Be on notice: the random selection IRS audit process is raising the odds against individual taxpayers…Numbers show the odds that your individual tax return will be audited have increased every year for the last ten years, except for 2012.
April 18, 2013
Now preliminary findings of a TAS study on taxpayer compliance seems to confirm what many small business owners suspect; small business owners, especially sole proprietors, are under more scrutiny and are more likely to be audited.
Could you be taxed for the free donuts and coffee your employer provides you at work?…They say it’s an issue of fairness to ensure that workers at large corporations with higher than average salaries are paying their fair share of taxes.
April 9, 2013
Taxpayers who are having trouble paying what they owe may qualify for payment plans and other relief. Check things out online.
April 8, 2013
When it comes to filing your income tax return and paying the taxes you owe, don’t expect any favors. You face penalties for failing to file and filing late; and, if you also owe taxes, you face penalties for failing to pay and paying late.
March 26, 2013
If your lender cancelled or forgave your mortgage debt in 2012, the debt forgiveness generally results in taxable income. Yet there is some tax relief for those who qualify.
March 25, 2013
The taxpayer will be responsible for detailing how the late payment was connected to a specific delayed form or forms in order to qualify for a penalty waiver. Here is the entire list of 31 delayed forms.
March 19, 2013
Because there are so many unknowns and changes, planning for how taxes will affect your savings and your retirement income has become an annual ‘must do’.
March 12, 2013
Taxpayers who itemize their deductions may deduct medical expenses they paid exceeding 7.5 percent their adjusted gross income and this limitation increases to 10% of AGI in 2013.
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