From the category archives:

individual

IRS, Police Consider Sharing Info as Tax Fraud Increases

29 March 2012

It’s March 29, do you know where your refund is? It’s possible that it’s in someone else’s mailbox. Thieves are becoming more sophisticated these days with IRS posting “identity theft” and “phishing” at the top of the list for Dirty Dozen Tax Scams of 2012. Increasingly, dishonest persons are using information gleaned from stolen financials, [...]

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Taxes from A to Z: X Is For X-Mark (Signature)

28 March 2012

X is for X-Mark (Signature). No matter how thorough and accurate your tax return is, it’s not considered a valid return unless you sign it. If you are filing a joint tax return, your spouse must also sign. If you can’t sign your tax return for some reason, a representative can sign it on your [...]

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Citigroup Economist Says US Tax System Nearly Gave Him Nervous Breakdown

26 March 2012

If Citigroup Chief Economist Willem Buiter (and former Financial Times blogger) looks like he’s suffering through a nervous breakdown, you can blame the U.S. Tax Code. Buiter dropped the news that he nearly had a nervous breakdown simply getting his information together in order to do his taxes on a recent appearance on Bloomberg Radio. [...]

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Taxes from A to Z: V Is For Vacation Home

26 March 2012

V is for Vacation Home. Spring Break is coming up in a few weeks and we’re lucky enough to be able to spend time with my parents in coastal North Carolina where I grew up. Every year that we go down there, I convince myself that I want a vacation home. And I know exactly [...]

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Taxes from A to Z: U Is For Unreasonable Compensation

25 March 2012

U is for Unreasonable Compensation. I don’t love S corporations. I know that my CPA friends love, love them but I don’t. While I agree that they have advantages in terms of flexibility, many shareholders struggle with compliance putting the S status at risk. And even more concerning? The IRS isn’t a fan. And by [...]

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Which Tax Form Makes Sense For You?

24 March 2012

When I was in college, I used to think there were only two federal income tax returns: the form 1040-EZ for students and the form 1040 for everybody else. Of course, many years and a couple of degrees later, I’ve figured out that I was wrong. There are actually a number of tax forms available [...]

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Taxes from A to Z: S Is For Standard Deduction

23 March 2012

S is for Standard Deduction. Most taxpayers have the option of claiming the standard deduction or the itemized deduction. I say “most” because, as with almost everything tax-related, there are some exceptions. You cannot use the standard deduction if you file as married filing a separate return and your spouse itemizes deductions; you are a [...]

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Taxes from A to Z: R Is For Refund

22 March 2012

R is for Refund. With tax season down to the wire, more and more taxpayers are wondering about the status of their refunds. Your refund information is generally available about 72 hours after your tax return is processed. You can track your refund online with the “Where’s My Refund?” service offered by IRS or use [...]

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