If you, a member of your family or a friend has a refund coming from a 2007 return that has yet to be filed, you only have until Monday (April 18) to claim your refund. The IRS reports that it has refunds totaling approximately $1.1 billion for the nearly 1.1 million people who did not file a federal income tax return for 2007. Some people may not have filed because they had … [Read more...] about Are You Missing Out on Your 2007 Tax Refund?
Personal Tax
Plan Your Withholding & Estimates for 2011
April 18 is the due date for the first estimated tax installment for the 2011 tax year and only a couple of weeks away. You may not realize it, but taking a few minutes to plan your estimated tax payments and/or proper withholding amounts for the year can actually insulate you from underpayment penalties in 2012. Congress considers our tax system as a "pay-as-you-go" system. … [Read more...] about Plan Your Withholding & Estimates for 2011
Need Help Paying Your Taxes by the April Due Date?
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who have received a tax bill? What do you do if you owe money to the IRS and can’t pay? The IRS encourages you to pay the full amount of your tax liability on time. If you get a bill for late taxes, you are expected to promptly pay the tax owed including any additional … [Read more...] about Need Help Paying Your Taxes by the April Due Date?
Can You Benefit From the Expanded Adoption Credit?
You may be able to take a tax credit in 2011 of up to $13,360 ($13,170 in 2010) for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are several things you to know about the expanded adoption credit. 1. For tax years 2010 and 2011, … [Read more...] about Can You Benefit From the Expanded Adoption Credit?
Two Tax Credits to Help Pay Higher Education Costs
There are two federal tax credits available to help individuals offset the costs of higher education for themselves or their dependents. They are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, a taxpayer must pay post-secondary tuition and fees for themselves, their spouse or their dependent. The credit is claimed by the … [Read more...] about Two Tax Credits to Help Pay Higher Education Costs