Monday, March 25, 2013
Less Americans are getting a refund check from the IRS this year, CNNMoney reports. Some say it's a sign the economy is improving.
Only 59 percent of Americans say they’ll be receiving a refund check from the IRS this year, CNNMoney reports. An American Express survey showed the percentage of people expecting money back from the government is down from 64 percent last year. More people say they are earning more and will owe money this year, which a sign the economy is doing better, CNN reports. Will you get a refund from the IRS this year, or do you expect to pay? Take part in our poll and start a conversation about the subject in the comments section.
Wednesday, March 6, 2013
GoBankingRates.com lists common errors people make while filing their taxes.
While neglecting to include all income sources on a tax return may seem insignificant to some taxpayers, doing so can easily result in trouble with the Internal Revenue Service (IRS). Go Banking Rates identifies the top five taxable income streams that Americans neglect to report. Certain gifts that reach a valuation limit must be added to tax documents. Unreported monetary gifts risk an Accuracy-Related Penalty, according to the IRS, which is equal to a fine of 20 percent of the underpayment due. Find a tax professional in Lake Zurich “Gifts that you give to someone else may be taxable,” said Clay Wyatt with Go Banking Rates. “The good news is that you can give up to $13,000 worth of gifts per person, so for instance, you can buy each …
Wednesday, January 30, 2013
Information on 2013 filing, complete with local accountant contacts.
Today is the first day you can file your annual tax return. The Internal Revenue Service has revised its opening date for tax season — pushing it back eight days from previous years. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns beginning today, Jan. 30, 2013. Most taxpayers should be able to file today, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, an H&R Block official told…