Are mutual funds part of your portfolio?
If the bulk of your taxable income is from wages, your tax liability is probably being covered by withholding from your paychecks.
For most middle-income taxpayers, the chances of getting audited by the Internal Revenue Service (IRS) are slim indeed.
If you need more time to file your 2011 income tax return, you can get an extension – and no explanation is necessary.
Remember the postcard you got from the IRS last year introducing the health insurance premium credit for small businesses? To paraphrase the old song, there’s no letter in the mail for you this year.
Are you a grandparent wanting to fund your grandchild’s education? You’ll find several ways to do this, each with its own limitations and tax consequences.
Unlike leopard spots and tiger stripes, tax credits do change. And, in the federal tax equivalent of spots and stripes, some even change from non-refundable to refundable.
If you expect a large tax refund this year, or if you’ve already received one, chances are you’re happy. But why give the government an interest-free loan?
April 18 is the due date for filing your 2010 tax return. If you won’t have all your tax information assembled in time to meet the filing deadline, getting an extension will give you an extra six months — or until October 17, 2011 — to file your return.
When you think of the three “R’s,” refunds, rebates and reimbursements may not be the first words that come to mind. However, they do go together in tax law. All three are common forms of recoveries, a tax term describing a type of miscellaneous income.
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