One small mistake on your taxes could end up costing you – whether it’s in the form of a penalty, a smaller refund, or even an audit. If you’re entitled to a return, a mistake can also delay it by weeks or even months. So as the tax-filing deadline approaches, make sure you avoid common [...]
If your palms are sweaty, you’ve got heart palpitations and you can’t concentrate, it means one of two things: You’re in love, or you owe money to the IRS. Those who fall into the latter category have about two weeks to come up with the cash. Failure to pay by the deadline could trigger a [...]
We all know that Dec.31 is the deadline for completing certain fiscal errands, such as depleting flexible spending accounts and making charitable contributions. April15 — actually, April18 this year — is the deadline for filing your federal income taxes. But April1? That’s a day associated with whoopee cushions and snakes-in-a-can, not financial responsibilities. For the [...]
The start of tax season used to be heralded by the arrival of tax forms in the mail. No more. The Internal Revenue Service decided this year not to automatically mail them to individual and business taxpayers. “It’s a sign of the times,” said Terry Lemons, IRS senior spokesman. “More people are going electronic. We’re [...]
The IRS announced Thursday that it’s significantly reducing the number of liens it will place on property owned by delinquent taxpayers and will make it easier for taxpayers to get existing liens withdrawn. The use of tax liens has soared more than 60% since the start of the recession, according to IRS Taxpayer Advocate Nina [...]
The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. “This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when they want it,” said IRS Commissioner Doug Shulman. “As [...]
Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which includes just about everyone who has a mortgage — would have to wait until at [...]
Even though we’re three weeks into 2011, it’s not too late to make New Year’s resolutions. And here’s one that’s a lot easier than giving up chocolate or beer: Resolve to tackle your own tax return. More than 60% of taxpayers pay a tax preparer to do their returns every year. While that makes a [...]
Taxpayers will get an extra weekend to wrestle with their tax return this year. The tax-filing deadline is Monday, April 18, thanks to the Emancipation Day holiday celebrated on April 15 in the District of Columbia, the Internal Revenue Service said Tuesday. Holidays celebrated in Washington have the same effect as federal holidays on the [...]
In an effort to reinforce the importance of saving, President Obama announced changes that the IRS will make to encourage workers to save more of their paychecks. Here’s a look at the proposals: -Workers will have the option of receiving their federal tax refund in the form of a savings bond. -Workers leaving their job [...]
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