Tax Tips News

Recent News about Tax Tips

Tax lawyer: Attorney-client privilege can't be obstructed by IRS investigation -- According to Robert W. Wood, tax lawyer and columnist for Forbes, the attorney-client privilege can come in handy when dealing with the IRS.
E-filed income tax returns hit the 1 billion mark. -- A vast majority of Americans are required to file a return on their income taxes and the IRS has announced that 1 billion have done so electronically since e-filing was introduced in 1986 with more than 100 million income tax returns e-filed in the 2011 season alone.
Tax tips for after April -- Even though tax season is technically over, it is not too soon to prepare for next year.
Pay down debt with tax refund -- If you expect an income tax refund, it may be wise to put it toward whatever type of debt you currently are burdened with.
Tax scam artists target consumers -- With tax season in full swing, many scam artists have focused their efforts on stealing taxpayer's refunds.
Many Americans unaware IRS charges card fees -- A total of 68 percent of Americans do not know the Internal Revenue Service charges fees for using a credit card to pay taxes.
Tax Tips on how to avoid IRS trouble -- Many people worry about making mistakes on their taxes because they fear the Internal Revenue Service may think they are trying to evade paying taxes.
Watch out for tax-filing mistakes -- There are many ways to make errors while filing your tax return, and some of the biggest mistakes are often easy to spot.
Poll: 37 percent plan to spend their tax refund -- A recent survey from Capital One found most consumers plan to either save their tax refund or use it to make purchases.
AARP offers income tax filing help for all ages -- The American Association of Retired Persons gives tax advice free of charge to those who are need guidance on filing their tax returns.
Recent marriage tax tips -- Couples who married during the 2010 tax year should keep in mind a few key pointers before submitting tax documents.
IRS Tax Tips -- The Internal Revenue Service announced some tax tips for those who are uneasy about filing their income taxes.
Forgiven debt needs to be reported -- If an income tax filer has $600 or more of debt forgiven, it is extremely important he or she claims the debt on a 1099-C form. Failure to report this money will result in a potential audit by the Internal Revenue Service.
IRA holders should note April 1 deadline -- Taxpayers who have a traditional IRA, and at some point during 2010 turned 70 and six months, may want to make at least a minimum withdrawal from the account by April 1st, if they want to avoid costly penalties.
Do-it-yourself tax program pointers -- For taxpayers who prefer to take care of their income tax forms on their own, there is important information they should be aware of so they do not file incorrectly, or make errors due to new tax policy.
Tax tips for those who have changed jobs -- When changing jobs, it is imperative to learn how your new position may impact your taxes. Getting the right information and acting smart about it can save you a major headache when April rolls around.
Filing income tax returns after a recent divorce -- Recently divorced individuals may be unsure about how to properly file their taxes. Oftentimes, filing a return is the last thing on a person's mind after his or her marriage ends. However, it's important for these individuals to dedicate some time to filling out their forms in order to avoid mistakes or errors.
Tips on finding a good tax professional -- Tax season can be rough, especially if taxpayers don't know where to turn to get their forms completed.
A way to save on your income taxes -- The Saver's Tax Credit is a way for individuals with low incomes to save a bit of money on their income tax returns. The benefit may allow individuals to earn a return of up to $1,000.
Income tax returns and statutes limitations -- While many taxpayers are worried about garnering an audit by improperly filing their income tax returns this April, some may not know they can still be pursued for inaccuracies on submissions from past tax years.
Many consumers look to refund anticipation loans this year -- Over the past few months, a number of prominent tax preparation companies have stopped offering federal income tax refund anticipation loans due to recent IRS regulations. As a result, taxpayers have fewer outlets for receiving these much-needed funds.
Americans flock to the Internet for tax advice -- In its latest monthly analysis of consumer Web activity, comScore found more Americans took to the Internet to seek content related to taxes, as major gains were observed in companies offering information about income tax filings.
Justice Department singles out fraudulent tax preparers -- Due to the time and effort it takes, millions of taxpayers look to tax professionals to help them file their income tax returns each year.
Self-employed seniors eligible for new tax break -- Due to the reversal of a long-standing tax rule, self-employed elderly taxpayers are getting an unexpected tax break this year.
By knowing about tax breaks, consumers can increase their refunds -- While many consumers are hesitant to think about the upcoming tax filing deadline, taxpayers who take the time to search out information on available tax breaks could end up increasing their refunds and adding more money to their savings.
Gifting properties to charity may offer tax breaks -- With the April 18 tax deadline fast approaching, many consumers are taking the time to get their financial documents in order prior to filing.
