Income Taxes
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 [...]
As tax season approaches, America’s thoughts turn to the required filing of income taxes. Theoretically, America’s tax system is a voluntary reporting system, however, that voluntary part is backed up by a pretty big stick, IRS audits. Odds of Being Audited According to IRS statistics, the chances of being audited by the IRS is about [...]
Every year a plethora of financial articles come out telling people how to save money on their taxes at the end of the year. It’s a fine idea, and frankly, no stone should go unturned. However, the best tax planning takes happens year round. That being said, there are numerous last-minute ways to cut income [...]
The standard tax deduction allowed for Americans is set each year in late October. The standard deduction is indexed for inflation, so it can increase or decrease in a given year depending upon how the cost of living index changes over time. Standard Deduction 2012 The 2012 standard deduction is the amount that taxpayers will [...]
The IRS has announced new 2011 tax numbers regarding the standard deduction for single filers and for those married filing jointly, as well as the 2011 value of the personal and dependent deduction. By law, these standard tax numbers are adjusted for inflation each year. As a result, these tax deductions can increase or decrease [...]
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As the end of the 2010 tax year comes to a close, an interesting question is coming up more often. Should I convert my IRA to a Roth in 2010? There is a special 2010 tax trick that allows you to convert your traditional IRA to a Roth IRA and spread the taxes from the [...]
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Now that the April 15th deadline is behind us, the best personal finance advice you can take is to start planning for your 2010 Income Taxes now. That way, you will be ready to take advantage of all the 2010 tax tricks, tips and deductions you can. Sure, last minute tax advice and finding those [...]
Continue reading about New 2010 Tax Numbers Released By IRS For Filing 2010 Income Taxes in 2011