There’s even more good news for the victims of severe flooding in Minnesota and North Dakota. Not only is the weather getting better but residents get some extra breathing room from the Internal Revenue Service (IRS). Since the flooding occurred so close to the April 15 due date, taxpayers and relief workers directly impacted by…
Taxpayer asks: What about a taxpayer who owes the IRS $$$ from previous tax years? Should they adjust their W-4 to have more taxes taken out to cover the Making Work Pay credit that will be on their paychecks? Taxgirl says: It depends. The Making Work Pay Credit is refundable, so to the extent that…
Taxpayer asks: I was told that I would receive all my federal tax withholding for April, May & June. However, I just heard on the local news that it would only be $12 to $15, is that true? Thanks for your advise, Taxgirl says: The Making Work Pay Credit will decrease the amount withheld from…
Remember years ago when there was a lot of buzz about the federal estate tax “repeal” set to take place in 2010? It’s still law. But the thing that Congress didn’t make quite so public is that the repeal only lasts for one year. One. After 2010, the federal estate tax rolls back in at…
It’s Fix the Tax Code Friday! This week, my post about a national sales tax on online sales was all in jest for April Fool’s Day. But it caught some folks off guard because it really could happen. Proponents say that a national sales tax would increase revenue by taxing consumption rather than income. Critics…
In case you missed the not so subtle humor in Thursday’s post (referencing among other things, Dutch cheese), it was an April Fool’s Day joke. I know some people hate them but me, I have that kind of warped sense of humor. If you missed it, you can catch last year’s post here.
For years, it was believed that you had to be mega-rich to have accounts in exotic locations. Switzerland, for example, was the millionaire’s playground. Billions and billions of dollars were *allegedly* stashed in secret accounts, “safe” from the probing fingers of Uncle Sam. Along with Switzerland, countries such as Liechtenstein developed successful industries based on…
Despite the Obama administration’s efforts to close the gap between decreasing revenues and increasing expenditures, the federal deficit is expected to soar this year. Congress has been scrambling for ways to find extra dollars and one Congressman believes he’s found a way: tax online music. It’s no wonder. The number of songs sold online is…
If you’re still looking for ways to minimize your tax this year, remember that you can make contributions to your IRA thru 4/15 #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
Sheesh. At this point, it’s almost comical. Only it’s not. Following in the footsteps of Timothy Geithner, Tom Daschle, Nancy Killefer, and Ron Kirk and Health and Human Services nominee Kathleen Sebelius has announced that she made the dreaded “unintentional errors” on her tax returns. She recently corrected three years of tax returns and paid…