According to internal documents obtained from the Internal Revenue Service, the agency believes it has the right to review emails, text messages, social media sites, and other electronic messages from individuals in an effort to identify those evading payment of federal income tax. (more…)
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While many Americas are willing to pay their fair share of income tax (although the definition of “fair share” may be debatable), that does not mean they should miss out on every legal method they can use to reduce the income tax they have to pay. (more…)
Once you have prepared your tax return, you may be disappointed to find that you owe income tax. Ideally, the amount of money your employer withholds from your paycheck would be enough to cover the income tax you owe. However, there are various reasons such as changes in your filing status, whether you use the standard or itemized deductions, and other reasons why the employer withholding may not be enough. (more…)
It is April 1, which means only two weeks remain until federal income tax returns are due on April 15. If you have already filed your tax return, congratulations on getting your return filed on time rather than waiting until the last minute. But for those of you who have not yet filed your tax return, there are some important tips to remember. (more…)
With the number of federal income tax returns filed electronically increasing each year, criminals are becoming more organized as they look for ways to steal the identity of taxpayers and then use those identifies to take the tax refunds the individuals are owed. (more…)
A number of taxpayers who used H&R Block to file their federal income tax have banded together to file several class-action suits against the company. (more…)
At the end of last year, California dealt another blow to state income tax payers. Many wealthy individuals who had seen personal income taxes rise are now paying another tax increase in the form of a retroactive tax aimed squarely at small business owners to the tune of over $120 million.
This is the second in a two-part series on the types of income that is taxable versus nontaxable. The first part is available at Taxable vs. Nontaxable Income, Part 1.
It is important to know when you are filing your federal income tax what types of income are taxable and must therefore be reported to the IRS on your return. After all, completing your income tax filings can be difficult enough for many without the added stress and time of dealing with an IRS audit. (more…)
In just over a month federal income tax returns are due for the 2012 tax year. So if you have not prepared your tax return yet, it is time to get started.
Once you complete your tax return, you do not have to worry about your taxes against until next year, right? For most of us, yes, that is true. But there is a chance that the IRS could audit your tax return.