A number of lucrative individual tax incentives originally introduced in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) are scheduled to expire after December 31, 2010. If Congress does not act to extend the lower rates and enhanced tax breaks under EGTRRA, these popular tax cuts will expire and will be replaced [...]
If You Receive an IRS Notice: Letter May Be In Error Let Your Tax Professional Respond Procrastination Leads to Bigger Problems Change of Address Complications If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can [...]
Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop – Think - Delete While you are thinking about the start of the football season, your children’s soccer games, and the no- too-distant holiday season, the scammers are out there [...]
While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. Though with the IRS Fresh Start Program, paying off taxes has become much easier for a certain number of people. It may be worth finding out some [...]
In the year you reach 70½, you become subject to the required minimum IRA distribution rules. Failure to take the required minimum distribution can result in a 50% penalty. The penalty can be waived under certain circumstances. IRA-to-charity transfers are possible in 2013. The IRS does not allow IRA owners to indefinitely keep funds in [...]
As part of the Patient Protection and Affordable Care Act (new health care law), employee contributions to health flexible spending arrangements (health FSA) are now being limited to a maximum pre-tax contribution of $2,500. Employers are able to establish what is referred to as cafeteria plans for their employees. These arrangements allow employees to allocate [...]
If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents [...]
If you run your small business out of your home, you may want to "write off" many of your household expenses. Alternatively, you may have found one of those work from home companies that people have enthused about online. But how do you know what is deductible and what is not? Generally, expenses related to [...]
College is just around the corner for many. This comes with a lot of financial responsibility. The student has to have enough money to live so many students are looking into their different options like tenant loans from GuarantorLoans.com and other to try and support themselves, the parents need to ensure they pay the tuition, [...]
The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to pay a required tax on behalf of its employees. For example, employers withhold income taxes and FICA payroll taxes from employees’ wages. These funds actually belong to the government and are [...]
