Dear Procrastinators…

Today is not the last day for your 2010 Individual Federal Income Tax Return. The IRS announced that even though the 15th of April is not a holiday or a Saturday or Sunday, the final date for the reception of returns will be on April 18, 2011. You can actually thank the boys on The [...]

Is the Government Shutdown Going to Affect Your Return?

The White House and congressional leaders are working on a deal that would slash about $33 billion from the federal budget, including $10 billion already cut by two other short-term measures, amounting to the largest reductions in U.S. history. The shutdown would come from a lack of a resolution on the budget and plans to reduce the [...]

Guide To Your Rights As A Taxpayer: 3

(Series 3 of 3. Click here for post 1 and here for post 2.) Civil As with every other government entity, the IRS holds to an equal rights policy and doesn’t tolerate discrimination by anyone. This includes its employees, grantees, contractors, and/or subcontractors. “NO ONE shall be excluded from participating in, be denied the benefits [...]

Guide To Your Rights As A Taxpayer: 2

(Series 2 of 3. For post 1 click here.) Appeal You have the right to appeal any action that is taken against you by the IRS in the changing of your account. To do so you must contact the Appeals Office of IRS. Most differences can be settled without expensive and time-consuming court trials. Your [...]

Guide To Your Rights As A Taxpayer: 1

(Series 1 of 3 ) Most taxpayers are only concerned with getting through the process of filing as fast and as painless as possible. It is an understandable reaction and one that can be dangerous. Often this is the cause of many misrepresentations, miscalculations and incorrectly claimed items on a return, increasing the risk of [...]

The Gas Tax

We have all been hit by the prices at the pump. Because of these increases, along with fuel efficiencies becoming the new holy grail of vehicle manufacture’s, revenues have dropped off. The U.S. Department of Transportation raked in about $71 million less in taxes on gas in 2008 than in 2007. On top of that, [...]

So You’ve Been Audited

First thing first we have to draw a distinction between types of audits. There are pretty much two types; paper audits and people audits, both need to be handled in their own way. The “tax gap” has made the practices of the IRS change a little bit. They have upped the number of audits in [...]

Tax Credits To Be Aware Of

This tax season there are a number of special tax credits that have been made available. Be sure to know which ones you are eligible for. Federal Housing This one is an $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers. It has expired, but service members that were on [...]

Taxes in the New Year

For now we can rest a little easier. For the next two years we won’t be shelling out more than we have already towards the federal income tax. Actually, thanks to a temporary reduction of the payroll tax, Americans will see a slight increase in their paychecks come January. Those without jobs will also continue [...]

UPDATE: Bush Tax Cuts

The long and short? They are sticking around. President Obama reached a deal with the Grand Old Party, extending the tax cuts from the Bush Era another two years. He also decided to lower estate taxes. Before everyone gets all excited you should know this is only going to affect those in the $250k a [...]