First thing’s first: don’t worry. You will probably never face a tax audit, because an audit is actually a rare occurrence. Did you know that each year not even 2% of all tax returns are audited (or “examined”, as the IRS likes to put it)? There are “red flags” that trigger some audits, but a [...]
Tag Archives | Income Taxes
Should The Rich Pay More Taxes?
I am not trying to get too political here, but during the debt ceiling debate this August President Obama made the following statement: And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in [...]
What If I Can’t File or Pay My Taxes On Time?
Are you someone who tends to procrastinate, waiting until the last minute to prepare and file your annual income tax return? While most of us actually do have good intentions of completing and filing our tax returns on time, sometimes we simply wait too long and before we know it, time has run out, whereas [...]
Organizing Tax Documents For 2010 Tax Filing
Filing your tax return is one of those things that many people wish they could avoid, yet at the same time every year, tax day continues to roll around. Knowing this in advance gives you the opportunity to prepare your documents throughout the year to ensure you are not rushing around at the last minute [...]
Options if You Can’t Pay Your Income Taxes
Many people will efile their personal income taxes this year and unfortunately, find out they owe the IRS. Some may even know well in advance they’re going to owe. So, what do you do if you owe the IRS money? Certainly, don’t panic. The important thing to do is to stay level headed. There are plenty of [...]
Friday Roundup: Save Money on Tax Preparation Fees Edition
Most people probably won’t think about it until tax preparation time, but the economy has had an impact on the people that prepare taxes too. Plus, there are more online or software solutions out there that let the basic return become a do-it-yourself job. What’s the result? Tax preparation fees have increased this year! In [...]
How to Adjust Your Income Tax Withholding Allowances
Perhaps you were convinced in my post earlier this week to adjust your tax withholding so that you can receive more money each month and avoid an income tax refund. Or, maybe you’ve been thinking about adjusting your withholding in the past few years and you’re not sure how, or just haven’t gotten around to [...]
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