Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Taxpayer asks: I have an employee whose child care center fees just went up. So to take some of the burden off her shoulders we are paying for the rest it adds up to $300 a month. Now-her babysitter is her sister in law who works part time but does babysitting on the side. My…
There’s still time to participate in the “sin tax” survey… It only takes a few moments of your time and it’s completely anonymous. Sound off on sin taxes – I’ll be posting the results this week.
On Sunday, I’ll be racing for the cure for breast cancer in honor of my grandmother. I would love your support. All deductions are completely tax deductible! And if you’re in Philly, join my team! The more, the merrier!
Taxpayer says: Last year, my husband came into a little money. He bought a few acres in the middle of the state and put a motor home on it. He plans to build a cabin on it. Since it’s not a second home yet can we get any tax breaks on it? Taxgirl says: Who…
Taxpayer asks: Hi Tax Girl QuestionIf someone pays my Credit line directly. i.e. they write a check directly to my bank to lower my credit line balance.with their after tax dollars. Is this taxable income to me. Taxgirl says: It depends on who that “someone” is… In most cases, this would be considered a gift…
The IRS has updated Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). I know, you’re thinking “So what?” Well, the “So what?” is the updated worksheet for determining insolvency, found on page 6 of the Pub (and at the bottom of this post). The worksheet is a handy resource for taxpayers who have…
I get tons of questions asking simply “What are my options if I (insert crazy tax history here)?” Your options can be complicated. And you can completely expect my rant now about how important it is to check with your tax professional before rushing into anything. That said, I do believe in being as educated…
Taxpayer asks: I filed an extension, but erroneously provided zero as an answer to all Part II Individual Income Tax questions 4-7. Can I amend the financial information provided on Form 4868 after it has been submitted? Thank you. Taxgirl says: The reason that the IRS asks you to complete the financial portion on the…
If you’re still looking to file your extension and want to give FileLater a whirl, they’re offering a twitter-y discount: Coupon code tweet20 for 20% off! A quick word about product placement: I don’t believe in it, I don’t do it. I may occasionally pass along a tidbit or a special that might interest my…
Only you’re not late… Slow down! You’ve got a minute to spare. Despite the hype in the press, you’re not a “late filer” if you still haven’t filed your federal income taxes. The official due date is April 15 – that’s tomorrow. Your return must be postmarked no later than April 15. You can…