Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
I can see this scenario all over the country on Valentine’s Day: the lights are dim and soft music is playing in the background. You and your significant other take a sip of wine, look at each other meaningfully and agree that you’re ready… to press send on the computer and e-file your tax returns….
Yesterday, I made an appearance on the Ron Insana Show to discuss tax deductions. You can listen in here (my bit is about 6 minutes long) and you can read the article we’re discussing here.
As the IRS moves to make it more difficult for tax preparers and financial institutions to issue RALs (refund anticipation loans), critics have been quick to point out that low-income taxpayers may have a difficult time taking advantage of their tax refunds. Many low-income taxpayers are “bankless” without access to banks that will cash tax…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: For the 2010 tax season, taxpayers who claim a tax refund can opt to split their refunds into bank accounts or retirement accounts and buy up to $5000 in US savings bonds (Series I). Taxpayers…
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
(Editor’s Note: Somehow, in the chaos of my Sunday morning, I didn’t paste in the second part of the question and first part of my answer. So, edited to reflect those changes… sorry about that!) Taxpayer asks: I’m 23, full time student, lived at home for free, worked…$6500 with withholding of $500. Can I file…
The IRS has announced that the IRS Free File is officially open for business. All taxpayers can use Free File in one capacity or another. The online fillable forms are available to all taxpayers at no cost. Some of the easy math calculations are included in the forms but they don’t walk you through the…
Taxpayer asks: I am very confused. Your blog says that we will be getting back more money this year because of the payroll tax holiday. My withholding must be screwy because I am making less money. What is going on? taxgirl says: Okay, this is where tax laws can get really confusing. Yes, there is…
With snowstorms bearing down on the east coast this week, it’s a good time to focus on disaster relief available to taxpayers. Certain tax law provisions may help you to recover from a disaster. This may take the form of additional time to file returns and pay taxes without interest and penalty. You may also…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: To be considered timely filed, your paper tax return must be postmarked by the due date or acknowledged by a private delivery service considered acceptable by the IRS. The IRS has designated three such private…