I continue to receive a number of questions about withholding – it seems to be the most confusing of issues that directly affect individual taxpayers. So, today’s Fix the Tax Code Friday question is:
Should we do away completely with the withholding system and allow taxpayers to pay quarterly or annually?
I know, I know. It’s August. Tax season is eons away. You don’t want to think about it. But maybe you should. With some shrewd planning now, you can save thousands on your taxes come April. Consider these actions: 1. Refinance. Yes, the market is a mess right now. But there are still lenders willing…
Taxpayer asks: Hi taxgirl, I have a strange question. I write a food blog. I create and cook all of my own recipes and post them online. Two years ago, I found out that someone was stealing my recipes and some of my photos and using them on another site. I ended up hiring a…
R&B artist R. Kelly took a huge hit to his finances this week when his 20,000 square foot dream home was auctioned for less than a million dollars. The home, which Kelly had built in 1997, was subject to a $3.5 million mortgage. R. Kelly, whose real name is Robert Sylvester Kelly, has been recognized…
Taxpayer asks: I understand mileage rates changed in the middle of the year by the IRS. Can you offer the mileage rates for medical and for service with a non-profit. Taxgirl says: The craziness in gas prices this year did lead to a complicated mileage arrangement for 2008. The IRS normally updates mileage only once…
(UPDATED: Intuit has temporarily suspended transmission of returns in all states. See this article for more details.) Minnesota Department of Revenue has stopped accepting tax returns submitted using Intuit’s TurboTax software. Rumors started flying about potential problems earlier this week and there were whispers that the Gopher State might stop accepting TurboTax returns as a…
Looking for your tax forms? If you haven’t yet received a form W-2 or 1099, here’s a list of when those forms are due and what to do if you haven’t received yours by the due date.