According to the WSJ Law Blog, the common consensus is that Patriots coach Bill Belichick will be able to deduct his $500,000 cheating fine as an “ordinary and necessary business expense.” Hooray?
When you’re cleaning out your purse or wallet this week, make sure to save your education related receipts because, depending on your situation, you may be eligible for some spiffy tax breaks in April.
Tax Day is April 17th, but don’t be depressed. It’s also free cone day at Ben & Jerry’s. From 12pm to 8pm, at all participating Ben & Jerry’s, you, yes you, can be the recipient of free ice cream.
I found out about the telephone tax refund available on this years tax returns via Consumerist. Would you please encourage your readers to itemize their excise tax charges instead of taking the standard refund amount?
The clock is officially ticking, it’s time to do your taxes. Confused? Need help? You may qualify for some free tax preparation assistance from the IRS. The IRS Volunteer Income Tax Assistance (VITA) Program offer free tax help if you qualify. So, how do you qualify?
You may be one of the nearly 160 million phone customers who can request a refund of the 3% federal excise tax paid on long-distance and bundled phone service billed after Feb. 28, 2003 and before Aug. 1, 2006. Federal long-distance excise taxes paid on cell phone, land line, fax, Internet phone service and bundled service all qualify for the refund.
For more information about the telephone excise tax refund, click here.
Still haven’t done the old taxes? Here’s your chance to download TaxCut Premium Federal from HRBlock for free.
The IRS issued an official warning to consumers to watch out for fake IRS sites. The only official IRS website is IRS.gov. Any sites ending with .com, .net, or any other common extension are not official IRS sites.
•Delusion No. 1: If I put off filing until the last minute, I’ll have less chance of getting flagged for an audit amid the flood of deadline filers. “I don’t think so,” says Adams. “I’ve never heard that on either this side of the desk or the other.”
If you’re one of the 1.8 million people who haven’t bothered to file your 2003 tax return… it’s not too late! No, really. It’s not. You have until April 17, 2007 to file. And why wouldn’t you? The IRS has 2.2 billion dollars waiting for you to collect. If you thought you were in trouble, don’t worry. There’s no penalty for filing a late return if you qualify for a refund.
Sometimes the best way to avoid something is to know what attracts it. Thankfully, J.D. at Get Rich Slowly has put together a list of suspicious items that will set off an audit flag on your return. Here are a few:
The deadline for mailing W-2s and 1099s was Jan. 31, so if you don’t have yours yet…they’re probably lost in the mail. Don’t panic, Blueprint for Financial Prosperity has some tips to help track them down.
The Sales Tax Calculator is another interactive tool on the IRS.gov web site designed to help make it easier for taxpayers to figure their taxes,” said IRS Commissioner Mark W. Everson.
• 2006 federal individual income tax returns, whether filed electronically or on paper.
As we’ve mentioned before, refund anticipation loans are a bad idea. They’re made doubly bad when they are deposited to a prepaid credit card, but that’s just what HR Block suggests that you do. Why is this a bad idea?
- Depreciation on Computers or Cell Phones
AllFinancialMatters has a list of the 50 most overlooked deductions from The Ernst & Young Tax Guide 2007. Highlights of particular interest: