Some people ignore their tax responsibilities because they don’t have enough money to pay their IRS bill. Not a good idea. If you don’t file a return, you’ll ultimately make matters worse. The IRS assesses a failure-to-file penalty as well as one for not paying your bill. The fees are...
10 common tax-filing mistakes to avoidCompleting your tax return is like walking through a financial minefield. A miscalculated amount here, a wrong tax ID number there, and boom! Suddenly, instead of getting a check back from Uncle Sam, you have to write one to the U.S. Treasury. Even if the error doesn’t end up costing you any real...
10 most overlooked tax deductionsThrough deductions, American wage earners have the chance to pocket more income, rather than hand over their hard-earned cash to the government. For those who keep good records, deductions can mean more money – and less for the IRS. You probably know the most common deductions, such as deductions...
How falling home values can lower your taxesNew Tools Help Owners Get Reduced Valuations; Saving Big in New Jersey Kim Davidson lives in Bonita, Calif., a San Diego suburb hit hard by tumbling property values. Earlier this year, she made the best of a bad situation and appealed her tax assessment. The county reduced her annual tax bill by more...
Should you do taxes yourself or hire a pro?Do you look forward to your annual tax-filing duties? The truth is that Americans universally dread the task. Just how much anxiety it evokes might depend on how you decide to complete your filing responsibilities. You basically have two choices: Do your taxes yourself or turn the task over to a professional....