Tax News Blogs

It will help to know these 2012 income tax rates as you prepare your return. The 2013 tax season is right around the corner. After the mad rush of the holidays it will be time for all of us to sit down and take a long hard look at our finances for the year 2012. Acquainting […]

Dealing with Hurricane Sandy’s destruction is a little easier with these tax breaks from the IRS No amount of help will make recovering from the damage Hurricane Sandy inflicted on the Northeast easy, but tax breaks could help ease the pain. Thankfully, the IRS has taken many measures to provide tax relief to Hurricane Sandy […]

The student loan interest deduction could result in fewer taxes, but you have to meet the requirements All of you beleaguered underemployed college grads will be relieved to know that you can deduct student loan interest on your taxes. But, in order to do so, you must qualify according to all the rules and regulations […]

The IRS has ten years to collect your money, but you’ve only got three years to claim your refund In a sentence, here are the important statutes of limitations to keep in mind when you file late taxes: the IRS has three years to give you a refund, three years to audit your return, and […]

Attach the Schedule M form to your 2009 or 2010 tax return to claim the Making Work Pay credit You need to fill out Schedule M if you want to claim the Making Work Pay credit for 2009 or 2010. The Making Work Pay credit was a special provision of the American Recovery and Reinvestment […]

The state sales tax deduction was extended in 2010, but may not be available for 2012 One of the many deductions built into our tax code is the ability to deduct state and local income taxes. Some states, however, don’t have an income tax. They fill their coffers with a large sales tax instead. To […]

If you requested an extension on your 2011 income taxes, be sure to file your return before the October 15 deadline Six months seems like a long time. That’s the trap lots of people fall into when they request a tax extension in April and then promptly forget about taxes until the October deadline when […]

The self-employed must make estimated tax payments to the IRS at least four times a year If you’re an employee who earns all of his income in wages or salary, and gets a paycheck with taxes withheld, you can stop reading right now. Tax payments are already made on your behalf and you don’t need […]

Political contributions may help get your candidate elected, but they won’t get you a tax deduction 2012 is an election year – in case all the negative ads spamming the airwaves haven’t already tipped you off. And election season, like almost everything else, raises some very important tax questions, not all of them about Mitt […]

Running a business from your home can net you several valuable tax deductions. The tax code makes several tax deductions available for people who run a home business. When taken advantage of, these deductions can significantly reduce the cost of running a business from your home. The one thing you have to be hyper conscious […]