Taxpayers can now file itemized deductions -- After experiencing delays due to the lengthy debate over the Bush-era tax cuts, the IRS will begin accepting itemized returns for the 2010 tax season as of February 14.
IRS joins with United Way to offer tax assistance -- Low-income taxpayers in California will be able to receive free tax help this year due to a collaboration between the IRS and United Way Silicon Valley.
Tax tips that could save parents money -- With the April 18 deadline fast approaching, many parents are getting ready to file their income tax returns, and may be wondering how they can increase their refunds.
Instant tax refunds actually high-interest loans -- State officials in New Jersey are hoping to crackdown on the deceptive advertising of instant tax refunds, many of which are simply a disguise for high-interest loans.
IRS warns taxpayers about phishing scams -- More taxpayers are expected to file their income tax returns electronically this year, and as a result, the IRS is asking Americans to remain vigilant about Internet scams that could jeopardize their vital financial information.
Taxpayers may need to log Super Bowl winnings with IRS -- Consumers who put down hefty bets on Sunday's big football finale between the Green Bay Packers and the Pittsburgh Steelers may need to file their winnings with the IRS.
IRS expects millions of Tennessee tax returns in 2011 -- Tennessee residents will receive approximately 2.7 million returns this year, up slightly from the previous year's figures, according to the IRS.
Tax filing deadlines for February -- Due to a number of recent changes in federal tax law, consumers are facing some important tax filing dates in the first weeks of February.
Survey shows students still trying to understand taxes -- With the deadline for submitting federal income taxes less than three months away, many novice filers are getting ready to learn the system.
Consumers may want to delay giving tax returns to preparers -- In recent weeks, Congress passed an extension of the Bush-era tax cuts, and as a result, the IRS has announced a number of changes that will impact tax filings for the upcoming tax season.
Earned Income Tax Awareness Day highlights important benefit program -- The IRS marked the 5th anniversary of Earned Income Tax Credit Awareness Day last week by highlighting the importance of its long-running benefit program for low-income workers and individuals.
Making Work Pay Credit could apply to many taxpayers -- The Making Work Pay Credit is available to taxpayers who meet certain qualifications, and could provide assistance for those who are filing joint tax returns this April.
Computer glitch causes tax refund problems for Georgia residents -- The Georgia State Department of Revenue announced this week that hundreds of thousands of state refund tax deposits were deposited in incorrect amounts due to a computer error.
Free mobile app unveiled by IRS -- In response to the rising demand among consumers for greater access to their finances, the IRS announced its first mobile smartphone application this week.
Tax refund loans may be more scarce this year -- Every year, millions of Americans take out loans on their income tax returns as a way to make monthly bills and other necessary payments.
IRS seeks volunteers for tax season -- The IRS is looking for taxpayers to help out the agency during the upcoming tax season on programs such as the Volunteer Income Tax Assistance and Tax Counseling for the Elderly.
IRS announces more form delays -- Last week, the IRS announced a number of forms, which could be integral to taxpayer income tax filings, are being delayed until mid- to late February. Now, a full listing of the forms is available.
IRS warns of agency impersonators -- With tax season roughly three months away, the IRS is stepping up its awareness campaign in order to highlight common tax scams that occur during the season.
Small business owners could benefit from a tax return extension -- Many small business owners, who are already overburdened with the work it takes to run their operations, may be able to avoid added stress this tax season by asking for an extension.
Avoiding simple tax mistakes this April -- With tax day just around the corner, many Americans are taking steps to gather their legal documents so they can review their finances prior to filing their income tax returns.
Annual ombudsman report finds IRS keeps many consumers on hold -- This past week, a top national taxpayer advocate released their annual ombudsman report meant to critique the IRS and its processes.
New report offers up suggestions to IRS -- While the IRS has traditionally viewed itself as primarily a tax collection agency, a report indicates the institution could benefit by changing the way it operates.
IRS wants faster settlements for small businesses -- The IRS announced one of its first initiatives for the new year on Thursday, outlining plans to provide a new program for small businesses and self-employed taxpayers facing financial issues with the agency.
Early filing may not mean quick return -- Those who filed early income tax returns or are looking to submit their earnings in the coming weeks may not be receiving their refunds anytime soon.
Capital gains tax could yield big savings for consumers -- With April 15 rapidly approaching, many taxpayers may wish to take advantage of the holidays to conduct research on potential tax breaks for the 2010 year.
Tax breaks offered for charity donations -- This holiday season, many will likely take the time to give to friends, family and charitable causes.
