Common Tax Problems

Tax season is here again. It is one of the most dreaded period of the year for some of us. The process could indeed be taxing. There are cases when people would run into problems with IRS, even if you are already filing your own return for a long time. Common tax problems could start [...]

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Tax Credits 101

Tax credits are different from tax deductions or allowances. With tax deductions, the adjusted gross income (AGI) is lessened, making the taxable income smaller. But with tax credits, you get to reduce your taxes directly. How can it possibly happen? Let’s take the tax credit the government is offering for those who purchased or planning [...]

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What Are Tax Credits?

Tax credits actually relate to two concepts, the first one involves the amount of partial payments made to the taxes that you have due, and the other defines it as a benefit paid by the state through the tax system. They can be considered as payments from the government back to the tax payer. This [...]

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Tax questions? Your best resource is the horse’s mouth – the IRS!

With spring bulbs sprouting and flowering trees in blossom, spring is one of my favorite seasons. However, there’s a good-news bad-news aspect we can’t ignore. The bad news is that it’s also tax season. I sometimes wonder if Mother Nature didn’t brighten the view out of the window to provide a little cheeriness to the [...]

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Bank Failures have led to IRS Tax Problems

Each April 15th when the tax man comes knocking (not literally) millions of Americans scramble to get their returns filed on time. The lines are long at the Post Offices but not as long as they used to be in the days before filing over the internet became available. Now all you need to do [...]

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Proudly made in the USA, and other Tax Savings you get without Itemizing

It isn’t so much that people mind the money they lose to the government as taxes. It is the hoops they have to jump through to do it, what with all the forms, the calculations the tax codes, and the itemizing for every single deduction. Well, the IRS allows certain people, people who come under [...]

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Withholding Tax May be Hazardous to your Quality of Life

On the news, they keep announcing all the gains that are being made in America over the course of the much-applauded recovery; companies are supposed to be turning out better profits, and companies are supposed to be generously adding to their jobs rosters all the time. Even so, compared to how many people are unemployed [...]

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Income Tax Planning

If you work in an office, retail establishment, or other job in which you get a steady paycheck, you probably do not have to worry about income tax planning. As long as you have your dependents and your exemptions set correctly, your company should take out enough money each week to have your taxes paid [...]

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Investing in Tax Free Bonds

I know that in order to get the most out of my money, I need to make it work for me. That means investing in something that will generate a decent rate of return. The problem is that I’m extremely risk-averse. I do not want to lose my initial investment, and am willing to accept [...]

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The IRS Tax Deduction Ideas everyone Forgets

It seems to happen to everyone: they prepare their tax return, put in every IRS tax deduction they can think of and file their return. Ten days later, someone tells them about some tax deduction that they could have taken advantage of if they had only known about it. And they are kicking themselves for [...]

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