If you are one of the 10.2 million taxpayers who requested an automatic six-month extension, your time is almost up.
taxes
A Little Tax Preparation Now Will Save You Headaches In 2008
By 10.5.07
Now that 2007 is drawing to a close, it’s a great time to take stock of this year’s income and expenses and see what you can do to lessen your tax burden for the year. Reuters offers several tips to help you increase your refund check (or reduce what you owe, if you’ve had one of those years). They also point out a couple of regulatory issues you might not be aware of that could trip you up if you’re giving gifts or funding retirement accounts.
American Home Mortgage Bounces Checks, Blames Chase Bank
By 9.29.07
It seems that bankrupt mortgage lenders are no different from bankrupt home owners. When they start bouncing checks they blame the bank, and hey, they might even be telling the truth.
"Green" Credit Cards Are Silly
By 9.25.07
Bankrate has an article about co-called “green” credit cards that donate a portion of your purchase to environmentally friendly causes. Why are we saying they’re silly?
Philadelphia Mayor Cracks Down On Tax Evaders, Finds Out He Is One
By 9.25.07
Philadelphia’s mayor, John Street, also known as the “iPhone Mayor,” (because he camped out for an iPhone) told Philadelphia he was cracking down on tax scofflaws… only to find out that he is one.
Senate Commerce Committee To Decide Fate Of Internet Tax Moratorium
By 9.22.07
The Senate Commerce Committee is poised to extend the internet tax moratorium by the end of next week. The moratorium prevents states and localities from taxing internet access, but will expire on November 1 unless Congress acts. There are two competing proposals that pit state legislatures and the National Governors Association against Google and Verizon.
IRS Launches Special Website Section For People Facing Foreclosure
By 9.18.07
The IRS has launched a special section of its website aimed at helping people who are facing foreclosure navigate the tax issues that surround debt forgiveness.
Attention All Coaches: Belichick's Cheating Is A Business Expense
By 9.18.07
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?
Joyriding Jerks Steal Food Bank Truck, Ruin 1 Ton Of Food For No Reason
By 9.18.07
A local non-profit wants to know who would steal food from the hungry. A thief took a refrigerated Food Bank of the Rockies truck Monday that was stocked with enough food to feed 1,500 families.
Make Sure Your Refinance Loan Isn't A "Tax Trap"
By 9.14.07
“If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them,” says Business Week in next week’s “Personal Finance” column.
Wisconsin Accuses Walmart Of Dodging Taxes
By 8.29.07
The Wisconsin Department of Revenue is irritated with Walmart. They’ve just noticed that Walmart has been charging itself rent in a (successful) attempt to avoid paying taxes. Teehee!
Corporate Jets 16 Percent Of Aviation Systems' Costs, Pay Only 3 Percent
By 8.22.07
As the debate continues to slowly boil over who will pay for the post of upgrading our nation’s aged aviation infrastructure, the FAA is drawing attention to how corporate jets pay disproportionately lower taxes compared to commercial jets.
After Foreclosure, Here Comes The IRS
By 8.20.07
If your house is being foreclosed on, don’t expect the pain to end with the foreclosure.
529 College Savings Plans By State
By 8.8.07
There are two types of 529 plans: pre-paid tuition plans and college savings plans. All fifty states and the District of Columbia sponsor at least one type of 529 plan. In addition, a group of private colleges and universities sponsor a pre-paid tuition plan.
You can learn more about 529 plans at the Security & Exchange commission’s website, and compare them at Bankrate.com. Keep in mind: Not all 529 plans are the same, some are better investments than others.
Don't Dial 911 In Missouri
By 8.7.07
Dialing 911 in Missouri is like a game of Russian Roulette. The state’s public safety director recently warned that most Missouri counties can’t track a caller’s location and that 16% of counties can’t access 911 from any landline. The solution? Higher cellphone taxes:
Now In Churches: ATMs!
By 8.6.07
Churches are stocking up on ATMs thanks to a new IRS rule that requires taxpayers to closely document their charitable giving. By placing an ATM in the lobby, congregants can collect a paper trail, and churches can collect tithings. It’s win-win. According to Time, the practice isn’t new:
Large urban churches have been accepting credit cards for several years, tapping into the Generation P (for Plastic) aversion to carrying cash. Pastors like to tell jokes about parishioners collecting Frequent Flier points on the way to heaven. A recent Dallas Morning News poll found that 55% of 200 local churches accept credit and/or debit cards.
Unusual Ways To Save On Back-To-School
By 8.6.07
Ahh, kids: nature’s little moneypits. The back-to-school season is a particularly appalling time, when parents everywhere struggle to stock up on all the goods they’ll need in the coming months. At Bankrate.com, professional parent and advice-giver Peter J. Sander suggests that you make saving money on back-to-school purchases a family project, by giving your kids budgets, helping them figure out how to save for big ticket items by scrimping on less important ones, and — our personal favorite — “deprogramming” them before you leave your house:
How will you get your child the name-brand items he wants while staying under budget? You won’t. Sander says that to avoid having your child fall into a I-can’t-possibly-wear-this-if-it-isn’t-Nike meltdown at the store, you need to de-program him from commercials. “We teach our kids the ‘disvalue’ of brands. We point out commercials and say, ‘They are trying to get you to buy that. You can either buy it or think for yourself,'” he says.
Forgot To Claim The Telephone Tax Refund? File An Amended Return.
By 8.1.07
We know it’s summer and you don’t want to think about taxes, but the IRS really wants to make sure you got that telephone tax refund, so they’re asking you to file an amended return if you forgot to claim it. With the money you’ll get you can buy lots of baseball hat cup sundaes!
