If you need more time to file your 2013 income tax return, you can get an extension - an no explanation is necessary.You may have a very good reason for wanting more time to file your 2013 individual income tax
Read moreYou can receive your income tax refund in several ways: (1) direct deposit into a single checking or savings account, (2) direct deposit split into up to three different accounts in up to three different U.S. financial institutions, (3) via
Read moreIf you gamble, you need to keep a record of your winnings and losses for tax purposes. Gambling includes not only lotteries, but also bingo, casino gambling, raffles and pools. Record the date and type of gambling, the amount won
Read moreDespite its name, the "kiddie tax" doesn't apply to just children in diapers or elementary school. In fact, it may even cause tax complications for parents of twenty-somethings.As a general rule, income is taxed to the taxpayer to receives it
Read moreThe new IRS regulations on capitalization vs. expensing are complex, but the part of the regulations that concerns most small businesses makes it easier for them to comply.Here's an overview of the safe harbor rules for small businesses. If your
Read moreCertain numbers are adjusted by the IRS for inflation each year. Here are some additional 2014 tax numbers you'll need to use as you get started with this year's tax planning.The maximum individual retirement account (IRA) contribution you can make
Read moreCertain tax numbers are adjusted by the IRS for inflation each year. Here are some of the 2014 tax numbers you’ll need to use as you get started with this year’s tax planning. The standard mileage rate for business driving
Read moreThough you might prefer not to think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called "adjustments," are added to or subtracted from
Read moreFlexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited, which makes careful calculation important. Plans could provide a 2.5
Read moreEventually you'll have to start withdrawing funds from your retirement plan(s) and paying tax on the withdrawals. If you don't, you'll pay a penalty equal to 50 percent of the amount you should have withdrawn.These mandatory withdrawals generally start when
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