Tips for tax record keeping -- With the 2010 income tax filing season nearing closer to the deadline, many taxpayers are likely going through their old records and looking to downsize their collection.
Avoiding tax scams this holiday season -- Consumers looking to get a jump on their 2010 taxes this holiday season may need to use extra precautions, as a number e-mail scams have been uncovered in recent weeks.
Recordkeeping could help save time and money on taxes -- After the holidays are over, many Americans will likely begin thinking about their 2010 taxes, while others may put it off until the night before the April 15 deadline.
Charitable deductions can cause IRS problems -- With the 2010 tax season around the corner, many Americans could benefit by becoming more aware of new deduction requirements.
IRS offers taxpayers expanded Twitter services -- An increasing number of federal agencies are turning to social media as a way to increase transparency and improve the interaction between Americans and their government.
IRS provides guidance for small business tax credit -- The IRS released finalized guidelines for small businesses looking to become eligible for a business healthcare tax credit for the 2010 tax year.
Report highlights tax tips for 2010 -- While members of Congress and the House of Representatives are busy debating potential income tax changes for 2011, consumers may wish to take note of the many tax breaks they may qualify for during the upcoming year.
Roth IRAs could lead to end-of-year savings -- Taxpayers looking to save extra money on their 2010 income tax returns may wish to examine Roth IRAs, according to a new report.
IRS commissioner breaks silence about potential tax changes -- In the halls of Congress, the biggest debates this season are those regarding potential changes to tax collection protocols, as many exemptions are set to expire by the year's end.
Consumers unaware of tax changes, survey says -- In the last year, the IRS has announced a number of changes to tax codes meant to both enhance transparency in the collection agency and raise additional revenue.
Landlords, renters face new IRS reporting rules -- Beginning on the first of the new year, record keeping for property renters and landlords is set to face increased scrutiny by IRS officials.
More New Jersey residents file income taxes electronically -- Consumers continued to file their tax returns electronically in 2009, a trend that is expected to continue into the future as more Americans fore-go paper forms.
Taxpayers get millions in invalid education tax-breaks -- The IRS released a new audit this week detailing how Americans received millions in income tax breaks that were supposed to available only to those in Midwestern disaster areas.
Many counties seek volunteers for IRS help -- Officials in Ross County, Ohio, are seeking to expand their outreach for the upcoming income tax season.
IRS posts announcements for next year's tax season -- The IRS has posted some key changes that can help Americans prepare for the 2011 tax season
IRS paid out millions in erroneous tax breaks -- The IRS had difficulty implementing tax breaks from the recent stimulus bill in 2010, as a new Treasury Department report says the agency paid $111 million in false benefits.
New Jersey towns consider tax lien sale -- Two New Jersey towns are considering holding accelerated tax lien sales to increase this year's tax revenue.
IRS telemarketing laws to take effect -- The tax enforcement landscape is set to change this week as new IRS laws take effect.
IRS budget increased in 2010 -- Congress added an additional $400 million of taxpayer funds into the IRS enforcement budget this year.
IRS files tax liens against techno pioneer -- DJ Kevin Saunderson, a prominent Detroit techno producer known as "The Elevator," reportedly owes more than $100,000 in taxes to the IRS.
IRS delays new health care reporting -- The IRS outlined plans this week to delay the implementation of a tax law requirement that emerged as a result of President Barack Obama's new health-care law.
Tax changes signed into law -- President Obama recently signed the Small Business Jobs Act, which will offer billions in lending support and tax breaks for large businesses, small businesses and citizens.
Pennsylvania councilman charged with 30 counts of tax evasion totaling more than $37,000 -- Norwood Councilman George Reed has been charged with 30 counts of tax evasion by the state attorney’s office. This comes after Reed originally made headlines earlier this year for operating his pizza business, Sciarrino’s Pizzeria on West Winona Avenue, without a valid license.
Former Pennsylvania Democratic consultant charges with tax evasion -- Chester A. Fulton III was charged with tax evasion last October, but new reports say the Democratic political consultant pocketed $7,500 in fees for himself this spring. Fulton collected three $2,500 payments for "campaign operations" for former state Commonwealth Court Judge Doris Smith-Ribner.
Virginia man arrested for tax evasion, bankruptcy fraud -- An ex-tow truck operator who quit his job four months ago has been arrested on federal bankruptcy fraud stemming from tax evasion. Roland "Spanky" Macher was cuffed outside of a used furniture store he owns earlier this week. He casually arrived at the U.S. District Court in Roanoke in shorts and a short-sleeved shirt as the judge read the charges: four counts of bankruptcy fraud and one count of tax evasion.

These articles are all written by TaxLawHome.com's great editors and contributors. If you would like to write articles for TaxLawHome.com, please email editor[at]taxlawhome.com.

Back Taxes

Tax Tips News

Recent News about Tax Tips