As fall approaches, many families head out to buy back to school items. With the cost of school clothes, supplies, and books, sending a child back to class in the fall can put a real dent in a family's budget. Instead of spending more money than you need to this year, check out these three back to school savings tips for families!
If you've ever tried to call or write the Internal Revenue Service, you may have experienced extremely long wait times before you reached a representative or received a written response. Since the IRS is responsible for processing tax returns for individuals and corporations, as well as enforcing tax law and answering tax-related questions, the agency's customer service line is often very busy. To avoid frustration when you're trying to reach the IRS, you'll want to know the best way to contact the agency.
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Do you have money sitting in an employer-provided 401(k) account? Do you owe back taxes to the Internal Revenue Service? If so, your retirement funds may be up for grabs if the IRS imposes a tax lien on your account. In a few cases, the IRS has the authority to seize your 401(k), so it's important to find out which circumstances fall under this provision if you want to keep your funds safe.
When a loved one dies, taking care of tax matters may be the very last thing on your mind. However, some tax issues may come up in the months after death. If you are the surviving spouse or parent, you'll want to begin planning so that you can arrange your loved one's affairs. Knowing how to handle taxes after a child's or spouse's sudden death can make it easier for you to care for financial matters such as estates and tax returns.
Do you dread tax season each year? If so, getting a jump on your tax preparation now can help you avoid the stress of trying to make the filing deadline. Here are three tips to help you prepare for filing your taxes next year.
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f you have a credit card, you may be eligible for a rewards program. Credit card companies often offer rewards programs in an attempt to draw new customers. If you are a member of a rewards program, you may be subject to federal income taxes on certain types of rewards. Here is a review of which credit card rewards are taxable and which are nontaxable.
Finding an affordable nanny or baby sitter can be a real struggle for working parents. If you're fortunate enough to find a good nanny, you're likely to use his or her services on a regular basis. However, if you pay a baby sitter or a nanny often, you may actually be subject to a household employee tax or the "nanny tax".
ered several forms of income tax assistance to taxpayers over the years. These aids are designed to help individuals understand, prepare, and pay their taxes. Here are 10 cool tools available from the IRS this tax year.
The Affordable Care Act (ACA), which is commonly referred to as "Obamacare", allows U.S. citizens to purchase health insurance at a reduced rate. Those who do not buy health insurance by the deadline are subject to a tax penalty. For those who cannot afford the insurance, though, there is an Affordable Care Act hardship exemption that allows them to escape liability for the tax penalty.
As the filing deadline draws closer, many taxpayers realize that they won't be able to submit their returns on time. These individuals often turn to filing a tax extension to have more time to prepare their forms. Is this a wise thing to do? Does filing a tax extension make it more likely that the IRS will audit you?
