Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
If you think that the cost of living is increasing, it’s not your imagination. Everything is getting more expensive from gas to milk to peanut butter. Fortunately, that might translate to a drop in your tax bill. The IRS has announced a number of adjustments to tax exemptions and deductions as a result of rising…
Taxpayers on extension for the 2010 tax year have until tomorrow, October 17, 2011, to file their returns. If you previously filed for an extension using the form 4868, that means you. To be considered timely, if you’re filing a paper return, your return must be postmarked no later than October 17, 2011. If you…
The IRS announced this week that it is changing the filing requirements for tax pros who submit a federal tax return claiming the Earned Income Tax Credit (EITC). Under new proposed regulations, paid tax preparers submitting EITC claims must also file a federal form 8867, Paid Preparer’s Earned Income Credit Checklist (downloads as a pdf)….
Just a few months after I reported seeing a bump in scam e-mails purporting to be from the IRS, a new version is making the rounds. The new version is very similar to the prior version. As before, the header is a variation on Federal Tax payment canceled or Your Federal Tax Transaction. The ones…
It’s nearly the end of September (whew) and we’re wrapping up back to school. To help you stay organized, I’ve made a list of five quick tax tips – for everyone but especially students – to keep in mind: April 15 of each year is the due date for filing your federal individual income tax…
It’s common to think about education expenses as they relate to fresh-faced college students just starting out – but what about the rest of us? Can you deduct the cost of an education when you’re not pursuing a degree or certificate for your first career? You might. Under some circumstances, you may be able to…
I love that scene in When Harry Met Sally when Billy Crystal’s Harry Burns looks at Meg Ryan’s Sally Albright and says: I came here tonight because when you realize you want to spend the rest of your life with somebody, you want the rest of your life to start as soon as possible. That’s…
With all of the focus on the cost of higher education, it’s easy to forget that there are a number of scholarships and fellowships available. Scholarships are generally funds paid to or for the benefit of a student at an undergraduate or graduate school who is studying for a degree. Fellowships are funds paid for…
I need a full time assistant just to manage the kids these days (don’t worry, Mom, I don’t actually have one). School started last week which means that this week, extracurricular activities have started in earnest. In addition to escorting my kids back and forth to dance, gymnastics and soccer, respectively, I have to spend…
If all goes according to plan, my son will be Penn State University’s starting quarterback in 2025. Why? He happens to be my third child and by the time he starts college, we like to joke that he better have a scholarship lined up. College is expensive. I know this firsthand. Even with scholarships and…