Z is for Zombie Debt. Zombie debt. Even the name conjures up the specter of bloodsuckers. And it’s kind of apt. Zombie debt is the term given to debt that is supposed to be dead but gets a new life courtesy of debt collectors. It includes old debts that are uncollectible due to the statute…
On Friday, I tackled some last-minute tax questions from readers and viewers via Google+ hangout. You can watch the entire hangout here (be forewarned, it’s about an hour-long). In addition to last-minute tax tips – and filing errors to avoid – I promised some follow-up information in the piece, so here you go… Rules for…
Y is for Year-End Bonus. Did you get a bonus in 2012? If so, kudos. Annual bonuses are becoming a rarity these days. They are, however, still issued, either as recognition for making to the end of the year (!) or for outstanding service. No matter the reason, bonuses are considered taxable income to the…
With Tax Day just around the corner, it’s go time for taxpayers. If you’re struggling to get those returns finished, here are thirteen last-minute filing tips: 1. Get some free help. Free help is still available for qualifying taxpayers. If you have a simple return and income less than $50,000, contact IRS VITA at 1.800.906.9887…
With only a few days left before April 15, it’s time to wrap up those returns! Come hang out with me (and my esteemed editor, Janet Novack) at our Forbes Google+ Hangout on Friday, April 12, 2013 at 12:00 p.m. EST. I’ll be talking about common filing errors and offering last-minute tax tips. You’ll have…
W is for Workers’ Compensation. For federal income tax purposes, workers’ compensation awarded under a workers’ compensation act or statute due to work-related sickness or injury are fully exempt from tax. Payments to your survivors under the same circumstances are also exempt. The same cannot be said for retirement plan benefits. If you receive those…
Dust off those stamps: the U.S. Postal Service isn’t ending Saturday mail delivery this summer after all. What’s the reason for the apparent change of heart? A bill passed by Congress this spring. As it turns out, the language in the bill bars such a change in plans. This, according to the U.S. Postal Service…
We all make mistakes. It’s especially easy to make mistakes at tax time because you’re feeling rushed and sometimes, a bit overwhelmed. It happens. The Internal Revenue Service has identified eight of the most common mistakes taxpayers make when filing returns. Here’s the rundown: Wrong or missing Social Security numbers. Transposing numbers can be as…
President Obama plans to tax your retirement. That was the subject of an email I received this morning. Only it wasn’t quite on target. You see, while it’s true that President Obama’s budget proposal, which is to be released on April 10, has included a proposal aimed at retirement accounts, he’s not targeting my retirement…
V is for Voluntary Disclosure. I know what you’re thinking: this doesn’t apply to me because I don’t have offshore accounts. But don’t leave just yet. It’s not only taxpayers with offshore accounts that might qualify for voluntary disclosure programs. While most taxpayers are familiar with the 2012 Offshore Voluntary Program (and its predecessors, the…