File an Extension if You Are Still Working on Your Taxes
Thursday March 31, 2005
If you are preparing your taxes, or just need some extra time to make sure you have received all your tax documents, then file an extension today. Filing an extension ... Read More
Figuring Cost Basis When Reporting Sale of Stocks
Thursday March 31, 2005
Every year I get tons of brokerage statements from clients, and I need to prepare an accurate calculation of their gain or loss on a Schedule D. Here's some reminders ... Read More
IRA Contribution Deadline is April 15th
Wednesday March 30, 2005
April 15, 2005, is the deadline for making contributions to an individual retirement account for the 2004 tax year. Make the most of your Traditional or Roth IRA with information ... Read More
Most People Use the Standard Deduction
Wednesday March 30, 2005
You can always use the higher of your standard deduction or itemized deductions. Most people are better off taking the standard deduction. Find out the 2004 standard deduction for every ... Read More
How to Calculate Estimated Taxes
Tuesday March 29, 2005
Dear Tax Guide,
I'm married. My husband has a day job (W2), and I am an independent contractor. How do I calculate my estimated taxes. Do I add both our incomes ... Read More
Quick Tips for Preparing Your First Tax Return
Monday March 28, 2005
Preparing your first tax return isn't hard. It just takes patience to make sure you've followed all the instructions. Some practical tips for preparing your first return confidently and accurately.
Arizona Voluntary Compliance Program Ends April 1
Monday March 28, 2005
The Arizona Department of Revenue is offering a limited-time tax relief program for people and businesses who participated in tax shelters. Taxpayers may submit amended tax returns to disclose their ... Read More
California Tax Amnesty Ends March 31st
Monday March 28, 2005
California's Franchise Tax Board is offering tax amnesty for people and businesses who haven't filed their tax returns, or who substantially understated their tax obligation. Ends March 31, 2005.
Taxes for Dummies: Best for Dealing with IRS
Monday March 28, 2005
Taxes 2005 For Dummies provides line-by-line instructions for income tax forms, plus sensible advice for planning your taxes. This is the only tax book that guides you step-by-step to dealing ... Read More
Tax Act Online: Top Software Pick for 2004 Taxes
Sunday March 27, 2005
TaxACT used to be a distant contender in the tax software business, but Web-based TaxAct Standard beats the pants off TaxCut and TurboTax in price. In terms of speed, TaxAct ... Read More
Correction Notice: Calculating Adjusted Basis for Residential Real Estate
Sunday March 27, 2005
Dear Tax Guide,
Your information on how to calculate the adjusted basis for real estate confuses me. Your article makes it appear that you must add back all the depreciation you ... Read More
JK Lasser: Top Pick for 2004 Taxes
Saturday March 26, 2005
J.K. Lasser's Your Income Tax 2005 is my top pick among tax preparation books for help with your 2004 taxes. The book is comprehensive, easy-to-read, and well organized. I recommend ... Read More
Individual Retirement Accounts for Stay-at-Home Spouses
Friday March 25, 2005
You can establish an IRA for a non-working spouse. The Spousal IRA is a great way to shelter additional income from taxes, while building a nest egg for retirement.
If one ... Read More
Responding to IRS Notices
Friday March 25, 2005
Here's some tips for responding to IRS notices quickly. Most letters from the IRS aren't scary, they just seem that way. Even if it's bad news, most IRS notices can ... Read More
Documentation Provides Protection in case of an IRS Audit
Friday March 25, 2005
The best way to protect yourself against an IRS audit is to keep thorough and accurate records of your tax-related transactions.
At the very least, keep all your tax documents with ... Read More
Recordkeeping - Questions from Readers
Thursday March 24, 2005
Dear Tax Guide,
My husband is self employed. What records do I need to keep for the IRS and for how long? My old papers are stored in many, ... Read More
Reporting Self-Employment Income - Questions from Readers
Wednesday March 23, 2005
Dear Tax Guide,
I earned just a couple hundred dollars as a freelancer. But I didn't receive any tax forms from the company I worked for. How do I report these ... Read More
Filing Your Taxes for the First Time
Wednesday March 23, 2005
Preparing your first tax return is empowering and rewarding. Plus, filing your taxes isn't hard. It just takes patience to make sure you've followed all the instructions. I offer some ... Read More
File Your 2001 Tax Returns By April 15
Tuesday March 22, 2005
April 15th, 2005, is your deadline for filing your 2001 tax return. Why? Because on that day any tax refunds from the year 2001 expires. That means they disappear forever. ... Read More
Tax Software Tip
Tuesday March 22, 2005
Many tax preparation programs ask a question like this:
Enter your 2003 tax liability.
