Federal Income Taxes

Higher Tax Audit Chances?

Finance Gourmet on January 29th, 2012

Shortly after publishing my post about your odds of being audited by the IRS, a reader sent me a message with a link to a CBS News article suggesting that your chances of being audited were actually much higher than previously thought. That is what the bold type headline screams, at least. In reality, if [...]

Continue reading about Higher Tax Audit Chances?

Finance Gourmet on April 15th, 2011

Today is April 15th; taxes are due today. Wait! Actually, tax day 2011 is actually on April 18th thanks to a Washington D.C. holiday being observed on April 15th. That means all you slacker, procrastinators, and just plain still working on them taxpayers out there get a whole other weekend to work on your income [...]

Continue reading about Taxes Not Due Today – April 18 not 15

Finance Gourmet on April 22nd, 2010

Small business tax deductions are important in order to offset high business taxes levied against small business owners and entrepreneurs. This is especially true for work from home entrepreneurs who file as sole proprietors, or as a Limited Liability Company aka LLC, with sole proprietor tax status. Small business owners can get hit with high [...]

Continue reading about 2011 Section 179 Deduction Limits for Small Businesses Taxes

Sometimes it seems cold and heartless to think about money and tax deductions. With hundreds of thousands dead and untold masses homeless, not to mention a country destroyed, this can seem like one of those times. On the other hand, when people choose to open their hearts and give money to help those in need, [...]

Continue reading about Haiti Cash Donations Still Deductible Until March 1, 2010 (Today)

Finance Gourmet on January 21st, 2010

Property taxes can be an important tax deduction for many home owners. Real estate taxes, in particular, can be a significant tax deduction.

Continue reading about How To Deduct Property Taxes

Finance Gourmet on April 15th, 2009

Today is April 15.  For those of you from non-US countries, that probably doesn’t mean much.  To us Americans, today is Tax Day, the deadline to file my tax returns. If you’re working at the last minute then you might be looking for last minute tax tips.  Of course, what many people really want to [...]

Continue reading about What Happens If You Don't File Your Taxes On Time

Finance Gourmet on March 17th, 2009

Ok, everyone and their dog tells people to make their 2008 IRA contribution now in order to reduce their 2008 income taxes.  But, there is good reason for that. If you qualify for a deductible contribution to a traditional IRA either by meeting the income limits, or because you don’t have a retirement plan provided [...]

Continue reading about Last Minute Tax Tip – Make Your 2008 IRA Contribution Now