Know Your State Tax Filing Status for Same Sex Couples
The federal government has made some things clear: Same-sex couples married in any jurisdiction that permits such unions must now file their federal returns as married, even if they live in a state that doesn’t recognize their marriage. But the rules for state tax filings still follow the law of the state where they reside, […]
IRS Releases Dirty Dozen Tax Scams for 2014
The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams […]
This Simple Tax Error Could Be Costing You Over $2,800
“Tax” has become a four-letter word in political discourse, but whether you think companies should pay less or rich people should pay more, there’s one thing most Americans can agree on: They’d be happy if their annual tax bill dropped. The funny thing is, more than two-thirds of us actually prefer to pay more than we owe […]
History of the Tax Return
Taxes are on the minds of many Americans this week as we finish the last minute details to get those returns in the mail on time. Taxes are a part of life that rolls around every year just like many other dates on our calendar but it hasn’t always been that way in the United […]
Do You Need to File a Tax Return?
You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to, because they may get […]
Failure to File or Pay Penalties: Eight Facts
The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you fail to file, fail to pay, or both. […]
Who Gets The Most Federal Spending for Their Tax Return Dollars?
In a report this week, the Tax Foundation attempts to answer the question. It compares how different income groups benefit from federal spending — directly and indirectly — for every tax dollar they pay. The broad takeaway: The bottom 60% of Americans receive more from government spending than they pay in taxes, and the top 40% get […]
How to Prevent thieves from Stealing Your Tax Refund Before it Hits Your Bank Account
According to the IRS, the average non-business taxpayer spends eight hours and $120 per year preparing their tax return. That’s a lot of time and money to invest in something you probably don’t want to do in the first place. Yet, there’s often a reward for your investment, as many taxpayers get some of their hard-earned money […]
Ways to Save and Get More Money on Your Tax Return
Knowing what you’re entitled to write off on your tax return might seem complex and mysterious, but it doesn’t have to be. Here are five easy ways to pay fewer taxes. 1. Check for ordinary losses on stock losers Last year was a great year for the stock market, but not every investment was a […]