The IRS tells Tax Cat that the rules have changed slightly this year. Learn how you can benefit. [More]
Life can get a little humdrum sometimes, so why not shake things up with an IRS audit? You can’t just check off a box and get an audit, you’ve got to earn it. You’ve got to provoke them. Here’s 10 ways to get some IRS agents knocking on your door: [More]
What are you going to do with the money once you get your tax refund check? Take our poll and let us know! [More]
Tax Cat here. Reader Jason wants to know what to do when your lazy former employer doesn’t send your W-2 on time. [More]
January 15th is the last day you can pay estimated taxes for 2009 without worrying about the IRS’s 4% interest penalty. For most people, you need to have paid 90% of what you owe for 2009 or have a good reason why you didn’t (e.g. casualty, retirement). Kiplinger notes that even if you can’t pay the full amount, pay whatever you can by January 15th to reduce the amount that’s penalized. [More]
Tax Cat here! Calling it a “game changing event for the tax system”, the IRS announced in a press conference call, that they invited me, a tax cat, to that they’re launching 6 sweeping regulatory reforms to clean up the paid tax prep industry. The IRS is not naming names but I’m growling at you, H&R Block and Jackson Hewitt. Numero uno: [More]
A single mom in Seattle thought she was playing by the rules. She earned under $19,000 per year as a hairdresser, supported her two children, and shared a home with her parents. Then the IRS audited her, claiming that she simply didn’t earn enough money to be able to live in Seattle, and must be hiding something. Two years and $10,000 in accountant bills later, the IRS has determined that she isn’t trying to run a scam, but can’t figure out who her children are dependents of. [More]
The IRS announced today that 14,700 Americans disclosed their secret off-shore accounts — ensuring “billions of dollars in new tax collections” says Bloomberg.
As anticipated, President Obama signed the 8,000 first-time homebuyer tax credit extension into law on Friday. You can now collect the credit if your home purchase is complete by June 30, 2010. But wait, there’s more! The extension also offers a tax credit for people who are purchasing a new residence, but aren’t first-time homeowners.
Here’s a new book that focuses on those random questions people always have about how the law pertains to everyday activities. You know, things like starting your own online porn site, burying a pet, or selling your ex-boyfriend’s things on eBay.
Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
Responding to all the high-profile Ponzi schemes, particularly the Madoff heist, the IRS is easing rules for fraud victims, making it easier to claim losses on taxes, Investment News reports.
Step 1: Trust your life savings to a man who seemed nice at the Beth-El potluck supper.
Life is full of surprises and challenges. Luckily, there’s a tax form for just about all of them. Via Kiplinger’s, here’s 14 major life events that allow for smart tax-saving moves, and how to make those moves.
Here are three things you didn’t want to know: 1) The IRS doesn’t always conduct background checks on the employees contracted to handle your sensitive tax documents; 2) Those contracted employees regularly toss your sensitive tax documents into dumpsters without first shedding them; 3) The IRS doesn’t really know who’s in charge of conducting background checks on contracted employees, or who’s responsible for keeping your sensitive tax documents shredded and out of dumpsters. At least that’s what the Treasury Inspector General‘s office uncovered when it audited everyone’s favorite auditors.
New tax laws designed to boost the economy by giving you a bit more cash in your pocket might lead to problems for you next year if you’re in a dual-income household. The new payroll tax tables mean you could end up withholding too little without even knowing it and, though you’re welcome to take that long-awaited trip up the Zambezi, you probably won’t enjoy writing a check to the IRS come April 2010.
What if you don’t have enough money to pay your taxes right away? There are several options. For starters, you can request a payment extension of up to 120 days after filing to pay in full without penalty. By June, if you haven’t paid yet, the IRS will send you a bill and assess a small penalty and start charging interest. For $105. you can also set up an installment plan and pay a little bit each month with each paycheck. Set that up online here. Just don’t blow it off entirely, the IRS are a lot more tenacious than BMG.