IRS
The IRS tax tables for 2012, for use in filing 2012 taxes by April 2013, will be published in the fall of 2012. However, the estimated tax withholding tables give an accurate assessment of how the 2012 tax tables from the IRS will look. Note that these 2012 tax bracket tables are no to be [...]
The Internal Revenue Service, or IRS, doesn’t have a very good way for taxpayers to check in on the status of their accounts. This is because, in general, taxpayers are expected to basically keep track of their own tax accounting. If you have a salaried job, your withholdings are printed on your paystub. If you [...]
Taxes for 2011 are almost due. As always, the IRS tax filing deadline for 2012 is April 15th, only it isn’t. April 15th is a Sunday and taxes are not due on weekends, especially Sundays. You don’t expect government bureaucrats to work on the weekend, do you? Not to mention, you can’t get a postmark [...]
Doing income taxes can be a trying time for many taxpayers. There are numerous forms to fill out, cumbersome calculations to perform, not to mention, the rules change every year. When you finally finish, you might end up owing a lot of taxes to the government. The IRS isn’t know for being forgiving, but that [...]
The following is a guest post from Michael at Credit Card Forum. Yep, it’s that dreaded time of year again… tax time! And if you’re a small business owner, the process of doing taxes is especially arduous. Not only do you have to categorize all the business-related expenses from last year, but you also have [...]
Continue reading about What Does The IRS Say About Deducting Business Related Interest?
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 [...]
Generally, the IRS sets the mileage rate for taxes once per year in December. Gas prices go up and and down through the year, but the mileage deduction rate is not adjusted monthly or quarterly. 2011 Mileage Rate Update However, the IRS increased the optional standard mileage rates for the last six months of 2011 [...]
