Blogs
Tax questions being answered,
Submitted by robert on Tue, 02/21/2012 - 23:17During the tax season we will be accepting tax questions from our readers and we will try our best to have them answered by a tax expert.
Pacific Daily News readers sent in questions that were answered by local tax experts. See the questions and answers below:
Question: My son left on March 2011 for Air Force basic training, so he stayed with us for only for three months last year and took a vacation for a month on October of 2011. Can I still put him on my tax return as a dependent?
There may be delay for Tax refunds this year
Submitted by robert on Wed, 02/15/2012 - 22:39"The IRS issues the vast majority of refunds in as little as 10 days," "However, this year, the IRS also cautions taxpayers it is increasing scrutiny of tax returns for signs of fraud. This means some tax refunds will face additional screening and review before being released, which will add time for some but not all taxpayers."
Tax-time Advice
Submitted by robert on Sun, 02/12/2012 - 08:301. Gather all of the documents you need to prepare your taxes — receipts, cancelled checks, bank statements and anything else you need to support income and deductions you are claiming.
2. The IRS' Free File has brand-name tax software or online fillable forms, . If you made $57,000 or less, you qualify to use free tax software offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there's Free File Fillable Forms, the electronic versions of IRS paper forms.
Tips to help taxpayers pay their taxes this tax season.
Submitted by robert on Wed, 02/08/2012 - 05:16It’s tax time. In the simplest terms, there are basically two ways taxpayers can ensure they don’t pay more taxes than required under the law — choose a qualified tax preparation specialist and provide the appropriate documentation of income and expenses.
Tip 1: Choose your tax preparer carefully
Common mistakes we see on tax returns
Submitted by robert on Sat, 02/04/2012 - 05:17Houston - John Riley is handy at handling cash, and Dough, in the form of bagels at Old School Bagel Shop in Houston Texas.
When it comes to handling his tax return though Quinton says "No, actually the wife does that."
Aaron was happy to hand over that chore after he made one of the most common mistakes taxpayers make each year "A signature is probably one of the main reasons people, it kicks back. I remember that happened to me 2 or 3 years ago, I didn't sign one of the documents."
Some simple rules to keep from getting audited
Submitted by robert on Tue, 01/31/2012 - 22:021. Not reporting income: Whoops -- forgot about that consulting gig? The IRS receives copies of all 1099s and W-2s you receive, so make sure you report all income on your return. If you receive an incorrect 1099, talk to the issuer and make sure that a corrected form is filed with the IRS.
2. A large change in income: The IRS computers have all of your historic data, so when there's a big change from the previous year, it can trigger a red flag.
Tips for Parents on Tax Issues
Submitted by robert on Fri, 01/27/2012 - 22:06Your kids can be helpful at tax time. That doesn't mean they'll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year.
1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
Tax Deductions you need to know
Submitted by robert on Tue, 01/24/2012 - 00:02Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.
1. Exemptions reduce your taxable income.There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.
Benefits to a Tax Settlement
Submitted by robert on Wed, 01/18/2012 - 03:47Benefits to a Tax Settlement
If уou hаve аn IRS tax debt that уou сannot pay thеn yоu mау сonsіdеr tax debt settlement. This is оnly one method avаilаblе to уou in removing уоu tax debt however іt is the mоst commonly used. Tax debt settlement аllоwѕ уоu tо pay only a portion оf уоur total debt owed. The idea is verу similar to the one that іѕ usеd іn general debt settlement.
My Tax Relief Advice
Submitted by robert on Fri, 01/13/2012 - 22:27I advised that my best tax advice ever was to open the mail from the IRS. I find that to be, for many taxpayers, the single hardest thing to do.
Latest News
- Tax questions being answered,
- There may be delay for Tax refunds this year
- Tax-time Advice
- Tips to help taxpayers pay their taxes this tax season.
- Common mistakes we see on tax returns
- Some simple rules to keep from getting audited
- Tips for Parents on Tax Issues
- Tax Deductions you need to know
- Benefits to a Tax Settlement
- My Tax Relief Advice
