Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Ready to file your federal income tax return? If you owe – and chances are that you do if you’re waiting this late to file since statistically taxpayers who are due a refund file as early as possible – don’t forget to make payment along with your return. If you pay your taxes in full…
Tax issues cause some folks to act in an irrational manner. True, the taxman shouldn’t be ignored. But feared? Nah. Here’s my list of the top five things that taxpayers are irrationally afraid of and shouldn’t be: Being aggressive when it comes to deductions. You’re entitled to take deductions. C’mon, say it with me now:…
If you’re planning on filing your federal income tax return in the next few days, you’re not alone: statistically, about a quarter of all returns are mailed in the last week of tax season. No matter how close to the wire you get, as long as your return is postmarked by April 15, the IRS…
Chances are that, prior to this month, you had never heard of Memories Pizza. The pizza parlor, located in the small town of Walkerton, Indiana, about 20 miles southwest of the University of Notre Dame, made national news when its owner, Crystal O’Connor declared during a television interview that the pizza parlor would not cater…
It’s my annual “Taxes from A to Z” series! Next up: Z Is for Zloty U.S. resident taxpayers must pay their taxes in U.S. dollars. Of course. But what about international taxpayers? International taxpayers without a U.S. bank account are allowed to transfer funds from their foreign bank account directly to the Internal Revenue Service (IRS)…
It’s my annual “Taxes from A to Z” series! Next up: X Is For 1040X Mistakes happen. And sometimes, no matter how careful you are, those mistakes happen on a federal income tax return. Those mistakes – no matter how innocent or unintentional – can affect your federal income tax liability. While it’s tempting to…
It’s my annual “Taxes from A to Z” series! Next up: W Is For Withholding On Wages Chances are, the first paycheck you ever received came as a shock. It was almost certainly less than you expected. The reason for the discrepancy? Taxes. If you are an employee, your employer withholds income tax from your…
(Author’s note: It’s back! My former “Fix The Tax Code” feature encouraged you, as the reader, to chime in. After a brief hiatus, it’s back. I hope you’ll play along.) Each tax season, as taxpayers struggle over do-it-yourself returns and grumble about the costs of hiring a tax professional, there are calls to make returns…
It’s my annual “Taxes from A to Z” series! Next up: U is for Underpayment Penalty If you owe tax on Tax Day, it may not simply be enough to write a check for the tax due. Depending on how much tax you owe – and the circumstances – you may also have to pay…
With just two weeks to go until Tax Day, many taxpayers are scrambling to finalize their returns. The race to finish up, however, can sometimes result in mistakes, including missed opportunities to save on tax dollars. Before you sign your return, consider these not quite last minute tax tips courtesy of Bloomberg BNA: Double-check your…