What the software is asking for is your total tax from last year's tax return. On Form 1040, ... Read More
Tax Deduction for Private School - Questions from Readers
Monday March 21, 2005
Dear Tax Guide,
We sent our daughter to a private elementary school Is there anyway the tution we paid is tax deductible?
Dear Reader,
The short answer to your question is, "No." ... Read More
Should I Buy "Peace of Mind" or "Gold Guarantee" from a Tax Preparer?
Monday March 21, 2005
Tax preparers should stand behind their work. Ultimately it's your tax return and you alone will have to pay any additional taxes, penalties, and interest if the IRS finds a ... Read More
Where's Your Tax Refund?
Monday March 21, 2005
You've filed your taxes. And you've waited, and waited. Find out the status of your
IRS tax refund, and common reasons why refunds are delayed.
Tax Changes for 2004
Monday March 21, 2005
One of the biggest tax law changes for 2004 is that more people can file their taxes using Form 1040EZ and Form 1040A. Filing your taxes on these shorter tax ... Read More
California Tax Amnesty Ends March 31
Sunday March 20, 2005
March 31, 2005, is the last day to take advantage of the Franchise Tax Board's tax amnesty program. The State of California will waive penalties on your late tax payments ... Read More
Arizona Voluntary Compliance Program Ends April 1
Sunday March 20, 2005
April 1, 2005, is the deadline for taking advantage of a tax compliance program. Arizona's Department of Revenue will waive penalties for individuals and businesses you file amended tax returns ... Read More
Find Tax Forms
Saturday March 19, 2005
You can quickly find the IRS tax forms and instructions you need.
Looming Tax Deadlines
Saturday March 19, 2005
April 15, 2005, is the deadline for various tax filings:
File an Extension, or
File Your Taxes.
Pay your taxes, if you have a balance due.
File your 2001 tax return, or lose ... Read More
Tax Deductions to Reduce Your Tax Bill
Friday March 18, 2005
Not sure what's deductible? Here's a quick guide to itemized deductions. There's plenty of other tax deductions you can take, even if you don't itemize.
Tax Code Changes for 2004
Friday March 18, 2005
The tax laws have changed again. Find out what's new for 2004, and what's changing for 2005 with my quick tax update.
Prepare Your Taxes, Step by Step
Friday March 18, 2005
Preparing your income tax return is less stressful if you use a step-by-step approach. Find out what's new for 2004, and what tax form you can use with this quick ... Read More
Save for Retirement & Get a Tax Break
Thursday March 17, 2005
If you contribute to a retirement plan, you may qualify for the Retirement Savings Tax Credit. Learn how to fill out Form 1040 Line 50 and Form 8880.
Most People Can File Using Form 1040A
Thursday March 17, 2005
This year, most people qualify to file using the short form 1040-A. If you made less than $100,000 and claim the standard deduction, then you can file using Form 1040A. ... Read More
Owe the IRS?
Thursday March 17, 2005
You can pay your tax bill electronically. Pay your taxes online or by telephone, even schedule your payments in advance. Electronic Federal Tax Payment System (EFTPS) is free bill pay ... Read More
Tips for Surviving an IRS Audit
Thursday March 17, 2005
Do you have suggestions for surviving an IRS audit? Share your tips and strategies with Helen, who has asked for helpful support in the tax forum.
Free Tax Software
Wednesday March 16, 2005
If you have a straightforward tax situation, you can prepare your tax return yourself in about an hour using one of the top-rated free tax software websites. These software companies ... Read More
Start Preparing Your Taxes
Wednesday March 16, 2005
Preparing your tax return isn't hard. Especially when you have my handy tips and line-by-line instructions. If you can set aside 15 minutes a day, you can prepare your tax ... Read More
File an Extension
Wednesday March 16, 2005
If you haven't filed your taxes, then you need to file an extension. This will give you until August 15th to prepare your tax return, so you will be able ... Read More
Minimize Your Taxes
Tuesday March 15, 2005
Reduce your tax bill, safely and legally, using tax credits. A tax credits reduces your tax dollar for dollar, and so credits are generally more advantageous than tax deductions. Check ... Read More
Find the Best Web-Based Tax Software
Tuesday March 15, 2005
Choosing the best tax preparation software is easy. Use these thorough product reviews to find the tax software that's right for you.
