Don’t Panic! Eight Things to Know If You Receive an IRS Notice
The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices – just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply and painlessly. There...
Is It a Real Deduction, or Just Blowing Smoke?
Q. Is It A Real Deduction, Or Just Blowing Smoke? I’ve been trying to quit smoking on my own, but it hasn’t worked. My girlfriend wants me to stop badly. She told me if I enroll in a smoking cessation program, I could deduct it from my taxes as a medical expense. Is she just blowing...
IRS Seeks to Return $164.6 Million in Undelivered Checks to Taxpayers
The Internal Revenue Service is looking to return $164.6 million in undelivered refund checks. A total of 111,893 taxpayers are due one or more refund checks that could not be delivered because of mailing address errors. “We want to make sure taxpayers get the money owed to them,”...
Worthless Brother-In-Law, Worthless Stock. But Is It A Worthwhile Deduction?
Q. Worthless Brother-In-Law, Worthless Stock. But Is It A Worthwhile Deduction? Against all common sense, I listened to my brother-in-law about investing in a stock he promised was a "sure- fire winner." It went down in flames and became worthless last year. Can I take a bad debt...
5 tips for paying down credit card debt
As if to affirm this new era of frugality, new data from the Federal Reserve suggests consumers have cut up their credit cards and paid down their debts. According to the Federal Reserve, Americans carried $806.9 billion in credit card debt during the second quarter, down 9% from...
Does the IRS Owe You Money?
The Internal Revenue Service may have money for you. Was your income below the limit that requires you to file a tax return? If so, you may still be due a refund. If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that...
Five Tax Tips for Recently Married Taxpayers
Are you getting married this summer? If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time. Here are five tips from the IRS for newlyweds to keep in mind....
Keeping Good Records Reduces Stress at Tax Time
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made...
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