You’d think that the day after Tax Day would be quiet – but it’s not. You see, once tax time has come and gone, taxpayers are not completely off the hook. You’ll want to keep records and documentation on hand in the event that the IRS comes calling. Here are some tips to help you…
Tax Day is almost over. While that means that most taxpayers are sitting back and enjoying the day, many may be scrambling to remedy last-minute problems. Here are some common mistakes and how to fix them. 1. I can’t find my tax information. You’re not alone. Every year, taxpayers put their tax information in a…
You have not one but two extra days to file your taxes in 2012. Since April 15th fell on a Sunday this year and April 16th (that’s today) is Emancipation Day in Washington, D.C., you have until April 17 to file. Loads of time, right? But if you’re like me, you’re not ready to pop…
I expect long lines at the post office tomorrow (even though tax returns aren’t due until Tuesday, April 17). Statistically, nearly a quarter of all returns are filed in the last week of tax season. And while a number of those returns will be e-filed, some of them will be popped in the post by…
I’m flying to Seattle in a few weeks to speak at a conference. I am – wait for it – flying coach. I won’t be in a private jet. I may be one of the owners of my company but I don’t command high profile perks or benefits. But CEOs of huge companies like Ford…
Remember Stacy Knutson? She was the waitress I posted about earlier today who was given $12,000 in a take out box by a customer. The story generated an interesting comment (thanks travisborton) about treasure trove, income, and the Internal Revenue Service (IRS). Of course, that got me thinking: what else could you put in your…
Do you have what it takes to run the IRS? You may be in luck. Doug Shulman, the current Commissioner of the IRS, announced during a Q and A at the National Press Club that he would not continue to serve past his five-year term which ends in November. While no IRS Commissioner has served…
I’ll be the first to admit that the Tax Code is filled with crazy acronyms – like FBAR, EITC, and AGI – and convoluted titles (my current favorite is “IRS Facilitated Self-Assistance”). In fact, the Tax Code and the IRS tend to be painfully over descriptive when naming credits, deductions, and the like. What you…
We’re down to the wire! Tax season is nearly over for the 2011 tax year: just 15 days remain until Tax Day (remember that you have until April 17, 2012, to file your 2011 individual federal income tax return). If you haven’t yet filed, here’s your chance to get caught up on what was new…
Z is for Zero. If you work a regular job – meaning that you’re not an independent contractor – you pay federal income tax as you go by having it withheld from your pay during the year. This is called “withholding” and is based on the number of allowances you claim when you file a…