12 Bad Arguments Against Taxes
Tuesday March 15, 2005
People often try to argue that the a person has no legal obligation to obey the tax code. The Supreme Court and various other courts and lawmakers have come down ... Read More
Tacking Down Your Tax Refund
Tuesday March 15, 2005
You can track the status of your tax refund using the IRS online service, Where's My Refund? This service sports enhanced features for this year, including
Finding out when the IRS ... Read More
10 Tips for Avoiding Tax Problems
Monday March 14, 2005
The IRS provides 10 handy tips for avoiding tax-related problems. Among their suggestions:
organize your tax documents,
take advantage of free tax assistance, such as this tax website and the ... Read More
State and Local Sales Tax Deduction
Monday March 14, 2005
The IRS allows you to deduct the higher of your state and local income taxes or your state and local sales taxes. Both are itemized deductions on your Form 1040 ... Read More
Avoid Tax Evasion Schemes
Monday March 14, 2005
Every year, people try to find creative ways to eliminate their taxes. There are perfectly legal ways to reduce your taxes to zero. Such strategies involve planning your household spending ... Read More
Self-Employment Tax - Question from Reader
Sunday March 13, 2005
Dear Tax Guide,
I appreciate the help you have provided on this web site. You wrote a response to some one asking about the SE tax. While I don't think I ... Read More
Top Tax Websites
Sunday March 13, 2005
Everyone's searching for the best, most helpful tax information on the Internet.
About.com Guide to Taxes. I've tried hard to make taxes understandable and easy.
About.com Tax Time special edition. Daily ... Read More
Charitable Contributions
Saturday March 12, 2005
One of the most popular itemized deductions is donations of cash and goods to non-profits. Learn how to make wise decisions in donating to charities. You can also become a ... Read More
Mortgage Interest as a Tax Deduction
Friday March 11, 2005
Buying a home is a sound tax strategy. It's a tax "shelter" you can really live in. Buying a home reduces your taxes because you can deduct mortgage interest and ... Read More
Job Search Tax Deduction Tips
Friday March 11, 2005
When you're job searching, it's important to keep track of your expenses. Tax-deductible job search expenses may help lower your tax bill.
A client of mine travelled around the country ... Read More
Deducting Medical Expenses
Friday March 11, 2005
Health care expenses are an itemized deduction on your Schedule A, but only the amount you spend over 7.5% of your adjusted gross income is an allowable deduction. Arthritis Guides ... Read More
Best Tax Software for Expatriates
Thursday March 10, 2005
Dear Tax Guide, I am a US citizen living and working abroad. I file a Form 2555 to claim the Foreign Earned Income Exclusion. Which tax preparation software can I ... Read More
TaxAct Deluxe: Good Tax Software at a Great Price
Thursday March 10, 2005
I've been using TaxAct to prepare my personal taxes for a few years now, and I've been very pleased with it. TaxAct comes in several varieties, the Standard Version is ... Read More
Keeping Good Records: Stocks, Mutual Funds, and Bond Investing
Wednesday March 9, 2005
Clients hand me their brokerage statements to figure out their capital gains all the time. Some are more organized than others. Here's some tips. Keep your brokerage statements. All of ... Read More
Claiming Dependents
Wednesday March 9, 2005
Dear Tax Guide, Can I claim my boyfriend / girlfriend / roommate / friend ... as my dependent? He (or she) didn't work at all last year, but stayed at ... Read More
CompleteTax: Tax Preparation Software Review
Wednesday March 9, 2005
I have been using a number of tax preparation software programs lately to file tax returns for friends and family. One tax program I return to again and again is ... Read More
Make Your Tax Appointment Now
Tuesday March 8, 2005
Still need to find a new tax accountant? Tax offices around the country are heading into their busiest time of the year. Here's what you need to do right now:
Call ... Read More
IRS Raises Interest Rates to 6%
Tuesday March 8, 2005
Owe the IRS? The interest rate for outstanding tax debts will be 6% starting on April 1, 2005. The interest rate was 5% in the previous quarter 2005. The IRS ... Read More
IRS Seeking Input for New Audit Guidelines
Tuesday March 8, 2005
Do you have an idea for how the IRS can improve its audit methods and technical guidance for a particular industry or issue? If so, now is your chance to ... Read More
Filing Status: Choosing the Right Filing Status
Tuesday March 8, 2005
Choose only one filing status, depending on your situation. Generally, your filing status depends on your marital status as of the last day of the year. There are five possible ... Read More
Review of TurboTax for the Web
Monday March 7, 2005
TurboTax for the Web offers quick tax preparation for both simple and complicated tax returns. The 1040EZ version of TurboTax is a super-fast program that lets you start and finish ... Read More
Tax Prep Step-by-Step
Monday March 7, 2005
Prepare your taxes by following these 11 Steps to a Finished Tax Return. Stay organized and focused each step along the way, and you'll have your taxes finished before you ... Read More
Hiring a Tax Professional
Monday March 7, 2005
You've decided that you need a tax pro to prepare your income taxes. But who's the right tax accountant for you? Seek a tax accountant who specializes in the issues ... Read More
Filing an Extension
Sunday March 6, 2005
It's not to early to file an extension. Here's three situations where I suggest you file an extension now. 1) You suspect that you have a balance due. Make a ... Read More
How do you plan to spend your tax refund?
