About.com

IRS Offices to be Closed on May 24

Tue, 21 May 2013 00:59:16 +0000

The Internal Revenue Service will be closed on Friday, May 24th, 2013. This day is the first in a series of five furlough days that were planned in response to the automatic budget cuts known as the sequester.

...

Read Full Post

How Long to Keep Tax Returns?

Tue, 07 May 2013 00:12:12 +0000

Tax returns and documents related items on the tax return are important to keep. From a tax perspective, such documents may be needed in the event that the IRS's wants to review information relating to the tax return. Tax returns come in handy for other purposes, such as to verify income when applying for a loan from a bank.

...

Read Full Post

Obama's and Biden's Tax Returns for 2012

Mon, 22 Apr 2013 23:09:03 +0000

President Obama and Vice President Biden released copies of their 2012 tax returns to the public on April 12, 2013. The tax returns can be downloaded from the White House blog.

...

Read Full Post

IRS to Close for Five Days in 2013

Mon, 22 Apr 2013 21:56:46 +0000

The Internal Revenue Service will furlough its employees for at least five days in 2013. On each furlough day, most IRS employees will take an unpaid leave of absence, and all public operations of the IRS will be closed.

...

Read Full Post

IRS Provides Penalty Relief Due to Boston Marathon Explosion and Storms in South and Midwest

Thu, 18 Apr 2013 17:15:07 +0000

The Internal Revenue Service is providing extended deadlines for taxpayers in Suffolk County, Massachusetts, and in parts of the South and Midwest.

Relief provided due to Boston Marathon explosion

All individual taxpayers living in Suffolk County, Massachusetts, as well as individuals who live outside Suffolk County and who were impacted by the explosion at the Boston Marathon (including victims, their families, and first responders) are granted a three-month extension to July 15, 2013 to file any tax returns and to pay any taxes. The IRS will waive any late filing or late payment penalties as long as tax returns are filed by and tax payments remitted by July 15. Individuals can also request additional time to file by submitting a federal extension (Form 4868) by July 15th, which will extend their filing deadline to October 15.

...

Read Full Post

April 18 is Tax Freedom Day for 2013

Thu, 18 Apr 2013 16:22:23 +0000

April 18th is the day when, on average, Americans have earned enough income to pay their federal and state tax bill in full, a concept called Tax Freedom Day®.

The Tax Foundation calculates a Tax Freedom Day based on the federal budget and projections for state and local taxes, and data from the Census and the Bureau of Economic Analysis. The Tax Foundation calculates a Tax Freedom Day for each state. The Tax Foundation calculates the total amount of federal, state and local taxes, and divides this by the nation's income to arrive at a ratio. This ratio is then expressed as a day of the year.

...

Read Full Post

What to Do if You Owe Taxes for 2012

Tue, 09 Apr 2013 06:04:49 +0000

There are a number of safe and relatively affordable ways to pay the IRS for any taxes due for the year 2012. What follows is a number of tips I've collected over the years for managing a balance due that's more than can be paid off immediately.

...

Read Full Post

IRA Deadline is April 15th

Tue, 09 Apr 2013 02:22:21 +0000

April 15th, 2013, is the last date to make a funding contribution to an individual retirement account (IRA) for the year 2012, whether set up as a Traditional IRA or as a Roth IRA. This deadline cannot be extended. The maximum amount that can be contributed to an IRA of either type is $5,000, or $6,000 if the taxpayer is age 50 or older.

...

Read Full Post

Where to Find Tax Forms to Download

Mon, 08 Apr 2013 23:58:02 +0000

Need a specific form or instruction booklet so you can finish up your federal taxes? I've compiled links to the most common federal tax forms and their related instructions. Need a specific form that's not on the list? The IRS has a comprehensive directory of forms, instructions and publications on the Forms & Pubs section of IRS.gov.

Software Options for Filing 2012 Tax Returns

Mon, 08 Apr 2013 23:42:48 +0000

If you need to get started on your tax return, there's several varieties of software to help you finish up your tax return. Shelley Elmblad has tested the following five tax preparation programs:

...

Read Full Post