Saturday March 5, 2005
Have you received your tax refund yet? How are you planning to spend it? Are you dreaming of buying a telescope? Or perhaps you want to buy books and supplies ... Read More
Choosing the Right Tax Form
Saturday March 5, 2005
Make tax time a little less taxing by choosing the right tax form to prepare. This year, most people qualify to use Form 1040EZ or Form 1040A. If you make ... Read More
Tax Help is Just a Click Away
Saturday March 5, 2005
Everything you need to gather documents, choose software, download tax forms, find helpful line-by-line instructions, and ask taxing questions is right here on About.com.
Here's a handy checklist:
Documents you need to ... Read More
Corporate Tax Returns
Friday March 4, 2005
March 15th is the deadline to file income tax returns for corporations and S-corporations, and the day is fast approaching. If you haven't started, here's my suggestion for what to ... Read More
Form 1040A, the "short form"
Friday March 4, 2005
Most people can file their taxes using Form 1040A this year. Find instructions and links to federal tax publications to make filing your Form 1040-A as quick as possible.
Tax Preparation Fees
Friday March 4, 2005
A question I hear quite often this time of year: "What's a Good Price for Having My Taxes Prepared?" This is a notoriously hard question to answer. The price you ... Read More
America's Most Unusual Taxes
Thursday March 3, 2005
Think taxes cannot get any worse? How about special taxes on playing cards, blueberries, and tattoos? CNN/Money reports on the 13 Strangest Taxes in America.
A Finished Tax Return
Thursday March 3, 2005
After you calculated your 2004 taxes, use these easy-to-follow steps to finish-up you return. Plus tips for paying a balance due quickly, or getting your tax refund quickly and safely.
Calculating Your Tax Refund Amount
Thursday March 3, 2005
How to figure your tax refund or balance due on Form 1040 lines 71 through 74. Plus tips on getting your refund safely and quickly, or how to pay off ... Read More
Withholding and Other Tax Payments
Thursday March 3, 2005
How to report your income tax withholding and various tax payments on your Form 1040 lines 63 through 70. Do you make estimated tax payments? If so, check out EFTPS ... Read More
Taxes on Early Retirement Distributions
Wednesday March 2, 2005
If you withdraw money from a traditional individual retirement account (IRA), 401(k), 403(b), or other qualified retirement plan before you turn age 59 1/2, you may be subject to an ... Read More
Taxes on Unreported Tips
Wednesday March 2, 2005
Reporting additional tip income is necessary if you haven't reported all your tips to your employer. You calculate additional Social Security and Medicare taxes on the tip income using Form ... Read More
Self-Employment Taxes & Schedule SE
Wednesday March 2, 2005
If you are a self-employed business person (Schedule C), general partner with guaranteed payments (Schedule E), or farmer (Schedule F), you will need to calculate your self-employment tax on Schedule ... Read More
You Cannot Avoid Taxes By Using Stock Options
Wednesday March 2, 2005
The IRS wants company executives and their corporations that used stock options to avoid taxes to settle their debts. The tax scheme goes like this: executives transfer stock options to ... Read More
Avoid Tax Scams
Tuesday March 1, 2005
It's always tempting to cheat on your taxes. But it is better to use a solid tax strategy that's designed to save money through legal tax planning strategies. Illegal tax ... Read More
Education Tax Credits
Tuesday March 1, 2005
You can reduce your taxes by claiming a tax credit for education expenses. Learn about the Hope Credit, the Lifetime Learning Credit, and other information for Form 1040 line 29 ... Read More
Tax Credits Reduce Your Taxes
Tuesday March 1, 2005
Claiming tax credits is an important step in reducing your taxes. Find out about the tax credits you may qualify for. An especially popular tax credit is the Earned Income ... Read More
Standard Deduction and Itemized Deductions
Tuesday March 1, 2005
Make the most of your tax deductions. Take the larger of your standard deduction or your itemized deductions. Find a handy list of tax deductions so you can maximize your ... Read More